Toncoin’s (TON) price movement has been very impressive for its investors, who have been minting profits.
However, the recent slight decline did change the situation for a significant chunk of TON holders, and the trend might be reversed soon.
Toncoin Investors Aim for Profits
Toncoin’s price recently marked an all-time high but soon dipped to nearly fall below $7.0. This decline resulted in many investors losing the profits they amassed during the recent rally. According to the Global In/Out of the Money (GIOM) indicator, about 2 million TON is at the verge of becoming profitable.
This supply bought between $6.8 and $7.3 is worth more than $14.3 million. Once the latter price level is breached, about 3,220 TON investors will witness their holdings bearing profits again.
For this to happen, Toncoin’s price would need to climb on the daily chart again, and TON holders’ bullishness can achieve this. Buying would push the price up, which is exactly what the market suggests.
The price daily active addresses (DAA) divergence flashes a buy signal on the daily chart. The increasing participation and recovering prices are creating positive conditions for accumulation.
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Should TON holders stick with this, the altcoin could begin recovering soon.
TON Price Prediction: Key Resistance Comes Into Focus
Toncoin’s price at $7.1 is above the support level of $7.0, and if the aforementioned factors come into play, TON could rise further. The next major resistance for the altcoin is $7.5, which prevented Toncoin from marking an ATH thrice in the past.
Breaching this resistance or even attempting to breach it would make the above supply profitable. It would also draw the attention of new investors to the altcoin, potentially pushing it towards the ATH of 8.2.
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However, the bullish thesis could fail if TON fails to reach $7.5 by facing selling before that. Investors booking profits to secure their gains could send Toncoin’s price to $6.5 or lower.
The post Toncoin Price Above $7 Could Change the Fate of 2 Million TON appeared first on BeInCrypto.
