Toncoin (TON) Facing Potential Correction as Market Tops Near $6

Thursday, 9 May 2024, 10:00
Toncoin's recent surge in price has led to an overheated market with over 90% in profit, signaling a potential correction ahead. The cryptocurrency is close to hitting a market top, supported by the high MVRV ratio, indicating a danger zone. While a short rally might occur, the likelihood of a dip below $6 remains significant for Toncoin.
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Toncoin (TON) Facing Potential Correction as Market Tops Near $6

Toncoin (TON) Facing Potential Correction

Toncoin is approaching a market top as the price rally overheats, leading to potential corrections. Investors are on the lookout for signs of consolidation or reversal as the MVRV ratio signals danger.

Toncoin Supply Conditions

  • Over 90% of circulating TON is profitable
  • Short-term MVRV ratio at 5.2% indicates overvaluation
  • MVRV danger zone between 4% to 12%

Despite a possible short rally, TON is likely to retreat below $6 due to market dynamics.

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