The post Will Toncoin Recovery Continue After Price Reclaims $5? appeared on BitcoinEthereumNews.com.

Toncoin (TON) has seen its price climb by 8.15% in the last seven days, bringing the altcoin’s value to $5.26 for the first time since October 21. This recovery has instilled confidence back into holders who had once lost trust in the cryptocurrency.  Following this development, the number of holders with unrealized losses has reduced. This on-chain analysis also explains how TON’s price could be higher in the coming days. Toncoin Profitability Rises: 22.81% of Holders Now In the Green Toncoin’s recovery came as a result of the broader rebound, which has seen the total crypto market capitalization jump to $2.75 trillion. As a result, the Historical In/Out of Money (HIOM) shows that 21.91 million TON addresses are now in profit.  This value represents 22.81% of the total holder count. 17.59 million addresses, representing 18.31% of holders, have hit the breakeven point, while 58.88% are currently out of the money. By analyzing this data, the HIOM reveals the percentage of Toncoin wallet addresses that would have either made a profit or incurred a loss if they had sold their holdings at any specific time Furthermore, the variation in the number of profitable addresses gives a glimpse into market momentum, indicating whether buyers or sellers have the upper hand.  When the proportion of profitable addresses rises, it indicates stronger buyer momentum, as more holders stand to gain by holding or buying more. Conversely, a drop in profitable addresses can hint at seller momentum, as fewer holders are in profit, potentially prompting sell-offs and affecting TON price. Toncoin Historical In/Out of Money. Source: IntoTheBlock Therefore, the rise in the number of Toncoin holders in profit suggests that more participants might be encouraged to buy. If this remains the case, then the 58.88% holder ratio currently out of the money could decrease.  The…

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Filed under: News - @ November 11, 2024 9:19 am