Latest Toncoin (TON) Price Analysis, Can It Go Back to $5 Again?

Bittime - Price Toncoin (TON) has increased by around 3% in the last 24 hours. Even so, there is a possibility that the TON price will not be able to rise again to $5 or around IDR 77 thousand. Check out the latest analysis in this article!

Currently, TON is trading at $4.88 (around IDR 75,000). Despite attempting to break back through the $5 level, on-chain analysis suggests that the activity of investors on the Telegram-native network may be a barrier to the price increase.

TON Investors Start Taking Profits

Based on data from Santiment, the ratio of daily on-chain transaction volume resulting in profits to losses has reached the highest level since February. This metric tracks the total number of tokens that have changed hands at a profit or loss.

When this metric spikes, it means that many investors are taking profits. On the contrary, a decline in this metric indicates that investors are waiting on the sidelines and choosing to HODL (hold on for dear life).

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For Toncoin price, this sudden spike increases the risk of another price drop, especially since this token has recently shown signs of a sustained price increase.

Apart from that, the Bulls and Bears indicators are also showing bearish signs. This indicator tracks whether addresses that make up about 1% of total volume are buying or selling. 

Bulls represent addresses that bought more than 1% of the volume, while Bears are those that sold the same amount.

Sumber: InToTheBlock

A higher number of bulls usually indicates a potential price increase, while more bears often lead to a faster price decrease. In the case of Toncoin, the increase in bears versus bulls in the last 24 hours suggests that the recent upward trend in prices may be nearing its end.

TON Price Analysis, Can it Reach $5 Again?

Toncoin price has recently rebounded from $4.61. Currently trading at $4.88, the altcoin aims to rise above $5. However, the Stochastic Relative Strength Index (RSI) suggests that this attempt may not be successful.

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Stoch RSI, as it is commonly called, compares the magnitude of recent gains with losses. This data allows the indicator to determine whether momentum is bullish or bearish and whether an asset is overbought or not.

As seen in the image below, the Stoch RSI on the Toncoin daily price chart remains below the neutral line. If this remains the same, TON price may erase some or all of the recent price increase. If this proves true, Toncoin price may drop to the support level of $4.69.

Losing this support could cause the price to drop to $4.47. However, TON price may avoid this decline if realized profits decrease. If this happens, TON may slowly rise towards $5.25.

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