Toncoin (TON) Prices: Continuing Disappointment in August
As we enter August, the disappointing trend of Toncoin (TON) prices from July seems set to continue. Investors are feeling the impact of the price drop, leading to a shift from optimism to pessimism regarding the future of TON.
Toncoin Investors: Bearish Sentiment Prevails
The recent decline in Toncoin price has once again left investors feeling hesitant, with many transitioning from optimism to pessimism. This shift is reflected in TON’s negative funding ratio, indicating that investors are predominantly holding short positions. The negative funding ratios suggest that traders are anticipating further market declines, which could have significant implications for those currently buying at lower prices.
Further insights can be gained from the market-to-price (MVRV) ratio, which assesses investors’ profits and losses. With Toncoin’s 30-day MVRV currently at -11%, it signals losses and mounting buying pressure. Historically, TON has shown a tendency to correct when the MVRV falls between -5% and -15%, often leading to a recovery phase and presenting accumulation opportunities.
TON Price Prediction: Support Levels Remain
At present, Toncoin is trading at $6.15, testing the crucial support level at $6.04. Should the negative factors continue to impact the Telegram Coin, further declines could be expected, possibly pushing TON below $6.04 to a three-month low of $5.49.
Despite the bearish outlook, if the support levels hold and Toncoin manages to rebound to $6.50, it could invalidate the pessimistic scenario and propel the price towards $7.00. It is essential for Telegram Coin enthusiasts to monitor signs of recovery before making any buying decisions.
Be the first %%POSTLINK%% in BeinCrypto Korea
