Amid its ongoing increase throughout the last several months, Toncoin has seen its price looking to breakout in October, with TON eyeing a surge to the $7 level. The token has recently failed to surpass a notable $6 resistance. However, that failure is not indicative of a future increase that may be delayed.
The crypto market is anxiously awaiting what ‘Uptober’ could bring a host of assets. Bitcoin has shown a propensity to thrive during October, historically. Therefore, the leading cryptocurrency could flood the market with positive sentiment that allows several other assets to thrive.
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Toncoin to $7? TON Could Benefit From PRomising October Increase
Few cryptocurrencies have had the kind of 2024 that Toncion has. The asset has enjoyed a meteoric rise that has taken the market by storm. Thanks in large part to its integration with the Telegram messaging app, the asset has proven to have a place amid the growing crypto sector.
Yet, things have slowed down. Over the last 30 days, the asset has still increased more than 7%, according to CoinMarketCap. However, the last week has only seen the coin increase 2.3% en route to its current $5.81 price. Moreover, the asset has failed to breach a crucial $6 resistance level.
That fact may not signal that the token’s potential is slowing down, however. It does show that a breakout may just be delayed, as Toncoin could be poised for a notable October increase that pushes TON over the $7 price point.
Also Read: Toncoin (TON) Defies Market Trend, Predicted To Hit All-Time High
Tocoin has lost notable momentum on the macro side. The Moving Average Convergence Divergence (MACD) indicator shows bullish trends are lessening. Conversely, it is still undecided, and not yet falling into the bearish trajectory.
Where Toncoing has improved is in its short-term investor status. Those traders, holding the asset for less than a month, tend to sell off rather quickly. The fall in their numbers lowers the risk of a sell-off that could threaten TON’s price drastically.
The largest obstacle still remains the $6 barrier. The bulls have shown an inability to surpass the level, but the potential still remains. If it can break through, $6.36 will be the next level of note. From there, the path to $7 becomes ever clearer, especially with a surging crypto market to support it.