Toncoin Price Plummets 10% Amid Anticipation For TapSwap Launch

Last updated: June 18, 2024

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Toncoin Price Plummets 10% Amid Anticipation For TapSwap Launch

The Toncoin price took a hit on Tuesday, dropping nearly 10% to trade at $6.98, marking its lowest point since June 12th. This drop comes as investors await the upcoming launch of TapSwap, a popular tap-to-earn platform on Telegram.

In a recent statement, the developers announced their choice of Toncoin for its speed and low transaction costs.

TON is the native token of the Open Network, a proof-of-stake blockchain. The Open Network has seen a surge in demand thanks to the popularity of several TON-based games, including Tapswap, Pixelverse, and Notcoin.

🚀 @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… pic.twitter.com/DJiZi39wDd

— TON 💎 (@ton_blockchain) June 18, 2024

TapSwap is the biggest rival to Notcoin, which recently launched and reached a market cap of over $1.8 billion. According to app data, Notcoin now has over 53 million users. TapSwap has seen its daily user count soar to over 17.9 million, making it the most active social platform in the industry.

Toncoin Price Statistics

Toncoin Price:$6.98
Market cap:$16.9 million
Trading volume:$612 million
Circulating Supply:2.44 billion
Total Supply:5.1 billion

Toncoin Price Key Resistance and Support Areas To Watch

Over the past three months, Toncoin has shown a steady uptrend, supported by an ascending trendline on the daily chart. This dynamic support has enabled buyers to maintain a series of higher lows, suggesting that investors are actively accumulating the asset during market dips. The price has now formed an ascending triangle after reaching a new all-time high of $8.25, leaving bears struggling to control the price.

TONUSDT Analysis

TONUSDT Analysis (Source: Tradingview)

TON’s price has taken a significant hit as the crypto sell-off intensifies. Bears have been persistently pushing the price down from the upper trendline, driving it to the $6.83 support level, which aligns with the 50 SMA. If this downward pressure continues, we might see a drop below the lower trendline, potentially reaching around the $6.12 support level.

Toncoin price indicates a bounce on the lower trendline of the pennant above the 50-day simple moving average (SMA). The 200-day SMA still provides solid support, helping to maintain the bullish momentum. If Toncoin continues to rise, it could break above the 50-day SMA and surpass the upper trendline of the pennant.

Although the Relative Strength Index (RSI) was on a short-term bearish trend, it has rebounded from the oversold territory at 30, crossing the midline at 50 and reaching 63, indicating strong buying pressure. This increased buying pressure could push it back into the overbought zone.

Additionally, the green histogram bars on the Moving Average Convergence Divergence (MACD) indicator and the recent crossover of the blue average line over the orange signal line further support Toncoin’s bullish outlook.

Final Thought

The Toncoin price is poised for a significant bull rally despite the resistance paused by the upper trendline of the ascending triangle. Moreover, with the support of the technical indicators, traders are leveraging the bullish triangle to fuel upward momentum towards a potential new all-time high of $11.82.

The sentiment remains positive for Toncoin traders, who anticipate continuing the bullish trend following the pennant formation. If momentum increases, it could push the price above the key resistance point of $8.25, confirming the bull rally ahead.

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Author

Charles Kibue

Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.

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