Toncoin price analysis ahead of the TapSwap launch

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As a researcher with experience in the cryptocurrency market, I’m keeping a close eye on Toncoin’s price trend and its underlying fundamentals. The recent sell-off that affected most altcoins, including Toncoin, is concerning, especially since it has pushed the token down by almost 10% to its lowest level since mid-June. However, I believe that it’s essential to look beyond the short-term price movements and consider the long-term potential of the project.

On Tuesday, the price of Toncoin experienced a downturn, dropping nearly 10% and reaching a low of $7 – its lowest point since June 12th. This represents over a 15% decrease from its peak, indicating that Toncoin has entered correction territory and is heading towards a potential crash.

On Tuesday, Toncoin’s token joined other cryptocurrencies, including Solana, Fantom, Worldcoin, Brett, and Chilliz, in a significant sell-off. The price of Bitcoin dropped below $65,000, leading to double-digit percentage declines for these altcoins. Historically, the prices of alternative cryptocurrencies tend to follow Bitcoin’s downward trend.

Despite modest growth, Toncoin’s ecosystem is showing promising signs. According to DeFi Llama, the total value locked within its decentralized finance (DeFi) sector exceeded $940 million, ranking it as the 11th largest network in the industry. This figure surpasses that of networks like Polygon, Sui, Cronos, and Near Protocol. Furthermore, the number of Toncoin addresses has spiked to a new all-time high.

One potential factor influencing the price of Toncoin is the imminent debut of TapSwap, a widely-used Telegram earnings platform. The developers have announced their preference for Toncoin due to its rapid transaction processing and affordable fees.

🚀 @tapswapai, the Tap-2-Earn Telegram Mini App with 26M+ social media followers, will launch on #TON!Launched on Feb 15, 2024, it has seen massive growth. Users earn in-game tokens by tapping and completing missions and tasks. Today, the app boasts over 50M users worldwide and… — TON 💎 (@ton_blockchain) June 18, 2024

In my article published last week, I mentioned that Notcoin, a newcomer in the market, had amassed a market capitalization exceeding $1.8 billion and boasted around 49 million users on its platform. However, since then, the user base of TapSwap, Notcoin’s primary competitor, has expanded significantly, surpassing the 53 million mark.

The user base of TapSwap has grown significantly to reach approximately 17.9 million active users per day, making it the busiest social platform within the industry.

As a researcher studying the digital currency landscape, I’ve come across an intriguing project called TapSwap. This platform allows users to generate coins simply by tapping a button. The process is straightforward and requires minimal effort. Later on, these earned tokens will be made available for trading on various exchanges. Users can then redeem their tokens for fiat currencies if they so choose.

Toncoin price prediction

Toncoin price analysis ahead of the TapSwap launch

TON daily chart

The daily chart reveals that the TON price experienced a significant downturn as the crypto market selling pressure increased. This selling wave emerged following the formation of a rising wedge chart configuration for the token. Currently, the price hovers slightly beneath the lower boundary of this pattern and falls below the 25-day moving average.

The RSI of Toncoin’s token has dropped below the 50-mark, signaling that it may have entered a selling trend. As a result, this downturn could persist, with sellers aiming for the significant support level at $6, which was its lowest price on May 23rd. Investors will then assess if there’s a rebound and evaluate whether a potential rally can hold up or not.

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2024-06-18 17:28