Toncoin’s (TON) price remains stagnant as low user engagement and selling pressure impact its recovery potential. Opinions among experts differ: some predict that the price will rise to $8 in the near future, while others propose $5.71 and $10 as resistance levels.
However, the latest data indicates that Toncoin active addresses have declined to a six-month low due to weak airdrop performance. This suggests that there is little interest in holding the token in the long- term
Both resistance and support levels will have an impact on the price’s future movement, according to Toncoin’s current technical view. TON is trading at $5.025, up by 0.18% with a support level of $4.50.
– Advertisement –
Further losses may occur if the price drops below $4.50. A bullish breakout above $5.50 and $6 could lead to a short-term rally.
Analysts Suggest Mixed Short and Long-Term Targets For TON
There are divided opinions among analysts regarding the outlook of Toncoin in the coming weeks. Market analyst Crypto Elite recently stated, “TON looks good to buy on the spot.”
On the other hand, other analysts have hinted at a more bearish forecast suggesting that Toncoin could even struggle to trade beyond $5.71 with the price getting to $10 only if it breaks that level.
Looking at technical indicators, there are mixed signs here. RSI and MACD give a minor buy sign but still show no precise direction.
Currently, the Relative Strength Index (RSI) is at 42.73, below 50, which suggests weak momentum, while the MACD is in a bearish zone, but a bullish crossover might be seen soon.
These indicators show that without user involvement, Toncoin may still have trouble generating sufficient buying pressure, even if a breakout is possible.
Declining User Engagement Weighs Heavily on Price Prospects
The Toncoin market faces problems with user activity which significantly decreased leading to instability in its price. Recent data shows that the number of active addresses of Toncoin has reached its six-month low, raising concerns about diminishing interest.
Disappointing airdrops from Telegram, which generated enthusiasm but fell short of consumers’ expectations, are the cause of the declining trend.
This dissatisfaction around the value of the airdrop has led to negative sentiments within the community contributing to the increased selling pressure and minimizing the number of short-term holders.
