Toncoin (TON) Price Eyes Monthly High on Eve of Hamster Kombat Airdrop
How Will Toncoin React to Hamster Kombat Airdrop? | Credit: Veronica Cestari
Key Takeaways
- The Hamster Kombat airdrop will take place on Sept. 26.
- Toncoin’s (TON) price nearly reached a new monthly high.
- How will the TON price react to the Hamster Kombat airdrop?
The TON price has increased since the start of September, though the upward movement has been weak relative to the rest of the crypto market. However, the anticipation surrounding the Hamster Kombat airdrop on Sept. 26 is building, leading to more interest in the Toncoin blockchain.
Will the Hamster Kombat airdrop boost the TON price, leading to a new monthly high? Let’s find out!
Hamster Kombat Airdrop
Hamster Kombat, a much-anticipated Telegram game on the Toncoin blockchain, will launch on Sept. 26. The airdrop has 100 billion tokens, 60% of which will go to the players. The airdrop allocation received some backlash once it was announced that only 88.75% would be immediately available.
According to the platform, the game has 300 million players, 36 million subscribers on its YouTube channel, and 55 million members on its Telegram group.
Gate.io has IOUs on HMSTR , currently valued at $0.067. If 100 billion tokens come out at this price, the native token HMSTR will have a market capitalization of 6.7 billion. This ranks 17th based on its market capitalization, between Bitcoin Cash (BCH) and Near Protocol.
The TON price has increased since Sept. 6 and nearly reached a new monthly high on Sept. 25.
TON Recovers After Double Bottom
The daily time frame chart shows that TON deviated below the $4.80 horizontal area on Sept. 5 but reclaimed it a few days later.
Upward movements often follow such deviations, as has been the case for Toncoin’s price.
Adding fuel to the increase, the price created a double bottom pattern (white) before the increase, which was combined with a bullish divergence in the daily Relative Strength Index (RSI).
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The price of TON has nearly reached a descending resistance trend line that has existed since June. A successful breakout will likely trigger an upward movement toward the next resistance at $7.20.
Is the Correction Over?
The most likely wave count suggests that TON started a five-wave increase in June. If so, it has just completed wave four, which took the shape of an irregular flat correction. The sub-wave count is in black.
Since sub-wave C ended just below the bottom of sub-wave A, triggering a reversal suggests this is the correct count.
The first target for the top of the upward movement is at $9.60, nearly 70% above the current price.
The 1.61 external Fibonacci retracement of wave four creates this target.
On the other hand, falling below the sub-wave C low of $4.48 will invalidate this count. Then, TON could decline toward the next support at $2.50. At the current time, this seems unlikely.
TON Price Could Break Out
The TON price action suggests a reversal is underway, which will be confirmed with a breakout from the resistance trend line. Additionally, the anticipation surrounding the Hamstre Kombat airdrop could fuel this rally.
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