Toncoin Shows Signs of Being Overvalued on Charts
Toncoin [TON], the 10th-ranked cryptocurrency by market cap, has been showing signs of being overvalued as per charts. The token experienced a decline of nearly 14% from its high in late September at $6.13. Additionally, the daily timeframe market structure for Toncoin was bearish as well. According to IntoTheBlock, TON’s correlation with Bitcoin [BTC] over the past month was +0.26, while BTC rallied by 10.5%.
Despite this underperformance, there were some bullish signs for Toncoin as well. In the last 24 hours, 5.11 million TON tokens were transferred out of exchanges – a bullish indication that suggested accumulation had occurred. However, over the past month, netflows saw a figure of -1.73 million TON tokens being transferred out of exchanges. This means that while recent weeks have shown evidence of accumulation in Toncoin, there have also been periods where selling pressure and token inflows were spotted earlier this week too.
