The price of Token Token (TON) has been experiencing volatility in recent days although it remains in an overall uptrend. The reason behind this volatility is the likelihood of sell-offs by investors, which could erase recent gains.
According to data from beIN Crypto, the Global In/Out of the Money index shows that investors bought about 793 million units of Toncoin in the price range between $6.12 and $6.77, equivalent to a total value of more than $5.2 billion. With Tonkcoin’s current price of $6.59, these units are exposed to potential losses.
At the same time, rising active deposits suggest that Tonkin investors may prepare to sell, as large asset movements from investors’ portfolios to trading platforms typically increase the likelihood of selling pressure.
Although Tonkcoin’s price has fallen 6.5% in the past three days to $6.59, it is still in a position to continue the uptrend. If Tonkin manages to break through the vital resistance level at $7, it could pave the way for a further recovery, with the possibility of reaching the $7.53 level and heading towards a historic high of $8.28.
However, a possible drop below the support level at $6.43 could cause Toncoin’s price to fall to $6.04, which could void the bullish scenario and postpone investor earnings.
Read also:Despite the 9% decline. Analysts expect a close start for this digital currency
TON’s rate is currently rising 3.39% at $6.6822.
Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of any asset, nor is it considered a solicitation, offer, recommendation or proposal for investment. We would like to remind you that each asset is evaluated from multiple perspectives and its risks are high, so any investment decision and the risks associated with it belong to the investor. also We do not provide any investment advisory services.
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