CandleFocus Toncoin (TON) Endures 10% Loss but May Avoid Deeper Trouble
2024-11-05
Author: Content Editor
The price of Toncoin (TON) has dropped by 10% in the past month, falling from a peak of $5.54 to $4.76. However, on-chain analysis suggests that the altcoin may not experience a further decline. The In/Out of Money Around Price (IOMAP) indicator shows that there are more addresses holding TON at a profit compared to those at a loss. Traders can use this information to identify support and resistance levels. Additionally, the Money Flow Index (MFI) indicates increased buying interest for TON, potentially leading to a price increase. Bulls have formed strong support at $4.67, which previously fueled a 24% rally in September. If this support holds, TON could see a significant bounce and reach $5.78 in the short term. However, if bearish pressure breaks the $4.76 support, the prediction may be invalidated, and TON could decline to $4.45.
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