Toncoin on the brink of a fall: a possible 17% price decline
Date: 2024-10-22 Author: Henry Casey Categories: CRYPTO PAYMENTS
In recent weeks, Toncoin has been undervalued, which is confirmed by the market value to realized value (MVRV) ratio. At the time of publication, the 30-day and 90-day MVRV are -0.26% and -5.38%, respectively.
This indicator shows the difference between the current market price and the average purchase price of an asset. Negative values indicate that the coin's price is lower than the average value of all tokens in circulation. This situation usually attracts those who prefer to buy assets at a reduced price, but Toncoin was no exception - it did not generate significant interest from investors.
Behavior of large Toncoin holders
Over the past week, large holders, or "whales", reduced their investments in Toncoin by 115%, despite a slight increase in the price of 1%. These investors, who control more than 0.1% of the total supply of the asset, shape the overall trends in the market. A net outflow of funds from large players usually serves as a signal of negative expectations, which leads to a decrease in the value of the asset.
Short-term holders of Toncoin (STH) have also begun to sell their assets more actively. Over the past month, the average holding period of tokens has decreased by 7%. Often, such investors prefer to quickly sell assets to lock in profits or avoid losses, which adds pressure to the price.
Forecast: possible price drop
The current price of Toncoin is at $5.35, but the lack of interest from whales and short-term holders may prevent it from breaking through this mark. If selling continues, the coin's price may fall by 17%, which will lead to a decrease to $4.44, which will be the lowest since September.
However, if the market situation improves and demand for Toncoin increases, the coin may overcome the resistance at $5.35 and rise to $6.81.
