TONIC Price Prediction: Is It All Over for Tectonic?

Summary:

The TONIC price prediction is not looking very bullish as the coin keeps on making lower lows. Bulls need to hold the current price level.

The TONIC price prediction is not looking very bullish as the coin keeps on making lower lows. On Monday, the price of Tectonic crypto dipped to the fresh lows of $0.0000004446. This was mainly due to the sump in Bitcoin price, which retested the $37k region once again. However, since Monday, the markets have shown some recovery, and the TONIC coin is now trading at $0.0000005085.

Tectonic is a non-custodial and algorithmic money market protocol on Cronos blockchain. Like other money market protocols, it allows users to lend and borrow funds decentralised. This also provides an opportunity for people to earn passive income from their crypto holdings.

According to official Tectonic news, the protocol TVL reached the heights of $1 billion in March. At the time of writing, the platform boasts of a total supply of $953 million of funds. Total borrowed funds also account for a whopping $499 million. This shows that investors are flocking to the CRO chain to farm high yields via TONIC. Nevertheless, despite these bullish stats, TONIC price is still in a downtrend and unaffected by the adoption of the underlying protocol.

TONIC Price Prediction

Technical analysis of the TONIC USD price chart shows a massive increase in sell pressure since hitting the highs of $0.0000019600. Currently, the coin is 73% down from its all-time high, and it has failed to find good support. Therefore, it is very critical for Tectonic crypto to break out of the downwards trendline and flip the recent bottom into support.

Any bullish TONIC price prediction doesn’t seem likely until the cryptocurrency closes a daily candle above $0.0000007500. Another bearish leg may tank the prices to $0.0000003000 level, which would be a nightmare for the holders. Therefore, bulls need to hold current levels to avoid any further slump. TONIC staking can also put positive pressure on its price. Currently, 5,400,000,000,000 are staked at the network which is equivalent to $2.78 million. This is only 8% of the coin’s circulating supply.