Despite a strong performance through the crypto bear market, Toncoin has struggled recently, leading to a 8% decrease this week and its price touching at point below $2, although it’s currently trading at $2.08. It’s also fallen out of the top 10 coins by market cap.
Toncoin is a decentralized network that leverages Telegram to provide a seamless user experience accessible to over one billion users. Yet, while Toncoin has sold off recently, another Telegram-based project, TG Casino, is thriving after launching its presale.
Toncoin Poised for Further Downside Movement After Selloff
Toncoin has suffered a disappointing week, with its price down almost 6%. However, the price remains up over 16% in the past month. Generally, this would indicate a mere pullback on a higher time frame uptrend, but it raises concerns in this case. The reason is that the price rejected at its yearly resistance zone just above $2.5.
TON hit this price in Q1-Q2 of 2023 but could not break above and ultimately crashed to lows of $1.17 in August.
The price has since recovered due to network upgrades like the Toncoin Telegram crypto wallet integration. Yet, its strong sell-off at its yearly resistance paints a bleak picture, indicating a potential loss of buyers’ interest at the $2.5 level.
Over the past 24 hours, Ton has made another push upwards, up 4.3% and trading at $2.07. However, this is canceled out on the higher time frame price charts, where the price has been unable to create a higher high for quite some time.
The recent pump has begun to reject a downward trend line, which, if it continues, will push TON below its 200-day EMA. This would be significantly bearish, particularly given the RSI indicator says it is oversold.
While Toncoin has fared as one of the best bear market cryptos, climbing to rank 11 of all projects by market cap, its recent downtrend raised concern about how it may perform in the coming months.
Considering its success over the past year, Toncoin may be set for a cooling-off period while other cryptos perform better.
With this in mind, investors could be better poised to identify related projects yet to pump. One is TG Casino, which has shown promising signs since its presale launch.
Telegram-Based TG Casino Offers 1,031% Staking APY and Has Raised $420K Through Token Presale
TG Casino ($TGC) is a new crypto casino based on the Telegram platform, enabling convenient access to anonymous gambling for Telegram’s one billion users.
Toncoin’s success over the past year illustrates the power of Telegram-related crypto projects, but the difference is that TG Casino is yet to pump.
The project is in its presale, having raised over $420K after launching at the end of September. It has attracted much attention from investors and analysts thanks to its innovative use case and compelling tokenomics.
TG Casino offers hundreds of games directly from the Telegram application, providing a private and accessible way for anyone to enjoy crypto gambling. Furthermore, the crypto gambling industry’s recent explosion in popularity bolsters $TGC’s price potential.
Presale investors get rewards, access to exclusive games and rooms, and capital appreciation potential. Furthermore, those who invest over $5K earn “high roller” status. High rollers receive extra rewards and a rare NFT.
The project also features an innovative buyback mechanism, using a portion of the platform’s revenue to buy back $TGC tokens. It will then send 60% to staking rewards and burn 40%. This bolsters the project’s supply and demand dynamics, helping it grow long-term.
With this in mind, it is no wonder the presale is quickly selling out. As such, potential investors looking to buy the TG Casino presale should act fast.