The Toncoin price may experience a potential recovery if TON holders seize the current opportunity and aim to increase their token holdings.
Toncoin has the potential to initiate a recovery
Last week, it was anticipated that Toncoin would experience a rally, but after the price exited the downward channel, TON fell. Nevertheless, it managed to stay afloat in the range of $5.2 – $5.4. Investors can reverse this trend by deciding to increase their token holdings.
Based on the Market Realized Value Ratio (MVRV), the altcoin is showing signs of heating up due to recent events. The MVRV is an on-chain metric that tracks investors’ gains and losses. Toncoin’s 30-day MVRV currently stands at -13.22%, indicating a loss. However, it is worth noting that the -10% to -20% MVRV range is historically known as the accumulation opportunity zone. This zone typically leads to a surge in demand, which can trigger a price increase.
MVRV coefficient. Source: Santiment
The growing interest in Toncoin is further supported by the behavior of the MACD indicator. The MACD indicator helps identify potential buy and sell signals based on the intersection and divergence of two moving averages. Currently, it is on the verge of a potential bullish crossover, indicating that the market is recognizing the value of the asset. If an intersection forms, it could provide support for the price.
MACD indicator. Source: TradingView
TON forecast: what lies ahead
At the time of writing, the Toncoin price is slightly below the $5.4 resistance level. A breakout above this level would confirm a potential bullish outcome, as this level has previously acted as critical resistance.
In the past few days, the token has been unable to overcome this barrier, but it has also managed to avoid a significant decline. This persistence could be rewarded with investor support, potentially pushing Toncoin’s price towards $6.
12-hour chart TON/USDT. Source: TradingView
However, if the bullish breakout fails to materialize and Toncoin corrects, it could test the $4.7 level as support. This level has been tested in the past and holds significance. If it is breached, it would invalidate the bullish scenario and increase losses for TON holders.
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