Toncoin Price Prediction: The TON Network Comes To A Standstill As This Layer-2 PEPE Races Towards $11 Million
The Toncoin price dropped over 1% in the last 24 hours to trade at $5.319 as of 03:34 a.m. EST on trading volume that plunged 26% to $928 million.
This comes as The Open Network ( TON ) protocol failed to produce a block on Wednesday morning. This is a concern, as a blockchain not producing blocks for an extended period may disrupt network stability, leading to security risks and transaction delays.
A recent airdrop of the DOGS meme coin might have been the cause of the standstill, as it caused a surge in transactions. The network struggled to catch up to meet the increased demand.
Toncoin Price Bearish, Bulls Aim For A Rebound
According to data from GeckoTerminal , the Toncoin price has been on a downtrend in the last four days, as TON traded within a falling channel pattern.
TON still trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, affirming the current bearish trend.
Moreover, the Relative Strength Index (RSI) trades within the 30-oversold level, showing that the asset is undervalued.
With the token being undervalued, investors may take this as a buying signal, which could propel the price of Toncoin to the upside, as bulls target $6.7.
The Moving Average Convergence Divergence (MACD) supports the bullish trend, as the blue MACD line crossed above the orange signal line to form a bullish crossover.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New York man to pay $36 million for forex and crypto fraud
Cryptocurrency Statement from Visa: “The Future Will Be Different”
Visa's cryptocurrency manager, Cuy Sheffield, spoke about the future of the industry in his statement. Here are the details.
Will Altcoin Season Begin? Analytics Company Gives Its Opinion
Is there a possibility of a rally on the altcoin side after the FED makes a big interest rate cut? The analysis company shared.
Michael Saylor’s Bitcoin Claim Dropped Like a Bomb: “According to Credible Rumors…”
MicroStrategy board chairman Michael Saylor touched on a Bitcoin claim in his statement.