What’s Stopping Toncoin (TON) from Reaching a New All-Time High
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What’s Stopping Toncoin (TON) from Reaching a New All-Time High
In Brief
Toncoin’s price is close to breaching the critical resistance of $6.50, which could support a rise.
The overall deposits on the exchanges at the hands of FET holders have hit a two-month low.
Selling is out of the way because the supply held by short-term holders has dropped considerably this week.
Toncoin’s (TON) price is among the few altcoins that seem to be making a bullish move in the current market conditions.
The investors seem optimistic in their behavior and could support an uptrend.
Toncoin Holders Will Likely Hold
Toncoin’s price is attempting a breakout above the key resistance, which it has failed nearly five times in this month alone. This breakout is possible because investors are showing bullish signs by opting to hold on to their assets rather than take profits.
Evidence of this can be seen in the active deposits metric. Active deposits refer to the unique deposits made by an address on the exchange. A spike in this metric signals potential selling by investors, which fuels a bearish outcome.
However, TON holders are not keen on selling as the active deposits have hit a two-month low. This shows that they are expecting growth in the coming days.