Toncoin’s price has been consolidating between $5.96 and $5.37, largely unaffected by broader market trends. While a breakout is possible, technical indicators suggest otherwise.
As Toncoin remains steady within this range, the potential for a correction looms large. Despite recent price action showing slight gains, a closer look at the technicals paints a different picture.
Long-term holders of Toncoin have shown strong confidence by holding onto their assets. This is evidenced by an uptick in the Mean Coin Age (MCA), indicating increased confidence among holders.
However, an uptick in MCA often precedes a decline in price, as lack of movement from long-term holders indicates weakening momentum. If this trend continues, Toncoin could see a correction in the near term.
Technical indicators signal a potential downturn for Toncoin. The Moving Average Convergence Divergence (MACD) is nearing a double-top divergence, which often signals an impending reversal. A test of the $5.96 resistance level would confirm this double-top formation.
If Toncoin fails to break through this level, it would support the bearish outlook, pointing to a likely correction. Traders are closely watching how Toncoin reacts to these critical levels.
Toncoin may hold above $5.37 if bearish cues do not intensify, but a drop to $4.86 could occur if momentum increases. Conversely, a break above $5.96 could push the token toward $6.36, potentially invalidating the bearish scenario.
