Toncoin$TON is currently trading 10% lower than a week ago and 37% below its all-time high. As a result, about 75% of token holders are at a loss. Most bought TON at a price higher than the current one.
An analysis of the In/Out of Money Around Price (IOMAP) metric shows that Toncoin’s price won’t be able to rise significantly unless some holders give in. IOMAP provides insight into support and resistance using the volume of purchases in certain price ranges. The larger the volume, or cluster, the stronger the support or resistance. In the case of Toncoin, about 5.33 million holders own 610.55 million tokens purchased at the average price. This volume exceeds those who purchased TON at prices between $4.49 and $5.05. It is also significantly higher than the volume purchased by the 8,330 addresses that are currently in the breakeven zone. Therefore, the asset is unlikely to receive support from these addresses. Instead, it may face a significant obstacle when trying to take the $5.23 barrier. This is a strong supply wall.
There is also another factor preventing Toncoin from reaching $7. This is the metric of average dollar age of assets held (MDIA). The indicator tracks how long hodlers hold assets in their wallets. An increase in its values indicates a tendency towards long-term storage. A decrease, on the contrary, usually confirms the activity of long-term holders.
When this indicator increases, cryptocurrencies become less active, making it difficult for the price to rise. On the other hand, a decrease in MDIA indicates that tokens are starting to become active, thereby increasing the chances of an early rise. As can be seen below, the MDIA for TON has increased, suggesting that the stagnation of coins may be holding back the price growth. $5.23. $TAO $GRT
