Toncoin (TON) has entered a recovery phase after experiencing a significant loss in value around two weeks ago. The altcoin is in an active uptrend as it attempts to return to its historical levels.
Toncoin Price Uptrend
When the daily price chart is examined, it is seen that Toncoin reached its highest level in nearly three weeks in the last trading session. The cryptocurrency, which rose by 3.5% to $5.77 on September 13, has begun to reduce the effects of the more than 30% decline it experienced in the previous period.
Although it has not yet fully reached its previous levels, the recent uptrend is considered a sign of a strong recovery. The Relative Strength Index (RSI) breaking above the neutral line indicates that buying pressure is increasing and the price could move higher.
Re-entering the Top 10 in Market Value
According to CoinMarketCap data, Toncoin’s market cap has significantly decreased with the price drop. Its market cap, which was around $17 billion on August 24, has fallen to $11.5 billion as of September 5, knocking the cryptocurrency out of the top 10 rankings.
However, with the recent price recovery, its market cap has also started to rise again. At the time of writing, Toncoin’s market cap has risen above $14.5 billion, ranking it ninth among the largest cryptocurrencies. It has also been among the top rising assets, gaining over 25% in the past seven days.
Investors Start Making Profit
Toncoin’s 30-day Market Cap to Realized Value (MVRV) ratio has moved positively along with the price increase. During the price drop, MVRV fell to -18%, indicating that investors lost an average of 18%.
Thanks to the recent price rally, the MVRV ratio has moved back into positive territory and is around 6.2% at the time of writing. This indicates that investors are making an average profit of 6.2% and the market is moving in a positive direction.
Toncoin’s recent price and market value increase presents a positive picture for investors. The positive course of technical indicators and the increase in buying pressure are promising for the cryptocurrency’s performance in the near future.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
