The price of Toncoin may soon begin to recover if TON holders take advantage of the current opportunity and try to replenish their wallets with new tokens.
Toncoin (TON) could start a recovery phase
Toncoin was expected to rally last week, but after the price exited the downward channel, TON fell, but stayed afloat in the area of $5.2 – $5.4. Investors can turn the tide if they decide to increase their token holdings.
According to the Market Realized Value Ratio ( MVRV ), the altcoin is heating up due to the recent incident. Meanwhile, this on-chain metric tracks investors’ gains and losses. Toncoin’s 30-day MVRV is -13.22%, indicating a loss. However, historically, the MVRV zone of -10% to -20% is also known as the accumulation opportunity zone. It will lead to a sharp increase in demand, which may trigger a price increase.
Potentially growing interest is also evidenced by the behavior of the MACD indicator, which helps identify potential buy and sell signals based on intersections and divergences of two moving averages. It is on the cusp of a potential bullish crossover. In addition, this is a signal that the market is noticing the asset’s value. The formation of an intersection will support the price.
TON forecast: what will happen next?
Toncoin price at the time of writing is $5.08 resistance level and a breakout would confirm a potential bullish outcome. This is due to the fact that the $5.4 level has been repeatedly tested as critical resistance in the past.
In the last few days, the token has failed to take this barrier, but it has also been able to avoid falling. This persistence could be rewarded with investor support, potentially pushing Toncoin’s price towards $6.
However, if the bullish breakout fails and TON corrects, it could test the $4.7 level as support. This is an important level and has been tested in the past. Its loss will lead to the abandonment of the bullish scenario and will increase the losses of TON holders.
