Toncoin has entered a recovery phase after experiencing a significant drop in value around two weeks ago. The altcoin is showing an upward trend as it aims to return to its previous levels.
### Toncoin Price Shows Upward Trend
A look at the daily price chart reveals that Toncoin reached its highest point in nearly three weeks during the last trading session. On September 13, the cryptocurrency rose by 3.5% to $5.77, beginning to offset a previous decline of more than 30%. While it hasnât fully recovered to earlier levels, the recent upward movement is seen as a strong sign of recovery. The Relative Strength Index (RSI) crossing above the neutral line suggests growing buying pressure, indicating the potential for further price increases.
### Re-entering the Top 10 by Market Cap
According to CoinMarketCap data, Toncoinâs market capitalization saw a sharp decline along with its price drop. On August 24, its market cap was around $17 billion, but by September 5, it had fallen to $11.5 billion, pushing it out of the top 10 rankings. However, with the recent price recovery, the market cap has started to rise again. At the time of writing, Toncoinâs market cap has surpassed $14.5 billion, securing its place as the ninth-largest cryptocurrency. It has also seen more than 25% growth in value over the past seven days, making it one of the top performers.
### Investors Begin to Generate Profits
Toncoinâs 30-day Market Value to Realized Value (MVRV) ratio turned positive with the price rise. During the price decline, the MVRV ratio dropped to -18%, meaning investors were facing an average loss of 18%. Thanks to the recent price surge, the MVRV ratio has returned to positive territory, sitting at about 6.2% at the time of writing. This indicates that investors are now seeing an average profit of 6.2%, pointing to a positive market trend.
The recent gains in Toncoinâs price and market capitalization offer a promising outlook for investors. The positive momentum in technical indicators and increased buying pressure suggest a favorable short-term performance for the cryptocurrency.
