The Toncoin price held steady on Thursday morning, even as Bitcoin came under intense pressure. TON soared above $7.50, nearing the year-to-date high of $8.30. This rebound, along with the steady growth of its market cap to over $18 billion, demonstrates the coin’s stability in the market.
Tap-to-earn boom
Toncoin’s price was in a bullish trend as investors focused on the popularity of tap-to-earn networks. For example, Notcoin, one of the industry pioneers, has risen sharply recently and moved its market cap to over $1.5 billion. This rally happened after the network’s users jumped to over 30 million.
Notcoin (NOT) is not the only tap-to-earn platform that is seeing strong traction. TapSwap has also gained over 58 million users in the past few weeks and has over 18 million daily users. This significant increase in user base suggests a promising future for these networks.
Similarly, Hamster Kombat has accumulated over 150 million users, and its YouTube channel has added almost 30 million new subscribers in less than a month. During this period, some of its videos have seen nearly 500 million users.
The same is happening with other play-to-earn networks, such as Yescoin, Dotcoin, and AveCoin, which have added over 10 million users each.
This trend could continue and benefit TON, a blockchain network started by Telegram. Most of them have selected TON as their blockchain of choice, which could lead to more demand for the Toncoin token.
Still, it is worth noting that TON price is soaring in a low-volume environment. Data shows that the network had over $300 million in volume, lower than other smaller tokens like Pepe, Renzo Restaked ETH, and Dogwifhat.
Toncoin price prediction
The daily chart shows that the price of Toncoin (TON) has been in a strong bullish trend after bottoming at $1.87 earlier this year. It has soared to over $7.50, its highest level since June 18th.
The token has formed an ascending channel shown in black. It has soared above the 50-day and 100-day Exponential Moving Averages (EMA). Further, the Relative Strength Index (RSI) and the MACD indicator have pointed upwards.
Therefore, the TON price will likely continue rising as buyers target the next key resistance point to watch will be at $8.30, which is about 10% above the current level. In the long term, however, the token has formed a rising wedge, which could point to a downside.
