Toncoin (TON) Price Prediction July 27: TON Price Flashes Multiple Sell Signals, Is It Time to Sell or HODL Some More?
Toncoin (TON) has been doing well, with its value going up by more than 300% in the last three months. However, some recent signs in the market suggest that TON holders might need to be careful. Let’s examine why these signs are showing up and whether it’s time to sell your TON or keep holding on.
Market Value to Realized Value (MVRV) Z-Score
The MVRV ratio is a crucial on-chain metric that helps assess the profitability of a crypto asset. When the MVRV value is high, it indicates significant unrealized profit in the market, which can lead to increased selling pressure. Conversely, a low MVRV suggests the opposite.
Data from Santiment shows that TON is one of four big cryptocurrencies with the highest MVRV Z-Score in the last three and a half months. In fact, TON’s MVRV Z-Score is at 5.09, followed by Bitcoin (2.2), Ethereum (0.95), and Dogecoin (0.5). This high score could mean that TON is overpriced, which might make people want to sell and take their profits.
Large Cap Cryptocurrencies With Above 0 MVRV Z-Score, Source: Santiment
TON Price Shows Stability
Despite the sell signals on on-chain metrics, TON’s market cap currently sits at $17.09 billion, a surge from $5 billion in a little over three months, and even TON developers continue to make progress. An exciting addition is the TON Core team and Tonkeeper joining forces to create the W5 smart wallet. This innovative wallet lets users transact on the network without paying fees, making it a much smoother and more enjoyable experience.
TON Price Chart, Source: Tradingview
TON’s price went down by 7.9% last week but went back up by 3.38% in the last 24 hours. It’s now trading at $6.79, according to CMC data. This increase is part of a bigger recovery in the market, which was probably helped by Bitcoin’s price going up after the Bitcoin Conference 2024 started in Nashville, TN.
Toncoin (TON) Price Chart, Source: CoinMarketCap
Looking at the price levels, TON reached its highest price of $8.28 on June 14 before going down again. Important support levels for TON/USD include immediate support at $6.20, a 200-day exponential moving average (EMA) of $5.53, with secondary support at $4.78. In terms of moving average, TON is currently below the 50-day EMA but above the 20-day EMA. This suggests a mixed outlook, with potential resistance around $7.12 (50-day EMA) and $7.65. The Relative Strength Index (RSI) is below the midpoint at 39.99 and going down. This suggests that TON might keep going down and could become oversold. Also, the Chaikin Money Flow (CMF) recently went below zero, which means money is leaving, and there’s more pressure to sell.
As of July 27, the price of TON is predicted to be $6.6595, with a maximum of $7.1257 and a minimum of $6.1933. This prediction aligns with the current bearish signals.
While TON’s recent gains have been impressive, the high MVRV Z-Score warrants caution.
The post Toncoin (TON) Price Prediction July 27: TON Price Flashes Multiple Sell Signals, Is It Time to Sell or HODL Some More? appeared first on Coinfomania.
