Toncoin (TON) has undergone a 12% decrease in value within the past six days, dropping below a significant threshold and failing to surpass it.
The price is expected to stay below $7 in the upcoming days due to a decrease in the number of holders who are making profits, which is no longer at its earlier height.
The In/Out of Money Around Price (IOMAP) indicates a substantial barrier to selling, as the data clearly demonstrates a significant sell-wall. The IOMAP group focuses on holding a cryptocurrency asset depending on their unrealized gains or losses.
If a significant proportion of addresses are experiencing unrealized losses, the price range will function as a barrier, impeding further upward movement. Conversely, if a larger number of addresses are in profit, it will serve as a level of support for the cryptocurrency in question.
Currently, 2,290 addresses are holding Toncoin and are experiencing unrealized losses. These addresses purchased a total of 1.15 million tokens at an average price of $7.05.
In comparison, 1,510 addresses bought 636,690 TON tokens at an average price of $6.61.
Recently, the TON Core team, in collaboration with non-custodial wallet Tonkeeper, launched the W5 smart wallet standard, allowing gasless transactions on the TON blockchain.
