TON coin prices plunged on Wednesday, worrying investors about its future trajectory. The downfall in trading comes after the coin hit an all-time high last week.
TON Price Falls Over 2%
The price of TON Coin, a significant player in the cryptocurrency market, has plunged dramatically over the last few days. This sharp correction, evidenced by a 2.5% fall on Wednesday, has raised concerns among investors and cryptocurrency holders. Despite its promising start, the coin’s value has now dropped by a substantial 34.2%.
Previously, TON Coin had made significant strides, surpassing both Cardano (ADA) and Shiba Inu (SHIB) to secure the ninth spot in the cryptocurrency market by market value, as reported by Bankless Times.
The value of TON’s circulating supply currently stands at a substantial $17 billion, surpassing that of ADA ($13.7 billion) and SHIB ($10.7 billion), which are ranked 10th and 11th, respectively, according to CoinMarketCap data.
Furthermore, the number of daily active addresses on Telegram’s “The Open Network” (TON) blockchain has overtaken that of Ethereum because of the platform’s enormous 900 million users. Among the elements attributed to the surge are Telegram Stars, Notcoin, and the incorporation of the Tether (USDT) stablecoin.
Will TON Coin Rise Again?
Investors and cryptocurrency holders who had joined the TON Coin journey with high hopes are now expressing their concerns. While price corrections may be unsettling, they are a natural part of any asset’s journey, including TON Coin.
The initial excitement of a new project can drive prices up, but it’s not uncommon for this pent-up energy to dissipate and for prices to self-adjust. Market participants now worry about whether the prices will increase or the coin will see faded trading sessions again.
As to the latest estimation, the value of the TON coin is expected to increase by 229.20% and hit $ 23.01 by July 19, 2024. According to technical indicators, the Fear & Greed Index is reading 64 (Greed), and the attitude is currently Neutral. Over the previous 30 days, the TON coin had 15 out of 30 (or 50%) green days and 8.04% price volatility.
There is a neutral general feeling for Toncoin price prediction, with 18 technical analysis indicators indicating bullish signs and 12 indicating bearish indications.
