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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Is Toncoin Price Gearing For A Rebound At $5? This On-Chain Metric Suggests So

Opeyemi Sule
Opeyemi Sule
3 months ago
2 mins read
Toncoin

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Este artículo también está disponible en español.

The cryptocurrency market was in a somewhat uncertain phase over the past week following the inauguration of Donald Trump as President of the United States. This uncertainty is demonstrated by the diverse performance of various assets in the market.

The Toncoin price, for instance, experienced an almost 9% price decline in the last seven days, giving emphasis to the bearish half of the market. According to the latest on-chain data, the cryptocurrency might be preparing for a price rebound after its recent struggles.

Is It Time To Buy Toncoin?

In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Maartunn shared their latest on-chain observations and how it could offer into TON’s price trajectory. The relevant metric here is the Normalized Risk metric (NRM), which evaluates the price risk of an asset compared to its historical price data.

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This on-chain indicator can be used to determine whether a cryptocurrency (Toncoin, in this case) is in a favorable or unfavorable risk position. Typically, the value for the Normalized Risk metric ranges from 0 to 1, with values closer to 0 signaling lower risk while values closer to 1 signaling higher risk.

Toncoin
Source: CryptoQuant

As observed in the highlighted chart, the Normalized Risk’s value is currently closer to zero, implying that the TON price is approaching the low-risk territory. Historically, low values of this metric have been correlated with local price bottoms for Toncoin.

For example, the price of TON slumped to around $5.3 before climbing to $6.8 in August 2024 while the Normalized Risk metric was well beneath 0.1 at the time. Similarly — about a month later, the altcoin’s price jumped to $5.9 after sliding down to $4.6 while the Normalized Risk indicator was around 0.1.

Nevertheless, Maartunn noted that it may take some time for this indicator to “fully bottom out and reach its lowest risk level.” Nevertheless, recent on-chain data suggests that the Normalized Risk metric is nearing a key turning point, implying a strong rebound might be on the cards for the TON price.

TON Price Overview

As of this writing, the price of Toncoin stands at around $5.08, reflecting a mere 0.7% increase in the past 24 hours. This sluggish single-day action underscores the uncertainty in the market — and to be frank, Toncoin’s struggles over the past few weeks.

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The TON price has been unimpressive on broader timeframes, failing to successfully break above the $6 mark in the past month. According to data from CoinGecko, the altcoin’s value has declined by nearly 15% in the past month.

Toncoin
The price of Toncoin on the daily timeframe | Source: TONUSDT chart on TradingView

 

Featured image from Unsplash, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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