The price of the native asset of Tectonic Finance is still trading in the same range as mentioned in our previous TONIC price prediction. However, the price is again retesting the $0.00000015 support after another rejection from the range highs around $0.00000019. Tectonic crypto price has been trading between $0.00000015-$0.00000019 range for the past five weeks.
Most altcoins are down within the last 24 hrs as the Bitcoin price is struggling to reclaim $20,000. There has been increased volatility in the market since the start of the week due to the 4th of July holiday. In addition, the macro-economic uncertainty keeps most investors at bay as the recession fears are increasing daily. This situation has made TONIC price prediction a hard nut to crack.
According to Tectonic crypto news, the platform users can now track their positions via Zapper Finance dashboard. As per the official stats, the protocol has lost $2 million in TVL since last week. The current Tectonic TVL is $454 million, which was $456 million last week. This decrease in TVL is due to the decreased TONIC crypto during this period.
Technical analysis of the TONIC coin exhibits that the price has been trading inside a 20% price range for more than a month. The cryptocurrency appears to be in a bearish accumulation phase as it is currently 92% down from ATH. The major reason behind this intense sell-off is the ongoing Bitcoin slump drying up the market’s liquidity.
Nevertheless, if TONIC breaks above the range while confirming the breakout, TONIC price prediction might immediately flip bullish. In such an event price could potentially increase by three times in the short term targeting the $0.00000050 level. This target aligns with the 0.382 Fib level when connecting March high to the June low.
It is also worth mentioning here that the TONIC coin usually follows the Bitcoin price action. Therefore, the new low of Bitcoin might trigger another bearish leg for Tectonic. To avoid such a scenario, it is advisable to keep your stop loss in case of acceptance below the $0.00000015 level.
This post was last modified on Jul 06, 2022, 07:20 BST 07:20