CandleFocus Forget Toncoin (TON) $7 Target, This 610 Million Sell Wall Is the Real Barrier
2024-10-08
Author: Content Editor
This news article discusses the challenges faced by Toncoin (TON) in maintaining a prolonged rally and reaching the $7 mark. The article identifies a sell wall that is hindering the cryptocurrency's progress and explains that many TON holders are currently out of money due to accumulating the token at higher prices. The article also mentions the In/Out of Money Around Price (IOMAP) data, which suggests that TON's price is unlikely to move higher unless some of these holders give way. The Mean Dollar Invested Age (MDIA) is highlighted as another factor preventing TON's price from reaching $7, as it indicates the stagnancy of the tokens. The article concludes by stating that if TON falls below the $5.12 support, its value may sink further, but if it climbs above the EMAs, it may breach resistance levels and increase in value.
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