Toncoin (TON) price could be on the verge of a major breakout. As the coin inches closer to this critical threshold, investors who have been holding at a loss might have cause to celebrate with gains.
This analysis examines the driving forces behind Toncoin’s upward momentum and the potential profit opportunities that a sustained rally could bring for traders and long-term holders alike.
Toncoin Has Huge Funds on the Line
Toncoin (TON), currently ranked as the 9th most valuable cryptocurrency, is trading at $5.54, marking a 33% drop from its all-time high. However, data from IntoTheBlock suggests Toncoin could soon close this gap. The platform’s Global In/Out of Money (GIOM) shows that 3.78 billion tokens purchased at a weighted price of $1.98 are in profit.
The GIOM helps identify support and resistance by showing the volume of tokens at profit, loss, or breakeven points. Larger clusters at specific price levels indicate stronger support or resistance. Notably, over 30 million addresses hold 222 million TON tokens at a loss, purchased between $5.78 and $8.18.
Since this volume is not as much as those accumulated at $1.98, Toncoin’s price could get substantial support. If validated, this support could drive the Toncoin’s price above $7.45, consequently leading to $1.22 billion in profits.
Read more: 6 Best Exchanges To Buy and Sell Hamster Kombat (HMSTR) in 2024
Toncoin’s three-month liquidation heatmap also indicates a potential price increase. For those unfamiliar, the heatmap highlights price levels where large-scale liquidations might occur. High liquidity concentrations, which appear as color shifts from purple to yellow, suggest a possible price move toward those levels.
In Toncoin’s case, the heatmap points to a possible jump to $6 first. If validated by increased buying pressure, the price could then rally toward $7.45, resulting in the $1 billion in profits previously mentioned.
TON Price Prediction: $7 Return Close
From a technical point of view, Toncoin’s price has been fluctuating between $5.45 and $5.55 today. Trading at $5.54, BeInCrypto observes consistent green histogram bars with the Bull Bear Power (BBP).
This technical oscillator estimated the strength of buyers (bulls) compared to sellers (bears). When the BBP is positive, bulls are in control. However, a negative reading of the indicator gives bears the upper hand.
As seen below, bulls appear to be dominant. This is also happening at a time when the Chaikin Money Flow (CMF) is increasing. Considering the current outlook, Toncoin’s price could be set to run toward $6.48 or as high as $7.27.
Read more: 6 Best Toncoin (TON) Wallets in 2024
However, a decline in sellers’ strength might tug the price back. In that situation, TON might drop to $4.95.
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
