CandleFocus

Toncoin (TON) Struggles to Gain Traction: 17% Drop Ahead

Author: Content Editor
The price of Telegram-linked Toncoin (TON) has increased by 1% in the past week, but it has not seen significant demand from investors. The altcoin may face a double-digit decline if demand remains low. Toncoin's market value to realized value ratio suggests that the token has been undervalued recently, which historically signals a buying opportunity. However, large holders of Toncoin have been offloading their holdings, indicating a bearish sentiment and the potential for a price drop. Short-term holders of Toncoin have also reduced their holding time, further increasing the risk of a downturn. Toncoin is currently trading just below a resistance level, and failure to surpass it could lead to a 17% drop in price. On the other hand, if market sentiment improves and demand increases, Toncoin could break through the resistance and rally higher.

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