Toncoin (TON) has encountered difficulties in surpassing the $6.00 threshold, resulting in an 11% decline in price. Currently, the cryptocurrency, associated with Telegram, trades at $5.36 while attempting to regain a crucial support level.
One significant factor influencing Toncoin's market sentiment is the percentage of profitable investors. Analysis shows that fewer than 3% of active investors are currently in profit. Typically, a higher number of profitable investors would lead to selling pressure, potentially causing a price drop. However, the low number of profitable holders suggests low selling pressure, which is a positive indication for Toncoin.
The absence of profit-taking indicates that investors might be holding onto their positions, anticipating a future price rally. This supportive environment reduces the chances of sudden price drops and may aid Toncoin in recovering its previous value.
From a macro perspective, technical indicators are displaying signs of recovery. The Chaikin Money Flow (CMF) indicator, which tracks the movement of money in and out of the asset, has rebounded from the zero line, indicating a resurgence of inflows into Toncoin. This factor is crucial for the altcoin's price recovery.
A sustained influx of capital could bolster Toncoin’s market position, signaling that investor confidence is returning. The emergence of positive momentum, as reflected in the CMF, suggests that bullish pressure is beginning to build, enabling Toncoin to potentially surpass its resistance levels.
Currently, Toncoin is striving to secure the $5.37 level as support. Successfully flipping this level is vital for the asset to attempt a rise toward $5.96, a significant resistance point. Overcoming this level would leave the $6.00 barrier as the last hurdle before a stronger upward rally.
The prevailing market and macro factors support the potential for Toncoin to breach $5.96, provided it can maintain its bullish momentum in the coming days. The combination of steady capital inflow and low selling pressure creates a favorable environment for recovery.
However, any profit-taking by investors after the $5.37 support flip could disrupt the bullish momentum, keeping Toncoin subdued below the $6.00 mark and delaying its potential for further gains.
