November witnessed an explosive surge in the cryptocurrency market, with TONcoin [TON] skyrocketing by an impressive 50%, flipping the solid resistance at $6.50 into a strong support level. The strong performance continued into December, with gains of 14% in the first week.
However, a recent retracement to test the support level erased some of those gains.
Over the last week, TON has experienced a slight decline of 1.01%, with trading fluctuating between $6.59 and $6.82 daily. The question now is whether the altcoin will regain its bullish momentum or if the market is bracing for further consolidation.
Looking Ahead to TONcoin’s Price Prediction by 2025
At the time of writing, TONcoin was being traded at $6.58, showing a daily decrease of 3.54%. The crucial support remains at $6.50, having previously turned from resistance to support, laying the groundwork for a potential recovery.
The Alligator indicator suggests a period of consolidation, with the fast moving average leveling near the current price.
Momentum indicators like the Stochastic RSI hovering at 59.02 indicate a possible downward trend, while the 14-day RSI at 59.38 reflects a weakening bullish momentum.
To continue on a bullish trajectory, TON must surpass the $7.2 mark and aim for $7.5, crucial steps towards retesting its all-time high of $8.24.
On the flip side, a break below $6.50 could trigger a decline towards $6.28 and potentially to stronger support at $5.45. These levels will be pivotal to monitor as we approach 2025.
Boosting TON’s Recovery through Network Activity
Recent network activity for TON has shown decreases, with new addresses dropping by 16.33% and active addresses decreasing by 19.69%.
The decline in zero-balance addresses by 41.90% highlights reduced engagement across the blockchain, aligning with the current phase of price consolidation and market sentiment.
Active addresses typically mirror price fluctuations, underscoring the connection between network engagement and market dynamics.
The ongoing downtrend in network activity signals waning interest, reflecting the broader market retracements. A resurgence in network growth is essential to propelling a potential recovery.
To reignite momentum, TON needs a simultaneous rise in network activity along with supportive price movements. Increased engagement could reignite bullish sentiment for the ecosystem.
Subdued Bearish Sentiment Prevails
Sentiment surrounding TONcoin has displayed a slight bearish tilt in recent times. The market seems cautious, with the balance between bullish and bearish sentiments hovering close to neutral levels, suggesting a market in consolidation mode, preparing for the next phase.
Historical data presents a pattern of strong bullish dominance in 2020 and bearish trends in 2022, hinting at cyclical shifts in market sentiment.
The current equilibrium hints that the market may swing in either direction, contingent on broader market momentum.