Toncoin Price Analysis for August 2024
Toncoin (TON) prices have been disappointing throughout July, and this trend looks set to continue in August.
Investors have shifted from optimism to pessimism due to the price drop, signaling potential trouble for TON.
Toncoin Investors Sentiment
It is evident that the decline in Toncoin price has led investors to turn from optimism to pessimism. The negative funding ratio for TON indicates that investors are mostly holding short positions, anticipating further declines in asset values.
Traders’ negative funding ratios reflect their pessimistic outlook, which could be challenging for investors buying at current low prices.
Discover More: The 6 Best Toncoin (TON) Wallets of 2024
The market-to-price (MVRV) ratio presents buying opportunities, with TON’s 30-day MVRV currently at -11%, indicating losses and buying pressure.
Historically, TON tends to correct when the MVRV ranges between -5% and -15%, often signaling the start of recovery and opportunities for accumulation.
However, current market conditions signal weaknesses just days before the potential recovery. Telegram Coin enthusiasts should watch for signs of recovery before making any buying decisions.
TON Price Prediction and Support Levels
Currently, Toncoin is trading at $6.15, testing a crucial support level at $6.04. If the negative factors impact TON significantly, further declines are expected.
This could potentially push TON below $6.04, reaching a three-month low with a potential decline towards $5.49.
Explore more: What is Telegram Bot Coin?
However, if the support holds, Toncoin’s price is likely to rebound, potentially reaching $6.50 and even invalidating the bearish scenario to push towards $7.00.