Oh, dear! The Toncoin price has taken a tumble, crashing to a crucial support level of $2.90. It seems the once-promising cryptocurrency has lost its luster, down 65% from its highest level in 2024. Alas, poor Toncoin has been in a sharp downturn, declining for six consecutive weeks and now trading at its lowest level since March 11.
The once-thriving ecosystem of Toncoin is now a shadow of its former self. Most tokens in its ecosystem have plunged more than 80% from their all-time highs, including popular tap-to-earn tokens like Hamster Kombat (HMSTR) and Catizen (CATI). Even the much-hyped Tapswap, which recently launched its airdrop, has crashed, bringing its market cap to a measly $2.90 million.
Network statistics paint a grim picture. The number of daily transactions has dropped to 2.215 million, significantly lower than the 20 million it processed just a few months ago. Monthly active wallets have also declined to 2.8 million from nearly 5.2 million in February.
This slowdown is largely due to users abandoning the TON Blockchain following the disappointing debut of its tokens. The total value locked in the TON Blockchain has dropped from over $1 billion in 2024 to $153 million. The weekly volume of transactions in TON’s DEX ecosystem has dropped to just $68 million.
Toncoin Price Analysis: A Tale of Woe
The weekly chart shows that TON’s price peaked at $8.2440 in June last year before falling to $2.9155. It recently dropped below the crucial support level of $4.550, which marked the lowest swing in April, September, and November last year.
Toncoin has now reached key support at $2.9155, which was the highest swing in December 2022. It has also moved below the 50-week moving average, while the Stochastic Oscillator has dropped into the oversold zone.
The Average Directional Index has climbed to 27, indicating that the bearish trend is strengthening. As a result, the coin will likely continue declining, with sellers targeting the psychological level of $2.00, 35% below its current price. Oh, Toncoin, what a tragic fall from grace! 😱
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2025-03-06 23:03