Toncoin has experienced a notable 20% price increase recently, reaching a monthly high. However, this rally might face challenges due to pressure from short-term holders aiming to profit.
The MVRV Long/Short Difference indicator reveals potential turbulence, with short-term holders in profit likely to sell quickly. This can create selling pressure, posing a bearish outlook for Toncoin's future price movements.
Additionally, the Relative Strength Index (RSI) is nearing overbought territory, signaling possible reversals. Historically, breached RSI zones have led to price corrections, suggesting Toncoin could experience a pullback.
Despite these optimistic moves, Toncoin is eyeing $5.96 as a resistance level. However, the current bearish indicators signal that breaching this point might be challenging.
