The crypto market has not been in a stable state lately as soon after a ray of hope on September 3, Bitcoin and altcoins crashed massively following the US market crash. TON is no exception and thus it has been in the red zone, currently priced at $4.60, 7.18% down in a day and 23% down in a month. The market cap has fallen below 11.7B; however, the 24 hour trading volume has increased by over 40%.
Source: CoinMarketCap
Looking at the current situation of Toncoin, Analyst Ali predicted a 45% correction if the coin doesn’t reach the $4.70 support level soon. This will take the price down to as low as $2.60. A month-long correction has left investors fearful, as many analysts believe it to be a risky investment.
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Source: ali_charts
TON network has lately completed 1B transactions as a result of integrating with Telegram, and has an average of over 800,000 transactions daily. If the network adoption grows continuously, the Toncoin price is expected to go up.
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Although the community sentiment is bullish for TON, the Big Bear Power indicator shows a bearish trend ahead. Not only this, Pavel Durav’s arrest negatively impacted the Toncoin price. Nevertheless, if whales buy big, the price may revive above $5.
