Toncoin has captured investor interest by rising 6% in the last 24 hours to reach $5.25. This event has brought Toncoin back to positive weekly performance, despite a 21% decline over the past month.
Toncoin Price Breaks Key Resistance
Toncoin price broke a major resistance level at $4.996 in the last 24 hours and is now eyeing the next barrier at $5.417. If Toncoin flips this resistance into support within the next 12 hours, it could establish the technical foundation needed to rise to as high as $6.042 in the short term. However, being rejected at $5.417 might trigger increased selling pressure and a retest of the $4.996 level, with subsequent risk falling to $4.543 or even $3.997 over the next 48 hours.
Bearish Technical Indicators
From a technical perspective, indicators on Toncoin's 4-hour chart suggest that bullish momentum is starting to diminish. The MACD Histogram has begun to level off, although the MACD line remains bullishly positioned above the signal line. This could indicate a potential end to the positive trend. The Relative Strength Index (RSI) shows that Toncoin is currently overbought, often seen as a sell signal. The collapse of RSI towards its Simple Moving Average (SMA) line on the 4-hour chart suggests that some traders have started to reduce their exposure to Toncoin.
Meme Coins Gain Popularity
Pepe Unchained (PEPU) aims to improve the popular PEPE meme coin by using a native layer-2 blockchain network. This will significantly boost transaction speeds and reduce fees, attracting PEPE enthusiasts. The project will also serve as a dedicated meme coin sidechain, helping to alleviate congestion on the Ethereum network. Pepe Unchained has already raised $12.5 million in its ICO, highlighting strong investor confidence in the project's future. YouTuber ClayBro has also pointed out the significant potential for Pepe Unchained to lead the meme coin space.
Toncoin shows significant price volatility, capturing investor attention with brief growth spurts. Technical indicators point to a possible price correction. Traders are also focusing on meme coins like Pepe Unchained, which could become a popular trend in the crypto space.
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