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Cryptocurrency News Articles
Toncoin Surge Faces Potential Correction as Market Overheats
May 10, 2024 at 03:03 am
Toncoin (TON) has shown resilience following a downtrend, but its upward trajectory may soon face resistance. The significant price increase has led to an overheated market, potentially signaling a market top and an impending correction. On-chain data suggests that over 90% of the token supply is in profit, indicating a potential reversal, while short-term MVRV ratio analysis indicates an overvalued asset. This overvaluation, coupled with the historical correction range for TON, hints at a possible price correction as the market cools.
Toncoin's Ascent Faces Potential Correction Amid Market Overheating
Toncoin (TON), a blockchain project previously associated with Telegram, has witnessed a sharp uptrend in recent times. However, analysts now caution that this growth may be nearing a peak, potentially leading to market consolidation or correction.
On-Chain Metrics Signal Potential Market Top
The surge in Toncoin's price has raised concerns about market overheating, as indicated by on-chain metrics. Santiment, a blockchain analytics platform, reports that over 90% of the token's circulating supply is currently in profit, a level typically associated with market tops.
Furthermore, the short-term Market Value to Realized Value (MVRV) ratio for Toncoin stands at 5.2%, indicating that the asset is overvalued. Historically, TON corrections have occurred within the MVRV range of 4% to 12%, suggesting that the coin is currently in a risk zone.
Resistance at $6.50 May Hinder Further Gains
Despite the initial bullish momentum, analysts predict that Toncoin's upward trajectory may face resistance at around $6.50. If this resistance level holds, it could trigger a retracement down to $6.0 or even $5.4.
Holder Sentiment Key to Market Outlook
The direction of Toncoin's price action in the coming days will largely hinge on investor sentiment. If holders decide to maintain their assets, it could potentially push the price above the $6.5 mark, invalidating the bearish scenario and allowing for further growth.
Risks and Opportunities for Toncoin Investors
Investors需要注意,目前市場的熱度已經過高,Toncoin 的價格上漲潛力有限。如果價格無法突破 $6.50 的阻力,那麼回調將是不可避免的。
對於想要投資 Toncoin 的人來說,現在需要密切關注市場動態,仔細考慮風險和回報,理性做出投資決定。
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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