The cryptocurrency market is gearing up for a massive bull run amid positive anticipation of the U.S. presidential election result. The bullish scenario could be suitable for high-performing assets like TON to replenish the recovery momentum. Here are three bullish charts hinting at a prolonged uptrend for the Toncoin price.
By the press time, TON price traders at $4.7 with an intraday loss of 3.3%. According to CoinGecko Data, the ToncoToncoin’set cap is $11.9 Billion, while the 24-hour trading volume is $234.4 Million.
3 Key Charts Indicating a Major Toncoin Price Rally This November
TON has shown signs of resilience and investor confidence despite recent market corrections. Below, we explore three critical charts that indicate a potential major rally for Toncoin price in November.
Whale Accumulation and Exchange Outflows Signal Potential Toncoin Price Rally
According to Santiment data, the percentage of TON supply held by top addresses has surged steadily from 23.7% to 27.5% in the last three months. This trend often suggests increased confidence among major investors in the assetasset’s-term potential. Historically, whale accumulation has led to price bottom formation and a precursor for a sustained uptrend.
Moreover, the TON supply on exchange has dropped drastically from 2.54 Million to 1.68 Million in the last two months. Such a supply shift often precedes a rally, as reduced exchange availability can create upward pressure on the price when demand rises.
Plunge in MVRV Ratio Hints at Potential TON Market Rebound
Amid the recent market correction, the 30-day Market Value to Realized Value (MVRV) ratio has plunged to -6.6%. The MVRV ratio is a metric that compares an asset’s capitalization to its realized capitalization, offering insights into whether the asset is overvalued or undervalued.
Generally, a negative value indicates that short-term buyers are at a loss and could capitulate if the correction is prolonged. Such exit for speculative traders often attracts long-term buyers in the market and drives a market recovery.
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.
As the crypto market anticipates a bullish outlook around the upcoming U.S. presidential election, the Toncoin price shifted its bearish trajectory sideways. With sustained buying, the crypto buyers could drive an 8.5% surge to challenge the dynamic resistance. A potential breakout from this resistance could accelerate the bullish momentum and push the asset 74% to $8.2.
On the contrary, if sellers defend the overhead trendline, the current correction could be extended for November.
Frequently Asked Questions (FAQs)
The anticipation of a market-wide bull run surrounding the U.S. presidential election has fueled positive sentiment for high-performing assets like Toncoin
This decline implies reduced sell-side liquidity and can lead to upward price pressure when demand rises, often signaling the potential for a price rally
The charts highlight key bullish signals, including whale accumulation, reduced exchange supply, and technical resistance nearing a breakout, all pointing toward a potential rally for Toncoin this month.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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