{"id":569856,"date":"2024-08-28T07:48:08","date_gmt":"2024-08-28T07:48:08","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=569856"},"modified":"2024-08-28T09:22:53","modified_gmt":"2024-08-28T09:22:53","slug":"toncoin-price-prediction-the-ton-networks-comes-to-a-standstill-as-this-layer-2-pepe-races-towards-11-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/toncoin-price-prediction-the-ton-networks-comes-to-a-standstill-as-this-layer-2-pepe-races-towards-11-million","title":{"rendered":"Toncoin Price Prediction: The TON Network Comes To A Standstill As This Layer-2 PEPE Races Towards $11 Million"},"content":{"rendered":"

The Toncoin price dropped over 1% in the last 24 hours <\/span>to trade at $5.319<\/span><\/a> as of 03:34 a.m. EST on trading volume that plunged 26% to $928 million.<\/span><\/p>\n

This comes as The Open Network (TON<\/a>) 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.<\/span><\/p>\n

A recent airdrop of the <\/span>DOGS<\/span><\/a> 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.<\/span><\/p>\n

Toncoin Price Bearish, Bulls Aim For A Rebound<\/h2>\n

According to data from <\/span>GeckoTerminal<\/span><\/a>, the Toncoin price has been on a downtrend in the last four days, as TON traded within a falling channel pattern.<\/span><\/p>\n

TON still trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, affirming the current bearish trend.<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) trades within the 30-oversold level, showing that the asset is undervalued.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

\"Toncoin
Toncoin Price Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

If bears take control of the price at this level, TON<\/a> could plunge further back to the $5.0 support.<\/span><\/p>\n

Meanwhile, as the Toncoin price aims for a rebound, investors are rushing to buy the new PEPE alternative <\/span>Pepe Unchained (PEPU)<\/span><\/a>, as it garners over $10.9 million in its ongoing presale and closes in on the $11 million mark.<\/span><\/p>\n

99Bitcoins, a prominent crypto channel on YouTube, has reviewed the token and says PEPU is one of the best cryptos to buy now. It adds that it could potentially soar to 100X after its launch.<\/span><\/p>\n