The price of tonquine went sideways after a major setback last week when Tapswap selected another blockchain for its aircraft.
The tonquine (ton) token was trading at $ 3.8515 on Tuesday, which was 55% below its all -time high. This decline has reduced its market cap to $ 9.5 billion, making it the 16th largest cryptocurrency in the industry.
Ton had to face a significant shock after tapwap, who is a leading player in his tap-to-kamai The ecosystem selected the BSc series for its aircraft. In a note, the developers justified the decision by indicating the large ecosystem of BNB, low transaction costs and more and more user base.
Defee lama Data suggests that BNB has more than 1.17 million active addresses and over 840 dapps, including famous platforms such as Venus, Pancakeswap and Lista. In comparison, ton is a small network with a total value of $ 217 million.
TAPSWAP opted for BNB after other tap-to-Kamai tokens on tonnes, which saw a sharp decline. Popular tokens such as Hamster Combat, Catizen and Dogs have fallen by more than 80% of their all -time high. Given this trend, the possibility of tapswap is aimed at avoiding a uniform value decline by taking advantage of one of the largest ecosystems in the crypto industry.
On the positive side, the on-chain data indicates that the ton network is constantly getting stronger. The number of tonquines burnt daily from a low of 4,100 in this month has increased to 7,558. Tokens can support price appreciation by reducing the number of tokens in circulation.
Transactions on ton networks are also increasing. On Monday, its Fee Since 24 January, 15,117 tonnes of tokens reached the highest level, while the number of daily transactions increased by about 4 million.
Tonquine price analysis
The daily chart suggests that the price of ton has reached $ 8.30 in June and has fallen by 53% to $ 3.7 since then. It has fallen below the major support level of $ 4.5380, the lowest point in July and September last year.
Toncoin has also created a death cross pattern as a 50-day and 200-day exponential moving average. A Death Cross is a widely reversal indication of a widely recognized recession, indicating that the bear has taken control.
Currently, tonn 61.8% fibonacci is hovering around the retracement level. A brake below this limit can indicate forward, potentially increase the price of this month towards a low of 2.9875 – 23% below its current level.
