The price of Toncoin (TON), influenced by the overall market downturn, has plummeted to a three-month low. Nonetheless, it has reclaimed a crucial support level, reigniting investor optimism for potential profits. Currently, Toncoin is trading at $5.53, presenting a promising profit opportunity for investors.
Over the past 24 hours, TON has dropped 12%, falling from $6.00 to $5.27, thus erasing substantial gains. According to the Global In/Out of the Money (GIOM) indicator, 643.86 million TON were purchased within the $5.47 to $6.15 range, valued at approximately $3.55 billion, now awaiting potential profit.
CMF Indicator and Market Trend
Toncoin’s Chaikin Money Flow (CMF) data reveals that the altcoin has experienced the highest outflows in six months. These significant outflows indicate a notable decrease in buying pressure and investor sentiment. However, there are signs of recovery as inflows are beginning to return. This shift suggests a renewed investor interest and a positive market trend for the altcoin.
Toncoin’s price is aiming to surpass the $6.04 resistance level on the daily chart. To achieve this, the altcoin must first secure the $5.49 support level. A successful test of this support could propel Toncoin’s price back up, potentially reaching $6.00 and beyond. To ensure the entire supply becomes profitable, Toncoin needs to hit the $6.15 mark. This development will be feasible by surpassing and converting the $6.04 resistance into support.
If TON fails to secure the $5.49 support, it may continue to struggle around this price point. The likely outcome would be consolidation below $6.00, prolonging profit expectations. This scenario would invalidate the bullish outlook.
Investors should closely monitor Toncoin’s market movements and support-resistance levels. The $5.49 mark stands out as a critical test point, while the $6.04 and $6.15 levels serve as key resistance points. Overcoming these levels could offer significant profit opportunities.
Toncoin’s price recovery holds the potential for substantial investor gains if it can surpass the crucial levels. Keeping an eye on market momentum and investor sentiment will be essential in this process.
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