3 TON Charts Signaling a Major Toncoin Price Rally This November

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and corrections. The current situation in the cryptocurrency market, particularly the potential bull run following the U.S. presidential election, has piqued my interest, especially when it comes to high-performing assets like TON.

Preparations are underway in the cryptocurrency sector for a significant surge, or bull run, driven by optimistic expectations surrounding the outcome of the U.S. presidential election. This favorable situation might boost strong-performing coins like TON to reinforce the market recovery. Below you’ll find three charts indicating a potential extended upward trend in Toncoin prices, hinting at a prolonged uptrend.

At the end of reporting period, TON’s price stood at $4.7, representing a 3.3% decline in value compared to earlier in the day. As per CoinGecko data, the total market capitalization of Toncoin is currently $11.9 Billion, while its 24-hour trading volume amounts to approximately $234.4 Million.

3 Key Charts Indicating a Major Toncoin Price Rally This November

Despite the recent market adjustments, TON has demonstrated robustness and investor trust. In this discussion, we delve into three essential graphs suggesting a possible significant surge in Toncoin’s price by November.

Whale Accumulation and Exchange Outflows Signal Potential Toncoin Price Rally

Over the past three months, I’ve noticed that a significant portion of TON supply is now being held by a few large addresses, rising from 23.7% to 27.5%. This trend, based on Santiment data, usually indicates growing confidence among key investors in the asset’s long-term potential. In the past, such ‘whale’ accumulation has been followed by price bottom formation and a signal for a prolonged uptrend.

Additionally, over the past two months, the amount of TON held on exchanges has plummeted from 2.54 million to 1.68 million. This significant decrease in supply is typically a precursor to an increase in value, as less exchange availability can lead to increased price pressure when demand increases.

3 TON Charts Signaling a Major Toncoin Price Rally This November

Plunge in MVRV Ratio Hints at Potential TON Market Rebound

In light of the recent market downturn, the 30-day Market Value to Realized Value (MVRV) ratio has dropped significantly to -6.6%. This MVRV ratio serves as a tool for assessing an asset’s value by comparing its market capitalization to its realized capitalization. Essentially, it helps determine if the asset is potentially overpriced or underpriced in the current market conditions.

Typically, when a value is less than zero, it suggests that quick traders are experiencing losses and might choose to leave the market if the downturn continues. This departure can entice long-term investors who see this as an opportunity to buy and may help initiate a market rebound.

3 TON Charts Signaling a Major Toncoin Price Rally This November

TON Price Analysis Signals Breakout from 4-Month Correction

Over the past four months, the Toncoin price has witnessed a steady correction from $8.17 to $4.7, registering a loss of 42%. The daily chart displays this correction with a downsloping trendline offering dynamic resistance to TON. 

Looking ahead towards the U.S. presidential election, the crypto market is showing signs of a possible bullish trend. The direction of Toncoin, however, has momentarily halted its downward trend and moved sideways instead. If buying pressure continues, there could be an 8.5% jump, aiming to break through the current resistance. A successful breakout could ignite further bullish energy, potentially propelling the asset up by 74%, reaching a price of $8.2.

3 TON Charts Signaling a Major Toncoin Price Rally This November

If the sellers manage to uphold the trendline’s upward trajectory, this correction might continue into November.

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2024-11-03 20:29