TON Price Prediction: 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.

The cryptocurrency market is showing signs of optimism ahead of the U.S. presidential election result, with the possibility of a bull run. This scenario could be favorable for top-performing assets like TON, which is currently displaying bullishチャート on the price front.

At press time, TON price trades at $4.7, showing an intraday loss of 3.3%. The Toncoin’s market cap stands at $11.9 Billion, with a 24-hour trading volume of $234.4 Million, as per CoinGecko Data.

3 Key Charts Indicating a Major Toncoin Price Rally This November

Despite the recent market corrections, TON has showcased resilience and investor confidence. Here, we explore three crucial charts that indicate a potential major rally for Toncoin price in November.

Whale Accumulation, 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 usually indicates increased confidence among major investors in the asset’s long-term potential. Historically, whale accumulation has led to price bottom formation and a precursor for a sustained uptrend.

Furthermore, 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 an 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.

The above is the detailed content of TON Price Prediction: 3 Key Charts Indicating a Major Toncoin Price Rally This November. For more information, please follow other related articles on the PHP Chinese website!