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Toncoin price trended lower on Tuesday as the altcoin market faced a significant downturn. It fell by nearly 10%, hitting $7, its lowest level since June 12th. Toncoin has now dropped over 15% from its peak, indicating a correction and edging towards crash territory.
Toncoin joined other altcoins in a deep sell-off. Bitcoin price fell below $65,000 while notable tokens like Solana, Fantom, Worldcoin, Brett, and Chilliz retreated by over 15%. Historically, altcoins tend to follow Bitcoin’s lead.
Despite the price drop, Toncoin’s ecosystem is performing modestly well. Data shows that the total value locked (TVL) in the DeFi ecosystem is over $940 million, making it the 11th largest network. It has surpassed other networks like Polygon, Sui, Cronos, and Near Protocol. Additionally, the number of TON addresses has surged to a record high recently.
A potential catalyst for Toncoin’s price could be the upcoming launch of TapSwap, the popular Telegram tap-to-earn platform. The developers have chosen Toncoin for its speed and low transaction costs. TapSwap, a Telegram Mini App with over 26 million social media followers, will launch on the TON blockchain on February 15, 2024. Users earn in-game tokens by tapping and completing missions and tasks. The app now boasts over 50 million users worldwide.
TapSwap is the biggest competitor to Notcoin, which recently achieved a market cap of over $1.8 billion. Data shows that TapSwap’s daily users have jumped to over 17.9 million, making it the most active social platform in the industry.
TapSwap users generate coins by tapping a button, and these tokens will eventually be available on exchanges, allowing users to redeem them for fiat currencies.
Toncoin Price Prediction
On the daily chart, Toncoin has experienced a harsh reversal as the crypto sell-off intensifies. This decline followed the formation of a rising wedge chart pattern. The price has now moved slightly below the lower side of this pattern and the 25-day moving average.
Toncoin’s Relative Strength Index (RSI) has dipped below the neutral point at 50. Therefore, this sell-off is likely to continue as sellers target the key support at $6, its lowest point on May 23rd. At this level, investors will look for a potential bounce back and await further confirmation to see if a rally can be sustained or not.
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