Tonic is a new cryptocurrency that has been making waves in the digital currency world. It is a governance token of the Tectonic Network that also allows members of the Tectonic ecosystem to earn by staking.
Despite its relatively young age, Tonic has shown a lot of promise and is being touted by many as a top contender in the race to become the next major cryptocurrency. In this article, we will take a look at TONIC crypto price prediction and what the future holds for this token.
TONIC’s Price History
Tonic was launched at a price of $0.000004027 per coin. Since then, the coin has been predominantly bearish, reaching an all-time low of $0.0000001109 in February 2022. Most cryptocurrencies have been in a bear market during this period, so Tonic’s performance is not surprising.
Tonic’s price is largely tied to the events and upgrades being made in the Tectonic ecosystem. For example, people who opt for crypto-backed loans in Tectonic’s lending module can stake tonic tokens. As the users take out and repay their loans, more TONIC would be purchased, leading to an increase in price as the total supply reduces.
Tectonic Crypto Price Prediction
Technical Analysis of Tectonic
On the daily chart, Tonic has been on a strong downtrend with no signs of a potential breakout. The MACD indicator is in bearish territory and the RSI is currently at 29, which suggests that the coin is oversold. This shows that the current downtrend might continue in the short term. The overall market sentiment for Tonic seems to be negative at the moment, but this could change in the future if the coin manages to break out of its current downtrend. The price chart remains below the 200 and 100 moving averages, showing that the overall trend is strongly bearish. Ultimately, the coin could trade to $0.0000001 in the coming months.
Fundamental Analysis of Tectonic
The fundamental analysis for Tonic is also negative. The coin has a strong development team behind it and has been gaining popularity lately. It is also one of the few coins that offer staking rewards, which is a big plus.
However, there are concerns about its inability to expand its adoption and increase its demand. For example, the maximum supply of TONIC is 500,000 billion tokens. This is a very large amount and it would be hard for the coin to increase in price if there is not enough demand for it. This might lead to a decrease in confidence in the coin and could lead to a sell-off. In fact, a report by Gov Capital shows that TONIC could trade at $0 by September 2023.
Conclusion
Based on the technical and fundamental analysis, it seems like Tonic’s price might continue to decline in the short term. The overall market sentiment is also negative at the moment and the token could trade at $0.0000001 in the coming months. This is our tectonic crypto price prediction based on the current market environment. However, this could change in the future if the coin manages to break out of its current downtrend or if there is an increase in demand for it.