Why Toncoin (Ton) is not hitting a new all-time high.
Toncoin (Ton) price is among the few altcoins that seem to be highly active in the current market conditions.
The investors seem optimistic in nature and may support growth.
Toncoin holders are arrested
Toncoin's price is trying to break above its key resistance almost five times this month alone. This separation can be caused by investors showing signs of bullishness by choosing to hold their assets instead of making profits.
Evidence of this is found in the active deposit measure. An active deposit refers to a specific deposit made at an address on the exchange. An increase in this measure indicates that it is likely to be sold by investors, adding to the sentiment effect.
However, tonnage holders are reluctant to sell as active deposits hit two-month lows. This shows that you expect growth in the coming days.
This sentiment is further reinforced by the shift in supply from short-term to medium-term holders. The former are known to hold their supplies for less than a month, while the latter have their possessions for between a month and a year.
As a result, for short-term holders, dominance in supply is considered a sign of depression, as it is highly susceptible to selling. However, about 7% of the total distribution tonnage supply has now moved to medium-term holders.
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This increased their holdings to 50% of the tonnage supply, with 5.2 million tons valued at $33.8 million. Therefore, Toncoin's price may benefit from this change in mindset.
Ton Price Forecast: Awaiting Breakout
The last time Toncoin price hit the $6.5 barrier, it rose to $7. Although the ton could not close above it, this $6.5 proved to be a critical resistance and support for the altcoin.
Currently, the price of Toncoin is close to breaking this barrier, and if it receives support from investors, it can make it as a support floor.
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However, failure to break this resistance could send the price of Toncoin to $6.0. If this support is lost, the ton will see a drop to $5.4, which will devalue the bullish text.
Disclaimer
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