Toncoin, associated with Telegram, has seen a modest 1% price increase in line with market trends, but lacks significant demand from both large investors and retail participants. Despite being undervalued, indicated by negative MVRV ratios, there has been no substantial accumulation by investors.
Key indicators of market sentiment, such as large holders' netflow, have significantly decreased, reflecting bearish sentiment as major holders sell off their assets. This trend suggests potential selling pressure and a subsequent price drop. Furthermore, short-term holders are reducing their holdings, compounding the risk of a downturn.
If Toncoin fails to surpass its resistance level, a 17% price decline to $4.44 is anticipated. Conversely, if demand increases, the coin could break past $5.35 and potentially reach $6.81.
Source : beincrypto.com ↗