Will Toncoin (TON) Falling Transactions Derail Its Price Recovery?

Telegram-based
project
Toncoin
(TON)
has
emerged
as
one
of
the
breakout
blockchains
of
this
cycle.
This
success
is
driven
not
only
by
the
token’s
price
performance
but
also
by
the
significant
level
of
adoption
it
has
achieved.

However,
despite
Toncoin’s
many
achievements,
the
blockchain
faces
challenges
that
could
impact
its
price.

A
Double-Edged
Sword
Appears
on
Toncoin

One
area
where
the
project
has
excelled
is
active
wallets.
According
to
TON
Stat,
the
number
of
monthly
active
wallets
has
surpassed
four
million,
driven
by
over
500,000
new
accounts
joining
the
network
since
the
start
of
August.

The
30-day
active
wallets
metric
tracks
the
number
of
wallets
involved
in
at
least
one
successful
transaction.
For
Toncoin,
this
growth
is
largely
attributed
to
active
participation
in
tap-to-earn
platforms
on
the
chain.

For
instance,
projects
like
Tapswap
and
Hamster
Kombat
continue
to
register
a
good
level
of
user
adoption.
Alternatives,
including
Catizen
and
Blum,
have
also
played
major
roles
in
helping
Toncoin
hit
this
milestone.

Read
More: What
Are
Telegram
Bot
Coins?

Despite
the
surge
in
traction,
TON
has
struggled
to
maintain
a
strong
number
of
daily
transactions.
Typically,
an
increase
in
transaction
value
boosts
the
network’s
share
of
fees
and
revenue.

Moreover,
higher
transaction
volumes
can
support
the
token’s
recovery,
especially
if
a
significant
portion
involves
buying
the
native
token.
On
August
8,
TON’s
total
transaction
volume
reached
$11
million.
However,
at
press
time,
this
figure
had
dropped
nearly
threefold
to
$3.2
million.

This
decline
suggests
waning
interest
in
the
cryptocurrency.
If
this
trend
continues
or
worsens,
TON’s
price
could
be
similarly
impacted.

TON
Price
Prediction:
$6
Is
Key

Toncoin
trades
at
$6.44,
and
it
attained
this
point
after
Binance
listed
the
cryptocurrency.
According
to
the
daily
chart,
TON 
is
on
the
verge
of
wiping
out
the
losses
it
had
between
August
1
and
5.

However,
the
Aroon
indicator
suggests
that
this
uptick
may
stall
soon.
The
Aroon
indicator,
which
measures
the
strength
of
a
trend,
consists
of
two
lines:
Aroon
Up
(orange)
and
Aroon
Down
(blue).

At
press
time,
the
Aroon
Down
line
has
a
higher
value
than
the
Aroon
Up,
indicating
that
TON’s
upswing
may
soon
be
neutralized.
Additionally,
the
Moving
Average
Convergence
Divergence
(MACD),
which
measures
momentum,
is
currently
negative.

The
MACD’s
position
implies
that
the
momentum
surrounding
the
token
is
largely
bearish.
If
this
trend
continues,
it
could
lead
to
a
price
decline.

Read
More: 6
Best
Toncoin
(TON)
Wallets
in
2024

If
this
is
the
case,
the
price
of
TON
may
drop
to
$6.04.
However,
sustained
buying
pressure
from
bulls
could
push
the
price
higher,
potentially
reaching
$6.91.