TON Price Comeback Nears $6.25 Hurdle Despite Stagnant Network Activity

TON price heads toward $6 after defending support at $5, hinting at fresh bullish momentum fronted by top altcoins, including Ethereum (ETH), Solana

Toncoin price hints at fresh bullish momentum as top altcoins, including ETH, XRP, and SOL, attempt a comeback on Tuesday. This follows a sell-off over the weekend and on Monday amid a broader market rout.

Traders will be watching for opportunities to buy TON with the hope of a sustained recovery and a new all-time high past $10. But with market uncertainty posing a challenge, it’s important to consider various scenarios, including a curtailed uptrend due to resistance at $6.25.

On-chain data from IntoTheBlock shows that 475 addresses purchased around 129,000 TON between $5 and $5.17, bolstering Toncoin’s support at $5. This provided bulls with a strong base to regroup and utilize the liquidity to propel TON’s ongoing recovery.

Given the current momentum, Toncoin is set to climb above $6 during the American session as traders continue to buy the dips from the support at $5. However, the IOMAP model below indicates that strong resistance lies at $6.25.

Roughly 1,060 addresses that bought 1.64 million TON in the area could potentially stall the uptrend if they decide to sell at breakeven. This would hinder the uptrend and lead to TON price retesting the $5 support.

Toncoin’s network activity, in terms of new and active addresses, has remained largely unchanged in the last 30 days. The Addresses metric shows a decline to 194 on Monday, compared to 398 addresses in the first week of July.

Active addresses also recorded a slight decrease, dropping to 532 from 733 in the same period. This suggests that the network is not generating strong bullish momentum to propel TON price further north.

Toncoin Technical Analysis: Indicators Point to Buy

Toncoin price recovered to sit on top of the 200-day Exponential Moving Average (EMA), which currently stands at $5.16 on the dailyの時間枠. A Money Flow Index (MFI) turnaround into the neutral region highlights the growing bullish grip, indicating that traders are keen on increasing the flow of money into Toncoin.

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