Toncoin (TON) price was hit by the broader market’s decline and ended up falling to a three-month low.
However, it managed to reclaim a crucial support level, which is rejuvenating the investor’s hope of profits.
Toncoin Investors Are Optimistic
Toncoin’s price at $5.53 signals potential profits ahead of investors. The 12% decline over the last 24 hours resulted in TON falling from $6.00 to $5.27, leading to a significant chunk of the altcoin’s supply losing profitability.
According to the Global In/Out of the Money (GIOM) indicator, about 643.86 million TON worth over $3.55 billion is awaiting profits. This supply was bought between $5.47 and $6.15 and could be looking at profits soon.
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This is because investors are fueling the recovery to regain what they lost. Toncoin’s Chaikin Money Flow (CMF) data indicates that the altcoin experienced the highest outflows in six months. This period of significant outflows reflects a notable decrease in buying pressure and investor sentiment.
However, Toncoin is now seeing a reversal, with inflows starting to return. This shift suggests a potential recovery in investor interest and a positive change in market trends for the altcoin.
TON Price Correction: Breaking the Barrier
Toncoin’s price, trading at $5.53, is aiming to climb back on the daily chart to breach the resistance at $6.04. The altcoin seems to be attempting to secure $5.49 as support, which will require TON to test it first.
A successful test could push Toncoin’s price upwards again, potentially reaching $6.00 and higher. For the aforementioned supply to turn completely profitable, $6.15 has to be marked, which will be possible once the $6.04 resistance is breached and flipped into support.
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In the event that TON fails to secure $5.49 as a support level, it could continue struggling around this price. The likely outcome would be consolidation under $6.00, extending the wait for profits and invalidating the bullish thesis.
Disclaimer
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