Toncoin (TON) is struggling to surpass the $6.00 threshold, experiencing an 11% dip in its price.
Currently traded at $5.36, Toncoin is aiming to reclaim crucial support levels amid challenges.
One significant factor influencing market sentiment is the small percentage of investors in profit, which currently stands at less than 3%. This low profit-taking implies diminished selling pressure, presenting a bullish outlook for Toncoin.
Investors appear to be holding their positions in anticipation of a future rally, creating a sturdy environment less prone to sudden price drops.
On the technical front, the Chaikin Money Flow (CMF) indicator shows signs of recovery as inflows into Toncoin pick up momentum.
This suggests an uptick in investor confidence, crucial for Toncoin's market position and aiding price recovery.
Currently, the asset seeks to turn the $5.37 level into support, crucial for advancing towards the $5.96 resistance.
Sustaining bullish momentum could see Toncoin breach this resistance, with the $6.00 barrier next in line.
Continuous capital inflow and reduced selling pressure present a promising scenario for Toncoin's price recovery.
Nevertheless, any profit-taking post-$5.37 support flip might counteract bullish trends, maintaining Toncoin below $6.00 and deferring gains.
