TON, a popular asset, is currently experiencing strong selling pressure that could potentially lead to a decline in its price. Despite some gains in the past, recent price action suggests that TON may struggle to maintain its current levels. The asset is currently facing a key resistance level at $5.009, with heavy selling pressure expected in this area.
The In/Out of the Money Around Price (IOMAP) indicator also shows that there are significant sell orders at an average price of $4.93. This indicates that TON may face further downward pressure in the near future. If the selling pressure continues, the asset could potentially drop to the next support level at $4.035, a level not seen since March 2024.
Moreover, analysis from AMBCrypto suggests that TON has been under consistent selling pressure, leading to a decline in Open Interest. This lack of market participation could further contribute to TON’s bearish trend. Additionally, long traders have been facing increasing losses, with approximately $151,620 worth of long positions liquidated at press time.
Despite these challenges, there is some optimism from recent exchange outflow data. Large amounts of TON have been moved off exchanges, indicating that investors may be shifting towards long-term holding strategies. This confidence in the asset could potentially stabilize TON’s price in the short term.
In the last 24 hours, $3.35 million worth of TON has left exchanges, with a total of $17.38 million withdrawn over the past seven days. These outflows have helped support TON against the current downtrend. However, if the outflows slow down, TON may face further losses on the charts.
Overall, TON is currently at a critical juncture, with strong selling pressure and bearish sentiment weighing on its price. Investors should closely monitor key support and resistance levels to gauge the asset’s future performance. Additionally, keeping an eye on exchange outflow data could provide valuable insights into investor sentiment and potential price movements in the coming days.