Toncoin’s (TON) Price Recovery Could Bring $3.55 Billion Worth of Profits Back
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Toncoin (TON) recently experienced a significant price drop, hitting a three-month low influenced by the broader market downturn. However, it has since managed to reclaim key support levels, instilling hope among investors for potential profitability.
Currently trading at $5.53, Toncoin has seen a 12% decline in the past 24 hours, falling from $6.00 to $5.27. This drop has left a substantial portion of the altcoin's supply unprofitable.
The GIOM indicator reveals that approximately 643.86 million TON, worth over $3.55 billion, could soon be profitable if the price recovers. This supply was initially bought between $5.47 and $6.15.
Investors are driving the recovery, hoping to regain lost ground. Toncoin's Chaikin Money Flow (CMF) data indicates high outflows over the past six months, reflecting reduced buying pressure and sentiment.
However, inflows are beginning to return, signaling a potential recovery in market interest. If Toncoin can breach the $6.04 resistance level, it could mark a turn towards profitability, flipping resistance into support and pushing prices higher.
A failure to secure the $5.49 support level could result in continued price struggle and consolidation under $6.00, delaying potential profits and invalidating the bullish outlook.
Source: beincrypto.com ↗
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