Analysis
August 22, 2024 7:33 PM
Toncoin (TON) saw a brief rise above $7 on August 14, but the price has since fallen to $6.76, exposing the altcoin to potential decline. Metrics such as Mean Dollar Invested Age (MDIA) and Coins Holding Time indicate a surge in weak hands, suggesting increased transaction activity and a lack of long-term holding conviction.
The recent price decrease aligns with predictions of an unsustainable rally. Historical data shows that TON's current trading zone around $6.75 has previously triggered significant declines. If demand doesn't increase, the price could fall to $6.19. However, increased demand might push the price to resistance at $7.26.
Disclaimer: Backdoor provides informational content only, it is not offered or intended to be used as legal, tax, investment, financial, or other advice. Investments in digital assets involve risk, and past performance does not guarantee future results. We recommend conducting your own research before making any investment decisions.