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Toncoin (TON) Shows Two Key Price Levels to Watch
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The price of Toncoin (TON) is currently exhibiting a sideways movement, remaining in a state of consolidation.
This phase can either lead to a rally or a correction, leaving the future direction of the altcoin in question.
Toncoin at a Crossroads
Investors in Toncoin are at a crossroads, especially with the price trading above the $5.00 mark, which is seen as a positive development for most. This optimism is largely due to the Global In/Out of the Money (GIOM) metric.
It indicates that about 2.12 million TON, valued at over $10.9 million, would enter a profitable state once the altcoin surpasses the $5.33 threshold.
Despite the potential for significant profits, which could suggest a further rally or even a new all-time high, the reality may differ due to the predominance of short-term holders in the TON supply.
Read More: What Are Telegram Bot Coins?
These short-term investors, who typically hold their assets for less than a month, are prone to selling, creating a volatile environment for the altcoin. Currently, they account for about 37% of the total circulating supply.
Therefore, a price increase could lead to a wave of profit-taking, which might cause the price of Toncoin to fall again.
TON Price Prediction
Considering these factors, the price of Toncoin is likely to fluctuate back to around $4.80, maintaining its consolidation phase. However, significant selling pressure could push the price below the $4.80 support level, potentially dropping it to $4.48.
Read More: Which Are the Best Altcoins To Invest in April 2024?
Conversely, if investors hold back from selling during a price rally, Toncoin has the opportunity to overcome the $5.44 resistance mark. Achieving this could pave the way for the cryptocurrency to reach a new all-time high, thereby challenging the bearish outlook.
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.
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