Toncoin (TON) struggled to establish a new all-time high despite its efforts to surpass the critical resistance level of $7.0.
The probable cause behind this setback is the diminishing optimism among investors, reflected in their behavior.
Toncoin Owners Refrain
The consequence of investors' decreasing bullishness is being felt in the price of tonnecoin. This is due to the lack of confidence among TON holders, as evidenced by the decline in the Mean Coin Age.
A blockchain measure called Mean Coin Age determines the average age of all currencies by taking into account how long each coin has been at its present address. Long-term holders' behavior and the general stability of the network are both evaluated.
This indicator's downtick suggests that supply is shifting among the addresses, while the increase indicates that investors are hanging onto their holdings. Although TON has seen a decline since February, the price of Toncoin has continued to rise due to larger market signals.
As the signals fade, the waning conviction may start to influence price movements.
Yet, it's not solely the current investors exhibiting pessimism; prospective TON holders aren't particularly bullish either. This sentiment is evident in the network's growth rate, which has dropped to a two-and-a-half-month low.
Network growth, gauged by the rate of new addresses emerging on the network and their activity, serves as an indicator of whether the asset is gaining or losing momentum in the market.
May 2024, Cryptoniteuae