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Toncoin (TON) has entered a recovery phase following a significant loss in value about two weeks ago. The altcoin is actively exhibiting an upward trend in an effort to return to its historical levels.
Toncoin Price Shows Upward Trend
Analyzing the daily price chart reveals that Toncoin reached its highest level in nearly three weeks during the last trading session. On September 13, the cryptocurrency rose by 3.5% to $5.77, starting to mitigate the effects of a previous decline of over 30%.
Although it has not fully returned to its previous levels, the recent upward trend is viewed as a strong indicator of recovery. The Relative Strength Index (RSI) crossing above the neutral line suggests increasing buying pressure, indicating potential further price increases.
Re-entering the Top 10 by Market Cap
According to CoinMarketCap data, Toncoin’s market capitalization significantly declined alongside the price drop. On August 24, its market cap was approximately $17 billion, but by September 5, it fell to $11.5 billion, causing it to drop out of the top 10 rankings.
However, with the recent price recovery, the market cap has begun to rise again. At the time of writing, Toncoin’s market cap exceeded $14.5 billion, securing its position as the ninth largest cryptocurrency. Additionally, it has seen over 25% value growth in the past seven days, ranking among the top gainers.
Investors Start to Generate Profits
Toncoin’s 30-day Market Value to Realized Value (MVRV) ratio moved positively with the price increase. During the price decline, the MVRV dropped to -18%, indicating that investors were experiencing an average loss of 18%.
Thanks to the recent price surge, the MVRV ratio returned to positive territory, sitting around 6.2% at the time of writing. This suggests that investors are now gaining an average profit of 6.2%, signaling a positive trend in the market.
The recent increases in Toncoin’s price and market capitalization present an encouraging picture for investors. The positive trajectory of technical indicators and increased buying pressure promise a hopeful outlook for the cryptocurrency’s near-term performance.
