Toncoin (TON) is currently facing a significant barrier in its price journey, primarily due to a large sell wall of 610 million tokens. Despite attempts to retest the $7 mark, the cryptocurrency has repeatedly experienced pullbacks since late July, raising concerns among investors.
As of now, Toncoin is trading at $5.20, marking a 10% decline over the past week. This price reflects a 37% decrease from its all-time high, leaving approximately 75% of its holders in a losing position.
The In/Out of Money Around Price (IOMAP) analysis indicates that Toncoin's price may struggle to rise significantly until some holders sell their assets. Approximately 5.33 million addresses hold 610.55 million TON tokens, purchased at an average price of $5.23.
This volume creates a substantial resistance level for Toncoin, particularly around the $5.23 mark. Furthermore, the Mean Dollar Invested Age (MDIA) suggests that as this metric rises, it becomes harder for prices to increase.
Currently, Toncoin is trading below two critical moving averages: the 20-day and 50-day Exponential Moving Averages (EMAs). If bears succeed in pushing the price below the $5.12 support level, a further decline to $4.89 could occur, complicating any efforts to reach the $7 target.
Conversely, if Toncoin manages to rise above the EMAs, it may breach the $5.67 resistance and aim for $6.18.
