Toncoin (TON) Price Prediction: Lack of Conviction Threatens Losses

Toncoin (TON) Price Prediction: Lack of Conviction Threatens Losses

Toncoin's price is observing the effect of investors' waning optimism, and this could result in further decline.

Toncoin Holders Hold Back

Toncoin’s price is experiencing the effect of declining bullishness among investors. The reason behind this is the lack of conviction among TON holders, which was visible in the downtick of the Mean Coin Age.

The uptick in this indicator shows investors are holding onto their assets while the downtick hints at supply moving around the addresses. TON has noted a downtick since February, but the broader market cues kept increasing Toncoin’s price.

TON Price Prediction: Key Support Level to Watch

Toncoin’s price attempted to breach the resistance of $7.0 but failed to trickle back in the last ten days. Consequently, TON fell below the crucial psychological support level of $6.5. A recent broader market rally pushed the altcoin above this support but could not sustain it, falling to trade at $6.2.

This bearishness will loom over Toncoin’s price unless the investors' behavior changes. As a result, the cryptocurrency could fall to test the support at $6.0. Losing this support could lead to a dip to $5.4.