Toncoin price analysis ahead of the TapSwap launch

Toncoin price trended lower on Tuesday as the altcoin meltdown continued. It plunged by almost 10%, bottoming at , its lowest level since June 12th. Toncoin is now down more than 15% from its highest level, meaning it has moved into a correction and is trending towards crash territory. 

Toncoin’s token joined other altcoins on Tuesday that moved into a deep sell-off. Bitcoin price nosedived below ,000 while notable tokens like Solana, Fantom, Worldcoin, Brett, and Chilliz retreated by over 15%. Historically, altcoins follow Bitcoin’s lead lower. 

Still, Toncoin’s ecosystem is doing modestly well. Data compiled by DeFi Llama shows that the total value locked (TVL) in the DeFi ecosystem stood at over 0 million, making it the 11th largest network in the industry. It has passed other networks like Polygon, Sui, Cronos, and Near Protocol. Also, the number of TON addresses have surged to a record high recently.

The other possible catalyst for the Toncoin price will be the upcoming launch of TapSwap, the popular Telegram tap-to-earn platform. In a recent statement, the developers noted that they had selected Toncoin, a blockchain known for its speed and low transaction costs. 

TapSwap is the biggest competitor to Notcoin, which debuted recently and attained a market cap of over .8 billion. Data on its app shows that the number of users has grown to over 53 million. In my article last week, the network had over 49 million users.

TapSwap’s daily users have jumped to over 17.9 million users, making it the most active social platform in the industry.

Like Notcoin, TapSwap users generate coins by just tapping on the button. Ultimately, the token will be launched in exchanges, where users can redeem them for fiat currencies.

Toncoin price prediction

Toncoin price

TON daily chart

On the daily chart, we see that the TON price has suffered a harsh reversal as the crypto sell-off intensifies. This sell-off happened after the token formed a rising wedge chart pattern. It has now moved slightly below the lower side of this pattern and the 25-day moving average.

Toncoin token’s Relative Strength Index (RSI) has now dipped below the neutral point at 50. Therefore, this sell-off will likely continue for a while as sellers target the key support at , its lowest point on May 23rd. At that point, investors will look for a bounce back and await further confirmation if a rally can be sustained or not.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

By Phạm Mạnh Cường

Phạm Mạnh Cường là một nhà đầu tư Tiền mã hoá và giảng dạy Blockchain ở Trường Đại học Kinh tế - Luật, Đại học Quốc gia Hồ Chí Minh, Việt Nam. Tác giả đã có bằng Thạc sĩ Khoa học máy tính từ năm 2011 tại Đại học Bách Khoa Hồ Chí Minh. Tính đến nay tác giả đã có kinh nghiệm 7 năm giảng dạy cho sinh viên về công nghệ Blockchain và 8 năm đầu tư trong lĩnh vực Tiền mã hoá từ 2016. Tác giả hiện sở hữu hàng nghìn bài viết tổng hợp, nhận định và chỉnh sửa về Tiền mã hoá và Tiền điện tử chất lượng trên Website và ở nhiều kênh khác.

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