Toncoin (TON) price, affected by the broad market downturn, fell to a three-month low. However, it regained a critical support level, reviving investors‘ profit hopes. Toncoin is currently trading at $5.53, offering potential profit opportunities to investors. In the last 24 hours, TON dropped 12% from $6.00 to $5.27, losing significant supply profitability. According to the Global In/Out of the Money (GIOM) indicator, 643.86 million TON bought between $5.47 and $6.15, worth approximately $3.55 billion, are awaiting profit.
CMF Indicator and Market Trends
Toncoin’s Chaikin Money Flow (CMF) data shows the altcoin experienced the highest outflows in the last six months. These significant outflows reflected a noticeable decrease in buying pressure and investor sentiment. However, a sign of recovery is observed with the resumption of inflows. This change indicates a return of investor interest and positive market trends for the altcoin.
Toncoin’s price is aiming to surpass the $6.04 resistance on the daily chart. The altcoin should first secure $5.49 as support. A successful test could push Toncoin’s price back up, potentially reaching $6.00 and beyond. To make the specified supply fully profitable, the $6.15 level needs to be marked. This development will be possible by surpassing and converting the $6.04 resistance into support.
Possible Scenarios for Toncoin
If TON fails to secure the $5.49 support level, it may continue to struggle around this price. The likely outcome could be consolidation below $6.00 and prolonged profit anticipation. This situation would invalidate the bullish thesis.
Investors should closely monitor Toncoin’s market movements and support-resistance levels. The $5.49 level stands out as a significant test point, while the $6.04 and $6.15 levels are critical resistances. Surpassing these levels could bring significant profit opportunities.
Toncoin’s price recovery has the potential to offer substantial profits to investors if the right levels are surpassed. Monitoring market dynamics and investor sentiment will play a critical role in this process.
