CandleFocus Profit-Taking Puts Toncoin (TON) Price Recovery Under Threat
2024-09-08
Author: Content Editor
The price of Toncoin (TON) has increased by 2% in the last 24 hours. However, there is mounting pressure that could prevent its expected price recovery. On-chain analysis suggests that market participants interacting with TON may be hindering its upward momentum. The ratio of daily on-chain transaction volume in profit to loss has reached its highest level since February, indicating a lot of profit-taking and potential for a downturn. The Bulls and Bears indicator also suggests that the recent uptrend may be coming to an end, with more bears than bulls in the last 24 hours. Additionally, the Stoch RSI indicates that TON's attempt to climb above $5 might not be successful, potentially erasing its recent gains and dropping to support at $4.69 or even $4.47. However, if the realized profits decrease, TON could slowly rise toward $5.25.
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