Toncoin (TON) Hits Accumulation Zone After 19% Decline

2024-8-4 20:00

Toncoin’s (TON) price has had a disappointing run throughout July, which seems to be continuing into August.

The price drawdown has pushed investors to switch their optimism into pessimism, which could create challenges for TON.

Toncoin Investors Turn Bearish

Toncoin’s price decline has seemingly pushed investors to the brink of shedding their optimism for pessimism once again. This is evident in TON’s negative funding rate, which indicates that investors are predominantly taking short positions. This trend suggests that many are betting on a continued decline in the asset’s value.

The negative funding rate reflects a bearish sentiment among traders, who expect further downward movement in the market. This could prove fatal for investors who buy at the current relatively low prices.

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

Toncoin Funding Rate. Source: Coinglass

The Market Value to Realized Value (MVRV) ratio also presents buy opportunities. The MVRV ratio assesses investor profit and loss. Currently, Toncoin’s 30-day MVRV stands at -11%, indicating losses and possible buying pressure. 

Historically, TON tends to correct when the MVRV is between -5% and -15%, which usually signals the start of recoveries and rallies and marks it as an accumulation opportunity zone.

Toncoin MVRV Ratio. Source: Santiment

However, it must be noted that the present market conditions are presenting a bearish couple of days before recovery begins. Thus, Telegram coin enthusiasts should look for signs of recovery before jumping in to accumulate.

TON Price Prediction: Keeping Support Intact

Toncoin’s price at $6.15 at the time of writing is testing the key support of $6.04. If the aforementioned bearish factors weight heavily on the Telegram coin, further drawdown can be expected.

This would result in a slip below $6.04, with TON marking a three-month low. The potential decline could send Toncoin’s price down to $5.49.

Read more: What Are Telegram Bot Coins?

Toncoin Price Analysis. Source: TradingView

However, if the support remains intact, Toncoin’s price could bounce back, and reclaiming $6.50 would enable further recovery. This would invalidate the bearish thesis, pushing the price towards $7.00.

The post Toncoin (TON) Hits Accumulation Zone After 19% Decline appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Tokamak Network (TON) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $1.1858
Капитализация $0 Rank 99999
Доступно / Всего 0 TON

decline toncoin zone ton hits accumulation opportunity

decline toncoin → Результатов: 19


$56.9M Presale Achievement Sets BlockDAG Ahead of Toncoin (TON) Price Predictions & Uniswap (UNI) Future

In a period of market decline, Toncoin and Uniswap defy trends with their network advancements set for significant growth. Amidst these developments, BlockDAG, a foundational project with a notable presale, emerges as the preferred choice for investments, surpassing market leaders with its promising long-term potential.

2024-7-10 05:00


BlockDAG Network’s 1120% ROI Hike Attracts Millions To Presale Amind Litecoin Price Decline & Toncoin TVL News

BlockDAG is revolutionizing the crypto market with its impressive presale, raising over $46.8 million and experiencing an 1120% surge in value. While Toncoin (TON) celebrates surpassing $300 million in Total Value Locked (TVL), and Litecoin (LTC) grapples with a significant price decline, BlockDAG’s innovative roadmap and strategic partnerships make it […]

2024-6-11 07:00