Analysis of Toncoins price in anticipation of the TapSwap launch
The price of Toncoin experienced a decline on Tuesday as the altcoin market continued to struggle. It dropped by nearly 10%, hitting a low of $7, the lowest level since June 12th. Toncoin has now fallen more than 15% from its peak, indicating a correction and a potential move towards a crash.
Toncoin’s token was among the many altcoins that faced a significant sell-off on Tuesday. Bitcoin also saw a decrease below $65,000, while other notable tokens such as Solana, Fantom, Worldcoin, Brett, and Chilliz retreated by over 15%. Typically, altcoins tend to follow Bitcoin’s lead when it comes to price movements.
Despite the overall market downturn, Toncoin’s ecosystem has been performing relatively well. Data from DeFi Llama reveals that the total value locked (TVL) in the DeFi ecosystem has surpassed $940 million, making it the 11th largest network in the industry. Additionally, the number of TON addresses has recently reached a record high.
An upcoming potential catalyst for Toncoin’s price is the launch of TapSwap, a popular tap-to-earn platform on Telegram. Developers have chosen Toncoin due to its speed and low transaction costs. TapSwap is a major competitor to Notcoin, which recently achieved a market cap of over $1.8 billion and has seen a significant increase in users.
TapSwap users can earn coins by simply tapping on a button, similar to Notcoin. These coins can later be exchanged for fiat currencies on various exchanges. The platform has seen a surge in daily users, becoming one of the most active social platforms in the industry.
Looking at the daily chart, we can observe a sharp reversal in the TON price as the crypto market sell-off intensifies. The token had formed a rising wedge chart pattern before dropping below the lower side of the pattern and the 25-day moving average. The Relative Strength Index (RSI) for Toncoin has fallen below the neutral point at 50, indicating a potential continuation of the sell-off.
Investors will closely monitor the key support level at $6, the lowest point on May 23rd, to determine if a bounce back is possible. Further confirmation will be needed to assess whether a sustained rally is feasible in the near future.
