{"id":27848,"date":"2024-08-28T03:00:08","date_gmt":"2024-08-28T00:00:08","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=27848"},"modified":"2024-08-28T02:05:42","modified_gmt":"2024-08-27T23:05:42","slug":"continued-selling-pressure-on-toncoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/continued-selling-pressure-on-toncoin\/","title":{"rendered":"Continued Selling Pressure on Toncoin"},"content":{"rendered":"<p>The value of Toncoin has been under pressure since the arrest of Telegram CEO Pavel Durov on August 24th, leading to a significant decline. Currently trading at $5.38, TON has experienced a 9% drop in its price. Despite ongoing sales and profit-taking, a crucial on-chain indicator has hinted at a potential recovery, signaling that it might be a strategic time to buy. Analyzing the MVRV ratios across various moving averages suggests that <a href=\"https:\/\/coinengineer.net\/blog\/whats-next-for-toncoin-ton-after-telegram-founders-arrest\/\">Toncoin<\/a> (TON) could present a buying opportunity.<\/p>\n<p><strong>What\u2019s Happening with Toncoin?<\/strong><\/p>\n<p>According to data from Santiment, Toncoin\u2019s 7-day and 30-day MVRV ratios stand at -5.71% and -9.10%, respectively. The MVRV metric compares an asset&#8217;s current market price to the average price of its circulating tokens. A negative MVRV ratio indicates that the asset is undervalued, meaning it is trading below the average acquisition cost of the tokens in circulation.<\/p>\n<p>Historically, a negative MVRV ratio has been seen as a buying opportunity, allowing market participants to purchase assets at a lower price with the expectation of selling them later at a higher value. Additionally, TON\u2019s futures market has shown resilience despite recent challenges.<\/p>\n<p>The rising open interest in futures contracts and the positive funding rates across exchanges reflect a steady confidence among investors. Since Durov\u2019s arrest, TON\u2019s futures open interest has surged by 46%, reaching $345 million. Open interest measures the number of ongoing contracts, and an increase suggests growing participation from investors opening new positions.<\/p>\n<p>However, spot investors in TON have become increasingly bearish since Durov&#8217;s arrest. The token\u2019s technical indicators highlight an increase in selling pressure, overshadowing buying activity. For instance, TON\u2019s Directional Movement Index (DMI) shows the positive directional indicator (+DI) below the negative directional indicator (-DI), pointing to a strong downtrend and intensified selling pressure.<\/p>\n<p>Moreover, the token\u2019s Relative Strength Index (RSI) emphasizes the downward momentum. Since Durov\u2019s detention, TON\u2019s RSI has fallen from a neutral 50 to 36.98, approaching the oversold territory, which indicates increased selling activity. If this selling pressure persists, TON\u2019s value could drop further to $4.73. On the other hand, a bullish reversal might push the price up to $5.47.<\/p>\n<p><em>Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The value of Toncoin has been under pressure since the arrest of Telegram CEO Pavel Durov on August 24th, leading to a significant decline. Currently trading at $5.38, TON has experienced a 9% drop in its price. Despite ongoing sales and profit-taking, a crucial on-chain indicator has hinted at a potential recovery, signaling that it<\/p>\n","protected":false},"author":1,"featured_media":15322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[5685,397,398],"class_list":["post-27848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-mvrv","tag-ton","tag-toncoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Continued Selling Pressure on Toncoin - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/continued-selling-pressure-on-toncoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Continued Selling Pressure on Toncoin - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The value of Toncoin has been under pressure since the arrest of Telegram CEO Pavel Durov on August 24th, leading to a significant decline. Currently trading at $5.38, TON has experienced a 9% drop in its price. 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