TON Price Flashes Multiple Sell Signals, Should You Sell?
Release: 2024/07/26 17:29 Reading: 391
Ton Price Faces Potential Sell Signal Amidst High MVRV
Ton's price has surged over 300% in the past three months, with minimal pullbacks. However, Santiment data suggests the price may be turning bearish, with the highest MVRV Z-Score among large-cap cryptocurrencies.
Over the past week, Ton dropped by 7.9% but has since recovered by 2.2%, currently trading at $6.75. This recent gain follows a broader market recovery, possibly influenced by Bitcoin's price increase.
MVRV Z-Score Predicts Correction for Large-Cap Cryptocurrencies
The Market Value to Realized Value (MVRV) ratio measures the profitability of a crypto asset. High MVRV values indicate potential selling pressure, while low values suggest undervaluation.
Santiment data reveals that Ton is among four large-cap crypto assets with the highest MVRV Z-Score in the past three and a half months.
Large Cap Crypto Assets With MVRV Z-Score Above 0
| Crypto Asset | MVRV Z-Score |
|---|---|
| Ton | 5.09 |
| Bitcoin | 2.2 |
| Ethereum | 0.95 |
| Dogecoin | 0.5 |
This suggests investors may consider selling Ton as it could be overvalued.
Ton Development Continues Amidst Sell Signals
Despite bearish on-chain metrics, Ton developers remain active. The recent launch of the W5 smart wallet allows gas-free transactions on the network.
Technical Analysis
Ton's price is trading below the 50-day but above the 20-day exponential moving average (EMA). Key support levels include $6.20, $5.53 (200 EMA), and $4.78. Resistance levels are at $7.12 (50 EMA) and $7.65.
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