2024

DeFi

Bitcoin

Toncoin

<p class="is-style-lead">Toncoin price trended lower on Tuesday as the altcoin meltdown continued. It plunged by almost 10%, bottoming at $7, 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.&nbsp;</p> 
<p>Toncoin’s token joined other altcoins on Tuesday that moved into a deep sell-off. <a href="https://crypto.news/bitcoin-price-forecast-btc-forming-a-bullish-pattern/" rel="">Bitcoin price</a><strong> </strong>nosedived below $65,000 while notable tokens like Solana, Fantom, Worldcoin, Brett, and Chilliz retreated by over 15%. Historically, altcoins follow Bitcoin’s lead lower.&nbsp;</p> 
<p>Still, Toncoin’s ecosystem is doing modestly well. Data compiled by <a href="https://defillama.com/chain/TON" target="_blank" rel="">DeFi Llama</a> shows that the total value locked (TVL) in the DeFi ecosystem stood at over $940 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 <a href="https://crypto.news/toncoin-jumps-to-all-time-high-ton-addresses-in-profit-hits-100/" target="_blank" rel="">TON addresses</a> have surged to a record high recently.</p> 
<p>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.&nbsp;</p> 
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   <p lang="en" dir="ltr">🚀 <a href="https://twitter.com/tapswapai?ref_src=twsrc%5Etfw" target="_blank" rel="">@tapswapai</a>, the Tap-2-Earn Telegram Mini App with 26M+ social media followers, will launch on <a href="https://twitter.com/hashtag/TON?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#TON</a>!<br><br>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… <a href="https://t.co/DJiZi39wDd" target="_blank" rel="">pic.twitter.com/DJiZi39wDd</a></p>— TON 💎 (@ton_blockchain) <a href="https://twitter.com/ton_blockchain/status/1803036624940384334?ref_src=twsrc%5Etfw" target="_blank" rel="">June 18, 2024</a>
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<p>TapSwap is the biggest competitor to Notcoin, which debuted recently and attained a market cap of over $1.8 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 <a href="https://crypto.news/toncoin-ton-price-analysis-as-tapswap-players-approach-50-million/" target="_blank" rel="">over 49 million users</a>.</p> 
<p>TapSwap’s daily users have jumped to over 17.9 million users, making it the most active social platform in the industry.</p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="toncoin-price-prediction">Toncoin price prediction</h2> 
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<p><em>TON daily chart</em></p> 
<p>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.</p> 
<p>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 $6, 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.</p>

Toncoin price analysis ahead of the TapSwap launch

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