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The Toncoin price pumped more than 6% in the last 24 hours to trade at $5.25 as of 11:38 p.m. EST as investors rush to buy the altcoin.
With this recent gain, the TON price was able to push its weekly performance back into the green. However, the crypto is still down 21% on the monthly time frame.
The Toncoin Price Breaks A Major Resistance
4-hour chart for TON/USDT (Source: TradingView)
The Toncoin price was able to break above the major resistance level at $4.996 in the last 24 hours and is now looking to overcome the next barrier at $5.417 as well. Should TON flip the $5.417 resistance into support within the next 12 hours, the altcoin could have the technical foundation needed to rise to as high as $6.042 in the short term.
On the other hand, the Toncoin price getting rejected by the $5.417 price point might invalidate the bullish thesis. Traders could begin to enter into a short position in the altcoin in this alternative scenario. With the potential sell pressure, TON might be exposed to the risk of retesting the aforementioned $4.996 level.
If sellers continue to exert pressure on the Toncoin price should it fall to $4.996, then the crypto might plunge to the subsequent mark at $4.543. An extremely bearish case could see TON fall to $3.997 in the next 48 hours.
Bulls Seem To Be Losing Their Grip On The Toncoin Price
From a technical perspective, indicators on TON’s 4-hour chart suggest the crypto’s bullish momentum is starting to cool down. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing signs of diminishing buyer strength.
In the last couple of hours, the gradient of the MACD Histogram has started to level off. Although the MACD line is still bullishly positioned above the MACD Signal line, the flattening Histogram values warns that TON’s positive trend might be nearing its end.
Meanwhile, the RSI shows that TON is currently overbought. Traders generally see this technical flag as a sell signal because it suggests that a crypto’s downside potential is greater than its upside potential. With the RSI collapsing towards its Simple Moving Average (SMA) line on the 4-hour chart, it seems some traders have started to decrease their exposure to TON.
While bulls start to shift their attention away from TON, there’s no sign they’ll stop pouring capital into the ICO for layer-2 meme coin Pepe Unchained (PEPU).
Scaling The Meme Coin Ecosystem
Pepe Unchained (PEPU) aims to empower the popular PEPE meme coin using a native layer-2 blockchain network. The project will transfer all of PEPE’s transactional workload to this new network.
Not only will this free up computing power on the congested Ethereum network, it will also unlock 100 times greater transaction speeds and much lower fees for PEPE lovers.
Beyond its mission to empower PEPE, Pepe Unchained will also serve as a dedicated meme coin sidechain. This will introduce some much needed scalability to the light-hearted sector of the crypto space, which has already brought both TON and Solana to a temporary standstill this year due to surging investor interest in meme coins on these blockchains.
Investors will, however, still be able to seamlessly bridge their assets across the Ethereum and Pepe Unchained networks. As such, investors get the dual benefit of Ethereum’s robust security framework and the enhanced transactional experience enabled through Pepe Unchained’s layer-2 technology.
Pepe Unchained’s layer-2 technology and appeal to meme coin investors has excited several crypto analysts and experts, including popular YouTuber ClayBro. In a video to his 130,000 subscribers, he said that Pepe Unchained has the potential to lead the meme coin space.
Investors Bet Big On PEPU’s Future
Pepe Unchained has raised over $12.5 million through its blockbuster ICO so far, signaling strong investor confidence in the project’s future. This frenzy around the new meme coin project is likely to carry on given the 162% APY on offer to presale buyers who stake PEPU at this early stage.
We’ve hit $12.5M!
Pepe Unchained is blazing through milestones 💪🐸 pic.twitter.com/Vtq7R02w0R
— Pepe Unchained (@pepe_unchained) September 9, 2024
To gain access to the high staking rewards, investors will first need to purchase the token via the simple buy widget embedded on the project’s website. Selling for $0.0096126, PEPU can be bought using either ETH, USDT BNB or a bank card.
Buyers who want to lock in the best deal will want to hurry because PEPU’s price is scheduled to increase in a little more than a day.
Purchase PEPU tokens on the official website here.
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