Market
Can Toncoin (TON) Bounce Back to Form New All-Time High?
Toncoin’s (TON) price is reeling back from the recent all-time high, with investors moving their supply to exchanges.
Thus, the ongoing profit-taking could impact the altcoin in the long run. How this could affect the potential of a new ATH is the question.
Toncoin Investors Only See Profits
Toncoin’s price recently established a new all-time high at $8.2 after the market exhibited consistent bullishness towards Telegram Coins. The investors HODLed until this milestone but have since focused sharply on securing their gains.
Profit taking surged over the past couple of days across the network. The spikes noted on the realized profit/loss indicator are a sign that selling has risen rapidly and could continue for a while.
This profit-taking is terribly impacting the future of the price action, as noted in the liquidations on the network. Long contracts have noted higher liquidations than short contracts for the past week due to the price decline.
This shows that profit-taking is hampering investors’ attempts to mark a further increase in Toncoin’s price. Eventually, the traders placing a bet on a rally will back off owing to the losses, resulting in bearishness.
Read More: What Are Telegram Bot Coins?
TON Price Prediction: Key Levels to Watch
Toncoin’s price is trading at $6.8, down from the ATH of $8.2. The 16% drawdown noted over the last four days resulted in TON falling through multiple support levels of $7.5 and $7.0, now inching close to $6.5.
This price point has been tested multiple times in the past, which makes it an important support to maintain. But if the profit-taking continues and intensifies, a drop below this is likely, potentially sending TON to $6.0.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
But if the altcoin manages to bounce back and flip $7.0 into the support floor, it could continue its rise. Breaching $7.5 would invalidate the bearish thesis and open Toncoin’s price up to the possibility of another ATH.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.