This article will analyze the TOMO coin according to www.coinmarketcap.com data. First, we will discuss the TOMO coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is TOMO Coin?
TOMO Coin is the native cryptocurrency of the TomoChain blockchain platform. TomoChain is a decentralized blockchain infrastructure for high-performance, scalable, and secure brilliant contract execution.
What are the projects of TOMO?
TOMO Coin is used for various purposes within the TomoChain ecosystem, including:
Transaction fees: TOMO must pay transaction fees when executing intelligent contracts or transferring assets on the TomoChain network.
Staking and governance: TOMO holders can participate in betting to secure the network and earn staking rewards. They can also participate in the governance of the TomoChain platform by voting on proposals and protocol upgrades.
Token issuance: Projects built on TomoChain can create their tokens using the TomoChain infrastructure, and TOMO is used as the base currency for these token issuance processes.
Factors Influencing TOMO Price
Several factors can influence the price of TOMO Coin:
Market demand: Like any other cryptocurrency, the price of TOMO is influenced by the overall direction and supply dynamics. Factors such as investor sentiment, market speculation, and trading volumes can impact the price.
Adoption and utility: Adopting and utilizing the TomoChain platform and its associated services can drive demand for TOMO Coin. Increased usage and direction for the platform’s features, such as token issuance or decentralized applications, can positively affect the coin’s price.
Development progress: Progress in developing the TomoChain platform, including enhancements to scalability, security, and usability, can instill confidence in investors and potentially increase the value of TOMO.
Market and industry trends: TOMO Coin can be influenced by broader market trends and developments in the cryptocurrency and blockchain industry. Factors such as regulatory changes, technological advancements, or partnerships within the industry can impact the price.
It’s important to note that cryptocurrency prices can be highly volatile, and investing in cryptocurrencies involves risks. Conducting thorough research and staying informed about the project and market conditions is crucial before making investment decisions.
TOMO COİN TECHNICAL ANALYSIS
After seeing its historical high of $ 3.92 in September 2021, TOMO dropped 94% by the end of 2022, down to $ 0.25. TOMO ended its downtrend at the beginning of 2023 and has been rising ever since. It is currently trading at $1.02 in the market. According to www.coinmarketcap.com data, TOMO, which has a size of $103,239,188, has had a volume of $30,426,239 in the last twenty-four hours.
TOMO Chart Analysis
Continuing the downward trend from September 2021 until the first week of 2023, TOMO decreased by 94% from $3.92 to $0.25. TOMO, which has been on an upward trend since the beginning of 2023 and continues its rise at the time of writing, is currently trading at $1.02. When we examine the weekly chart, we see that TOMO has formed an upward trend. If TOMO, approaching the $1.28 resistance, experiences possible selling pressure, the nearest support zone is $0.72.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
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