The price of TON Coin has experienced a significant decline due to ongoing issues faced by Telegram’s co-founder. At the time of reporting, the TON blockchain has not produced new blocks for over an hour. This halt in block production has raised concerns among investors, leading to a drop in the coin’s value. The situation has been exacerbated by the court proceedings involving the co-founder, which has further dampened market sentiment.
Block Production Issues Continue
The TON blockchain has encountered several stoppages recently. Notably, the latest halt coincided with the distribution of DOGS airdrops. Despite the network’s high resilience demonstrated in performance tests, the timing of this halt during the co-founder’s legal troubles has been particularly discouraging. As a result, the price of TON Coin has seen a notable decrease.
Market Indicators Show Bearish Trends
Technical indicators paint a bearish picture for TON Coin. The SMA50 is at $6.58, and the price has fallen below this level to $5.26. The RSI is in negative territory, and current news trends support further declines. If selling continues, the price could drop to $4.72, a crucial support area that must hold to prevent larger losses. Breaking this support could complete a head and shoulders formation, triggering more substantial sell-offs.
Investment Insights
Investors can derive several actionable insights from the current situation:
- Monitor the $4.72 support level closely to anticipate potential further declines.
- Stay updated on legal developments involving Telegram’s co-founder as they impact market sentiment.
- Watch for any announcements regarding the resumption of block production on the TON network.
- Consider short-term trading strategies given the current bearish indicators.
The current scenario underscores the importance of staying vigilant and informed, especially when external factors like legal issues come into play, affecting blockchain performance and market trends.
The SMA50 is at $6.58, and movement below this continued to $5.26. The RSI is in the negative zone, and the news flow supports the bears. If the selling continues, the TON Coin price is likely to drop to $4.72 in the coming hours. This support area will be defended as a priority to prevent larger losses. If it breaks, the head and shoulders formation will be completed, triggering larger sales.
