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

Profit-taking activity is putting the potential recovery of Toncoin (TON) at risk. Despite a 2% increase in price, the cryptocurrency is facing mounting pressure that could hinder its upward movement. On-chain analysis indicates that market participants interacting with TON are contributing to this threat. Data from Santiment shows that the ratio of daily on-chain transaction volume in profit to loss has reached its highest level in months. This suggests there is a surge in profit-taking, which increases the risk of a downturn for TON’s price. The Bulls and Bears indicator also supports this outlook, with more bears than bulls in the last 24 hours potentially signaling the end of the recent uptrend. Additionally, the Stoch RSI on the daily price chart shows that TON’s attempt to climb above $5 might not be successful. If the Stoch RSI remains below the neutral line, TON’s price could erase its recent gains and potentially drop to support at $4.69. However, if the realized profits decrease, TON could avoid a downturn and slowly rise towards $5.25. Overall, the profit-taking activity and bearish indicators pose a threat to TON’s price recovery.