Toncoin (TON) Price Prediction: Will TON Recover After 10% Loss in 30 Days?

Toncoin (TON) price has decreased by 10% over the last 30 days as the Telegram-native cryptocurrency continues to experience tough times.

Toncoin (TON) has experienced a 10% decrease in value over the past 30 days, continuing its difficult period. Toncoin's loss during that time was a decrease from a peak of $5.54 to $4.76.

But on-chain analysis suggests that TON may have reached a point where the altcoin is unlikely to face a deeper correction.

Toncoin Finds Strong Support Level

The key indicator suggesting that Toncoin's loss could be minimal is the In/Out of Money Around Price (IOMAP). The IOMAP categorizes addresses based on those making a profit at the current price, those at a loss, and the breakeven point.

Usually, an address is considered in the money when the on-chain cost basis is lower than the current price. Meanwhile, if the current value is higher than the average purchase price, an address is out of the money.

This data is used by traders to identify support and resistance. When the volume cluster is denser in a price range, the support or resistance in the area is strong. In the case of Toncoin, around 2.44 million addresses purchased about 600 million tokens for a price ranging from $4.69 to $4.84 and are currently unrealized profits.

Read More: 6 Best Toncoin (TON) Wallets in 2024

This volume surpasses that of holders who are experiencing losses in the range of $4.84 to $5.58. As a result, TON's price could potentially rise to $5.58 if buying pressure increases.

Furthermore, the Money Flow Index (MFI) aligns with this possible price movement. The oscillator measures buying and selling pressure, where rising MFI values indicate stronger buying interest and decreasing values reflect increased selling pressure.

On the daily chart, the MFI has recently crossed above the 50.00 mid-line. This shift signals that market participants are buying more Toncoin, which could lead to a price increase.

TON Price Prediction: Bulls Eye $5.78

Another observation of the daily TON/USD chart reveals that bulls have established strong support at $4.67. This support was crucial in the altcoin's 24% rebound in September, which reduced Toncoin's loss and helped it reach $5.80.

This time, it might be a repeat performance. If so, the cryptocurrency's value could soon experience a significant bounce. In this scenario, TON could rise to $5.78 in the short term.

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On the other hand, this analysis could be invalidated by bearish pressure. Hence, if bulls fail to defend the support at $4.76, this prediction could be nullified, and TON might drop to $4.45.

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