Toncoin Price Prediction: The TON Networks Comes To A Standstill As This Layer-2 PEPE Races Towards $11 Million
Release: 2024/08/28 15:49 Reading: 332
Toncoin Price Dips Amid Network Issue
Toncoin has experienced a 1.7% decline in the past 24 hours, trading at $5.319 as of 03:34 a.m. EST. Trading volume has also dropped by 26% to $928 million.
This follows a temporary halt in block production on The Open Network (TON) protocol on Wednesday morning. The issue, potentially caused by a surge in transactions due to an airdrop, raised concerns about network stability and security.
Technical Analysis Signals Bearish Trend
Technical analysis by GeckoTerminal suggests a downtrend in Toncoin's price over the past four days, with the asset trading within a falling channel pattern.
The token remains below both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the bearish trend. The Relative Strength Index (RSI) is also within the oversold level of 30.
Possible Rebound in Sight
Despite the bearish trend, the undervaluation of Toncoin could signal a buying opportunity. Bulls are targeting a rebound towards $6.7, supported by the bullish Moving Average Convergence Divergence (MACD) indicator.
Investors Turn to Pepe Unchained
Amidst the Toncoin price dip, investors are turning their attention to the presale of Pepe Unchained (PEPU). The new meme coin has raised over $10.9 million and is approaching the $11 million mark.
PEPU, built on a Layer 2 chain atop Ethereum, aims to overcome the limitations of Ethereum's network, offering faster transaction speeds and lower fees. It also offers staking with an APY of 184%.
Additional Notes
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