Profit-Taking Puts Toncoin (TON) Price Recovery Under Threat

Toncoin Onchain Transaction Volume in Profit to Loss. Source: Santiment

Adding to this outlook is the Bulls and Bears indicator, which tracks whether addresses trading about 1% of the total volume are buying or selling. Bulls represent addresses that purchased more than 1% of the volume. Bears are those that sold a similar amount.

A higher number of bulls usually signals a potential price increase, while more bears often lead to accelerated price declines. In Toncoin’s case, the rise in bears over bulls in the last 24 hours suggests that the recent uptrend may be nearing its end.

Toncoin Bulls and Bears Indicator. Source: IntoTheBlock

TON Price Prediction: Not Yet Time for $5

Toncoin’s price has recently bounced back from $4.61. Now trading at $4.90, the altcoin aims to climb above $5. However, the Stochastic Relative Strength Index (RSI) reveals that the attempt might not be fruitful.

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

As seen in the image below, the Stoch RSI on the daily Toncoin’s price chart remains below the neutral line. If this stays the same, TON’s price might erase some or all of its recent gains. Should this be validated, Toncoin’s price might dump to support at $4.69.