On Tuesday 11 Feb,Toncoin demonstrated price pressure because it traded at $3.8515 with a decline of 55% from its highest point after the recently encountered TON Blockchain difficulties. With $9.5 billion in market worth Toncoin occupies position 16 among all digital currencies.
The cryptocurrency’s value declined because Tapswap selected the BSC Chain over TON for its airdrop operation. The developer team provided Binance Smart Chain’s previously mentioned ecosystem size and reduced transaction expenses and wider adopter base as main reasons for their shift. BNB maintains strong usage figures of more than 1.17 million active addresses while offering 840 decentralized applications to users such as PancakeSwap and Venus (according to DeFi Llama statistics).
Bearish Signals Threaten Toncoin
Ton maintains its position as a relatively small network because its total value locked (TVL) amounts to $217 million.The Tapswap platform has made its change during an intense decline phase of tap-to-earn tokens operating on the TON Blockchain.
Hamster Kombat, Catizen, and DOGS tokens lost more than 80% value from their historical peaks yet this data causes doubts about their prolonged financial stability. Tapswap’s movement to BNB seems strategic because it puts the project inside an enhanced network to protect against future loss or damage.
The TON network exhibits strengthening characteristics according to its on-chain indicators. The daily destruction of Toncoins increased from 4,100 to 7,558 while reducing the total supply which might lead to price recovery. An increase in transaction activity on Monday resulted in the highest TON protocol fee of 15,117 TON. This amount matches the peak observed on January 24 while daily transaction rates reached 4 million.
Toncoin technical indicators show a bearish death cross pattern because its 50-day Exponential Moving Average intersected with the 200-day Exponential Moving Average. Toncoin remains below its vital $4.5380 support level as it approaches the 61.8% Fibonacci retracement zone.
A price fall below this significant point may initiate new downturns that could drive TON to reach its minimum value of $2.9875 during the month which represents a 23% decline from present market levels.
