Bitcoin plummeted, can Toncoin remain unscathed?
Toncoin had previously risen sharply, along with other cryptocurrencies. At that time, there was a Hamster Kombat token giveaway event on September 26, which immediately heated up network transactions. In the first hour after the airdrop, the number of transactions exceeded one million. Although the market fell overall, this event still added fuel to Toncoin's valuation.
However, it didn't take long for Toncoin to fall. Now it seems that the downward trend is quite obvious. Bitcoin has fallen below $61,000, and Ethereum, Solana, and XRP have also fluctuated sharply. The price of this cryptocurrency market is really unpredictable, and investors are both excited and afraid.
Speaking of Toncoin, today's price is really scary. When I wrote this article, the price of TON was $5.39, a drop of 7.55% in 24 hours. It rose to a high of $5.84 in the morning, but then fell to a low of $5.25. This price fluctuation is more exciting than a roller coaster.
Layer 1 tokens are also falling significantly now, and it feels like the market is going down. Everyone's emotions are not very high, which may make the downward trend more serious. Some analysts say that if this trend continues, Toncoin may find a support point near $4.
Looking at Toncoin's daily technical indicators, the situation in the crypto market is really subtle. The MACD indicator shows that although it is a bit bullish, the bars are still in the negative area, so you still have to be careful. The RSI indicator is at 43 points, which is neutral, neither overbought nor oversold.
Recent Coinglass data analysis of Toncoin also shows that trading volume has increased a lot. However, open interest has decreased, which shows that traders' attitudes have changed. Although trading volume has increased, the reduction in open interest may put pressure on prices and cause prices to fall.
This trend and bearish outlook may push prices lower. This trend also shows that fewer and fewer traders are willing to hold positions, which will increase volatility and prices may continue to fall in the short term.
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