Hamster

Notcoin

Hamster Kombat

DeFi

Toncoin

<p class="is-style-lead">The Toncoin token remained in a bear market and was at risk of forming the dreaded death cross pattern, despite strong on-chain metrics.</p> 
<p>Toncoin (<a href="https://crypto.news/price/toncoin/" target="_blank">TON</a>) was trading at $5.81 on Monday, Sep. 30, down by over 30% from the year-to-date high.</p> 
<h2 class="wp-block-heading" id="strong-on-chain-metrics">Strong on-chain metrics</h2> 
<p>Additional data showed that the number of on-chain activated wallets has risen to over 20.8 million, a significant increase from January’s low of 1.1 million.</p> 
<p>Moreover, the number of Toncoins burned daily has continued to rise, reaching the year-to-date high of almost 39,000. These burns have coincided with a sharp decline in the number of minted Toncoins, which has dropped to 39,000 from this month’s high of over 50,000.</p> 
<figure class="wp-block-image size-full">
 <img decoding="async" width="1940" height="814" src="https://crypto.news/app/uploads/2024/09/TON-Fees.jpeg" alt="Toncoin nears a dreaded pattern despite strong on-chain metrics - 3" class="wp-image-14300632">
 <figcaption class="wp-element-caption">
  TON Blockchain fees have risen | Source: <a href="https://www.tonstat.com/#feesDays" target="_blank" rel="nofollow">TonStat</a>
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="role-in-defi-is-fading">Role in DeFi is fading</h2> 
<p>Toncoin’s price has likely retreated due to its waning role in the decentralized finance industry, where the total value locked in the network has dropped from over $765 million in July to $427 million.</p> 
<p>TON has moved from being a top ten player in the <a href="https://crypto.news/understanding-defi-and-its-uses/" target="_blank">DeFi</a> industry to becoming the 20th-biggest chain. Smaller chains such as Core, Mode, Mantle, and Linea have surpassed it in recent weeks.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/core-becomes-largest-bitcoin-sidechain-with-423m-in-tvl/"> Core becomes largest Bitcoin sidechain with $423m in TVL </a> </p> 
<p>Toncoin has also dropped because of <a href="https://crypto.news/telegram-ceo-pavel-durov-indicted-placed-under-judicial-supervision-in-france/" target="_blank">Pavel Durov’s recent arrest</a> in France and the performance of its <a href="https://crypto.news/tap-to-earn-games/" target="_blank">tap-to-earn</a> tokens. Hamster Kombat, which launched its airdrop last week, has dropped by almost 60% from its highest level.</p> 
<p>Similarly, Notcoin (<a href="https://crypto.news/price/notcoin/" target="_blank">NOT</a>) dropped by 71%, while Catizen (<a href="https://crypto.news/price/catizen/" target="_blank">CATI</a>) has fallen by 50% from their all-time highs. Most of all the recently launched Telegram’s tap-to-earn tokens have dropped to record lows.</p> 
<p>Meanwhile, Toncoin’s futures open interest dropped to $260 million on Sep. 30, down from the year-to-date high of over $360 million. This figure has reached its lowest point since Sep. 12, indicating waning demand.</p> 
<h2 class="wp-block-heading" id="toncoin-price-analysis">Toncoin price analysis</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/09/Toncoin-Price-1.png" alt="Toncoin price" class="wp-image-14300627">
 <figcaption class="wp-element-caption">
  Toncoin price chart | Source: <a href="https://www.tradingview.com/symbols/TONUSD/?exchange=CRYPTO" target="_blank" rel="nofollow">TradingView</a>
 </figcaption>
</figure> 
<p>Toncoin’s token has dropped by over 30% from its year-to-date high, and the 50-day and 200-day Exponential Moving Averages are close to forming a death cross pattern. The last time it formed this pattern in May of last year, it resulted in a drop of over 50%.</p> 
<p>TON has also formed a head and shoulders and a rounded top pattern. It remains below the first support level of the Andrew’s pitchfork tool and the 23.6% Fibonacci Retracement level.</p> 
<p>Therefore, Toncoin may have a bearish breakout to the next key support at $4.45, its lowest point in September, unless it moves above the 50-day and 200-day moving averages.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/hamster-kombat-in-a-harsh-reversal-market-cap-drops-below-notcoin/"> Hamster Kombat in a harsh reversal; market cap drops below Notcoin </a> </p>

Toncoin nears a dreaded pattern despite strong on-chain metrics

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