Toncoin price rise above $6: possibilities
2024-09-30

Toncoin’s (TON) price recently failed to breach the crucial resistance level of $6.00, a key psychological barrier. Although the altcoin reached $5.96, it could not sustain the momentum needed to flip this level into support. 

Despite this setback, the possibility of recovery remains, with Toncoin still holding the potential for upward movement.

The macro momentum for Toncoin has started to show signs of weakness. Moving Average Convergence Divergence (MACD) indicator, widely used to gauge momentum, suggests that bullish momentum is dissipating. The receding green bars on the histogram point to this loss of momentum, indicating a weakening bullish trend.

Toncoin is currently trading at $5.81, having recently failed to breach the resistance at $5.96. This resistance is pivotal for the cryptocurrency, as breaking past it would pave the way for an attempt to cross the $6.00 mark, a level that remains elusive.

Despite the failed breach, Toncoin still has a chance at flipping $5.96 into support. If successful, this could trigger a rally that would push the altcoin higher, with $6.36 being the next target for bullish investors.

However, if Toncoin fails to break $5.96 again and bullish momentum continues to wane, the asset may enter a consolidation phase. This could result in Toncoin trading between $5.37 and $5.96, potentially invalidating the current bullish outlook.