TacoCat token (TCT) price drops over 25% despite powering up its leadership

TacoCat token (TCT) drops over 25% despite powering up its leadership
TacoCat partnered with payment solution provider Simplex. Image from TacoCat.co

Key Takeaways:

  • TacoCat token price fell almost 26% since Monday.
  • The TacoCat company added new board advisors to the TacoCat community.

NEW DELHI (CoinChapter.com) — TacoCat, a pop culture-inspired crypto community, saw its native token TCT prices fall 25.6% from Jan 3’s high of $0.039 to reach $0.029 during trading on Thursday. The TacoCat token fell 11.3% on Wednesday, but the token has been moving laterally since Oct.

Furthermore, the TCT token’s current bear run brought prices below its 50-day and 100-day MA trendlines, making it bearish across short and medium-term time horizons. At present, the token has immediate resistance at $0.032.

If TCT prices move above their immediate resistance, TacoCat will face resistance at $0.034, near a resistance confluence of the TacoCat token’s 50-day MA and 26-day EMA trendlines. A sustained buying pressure could drive prices to $0.0368 before TCT pulls back.

TCT price on the daily charts with MACD
TCT price on the daily charts with MACD. Source: Tradingview.com

On the other hand, if the TacoCat token price continues to fall, TCT might seek to regroup above immediate support at $0.0297, near its 200-day MA line. Moreover, the TCT token also has key support at $0.028. Despite being tested repeatedly, the $0.028 price level has supported TCT since Oct 2.

Also Read: WAGMI, a new gaming token on the block amid growing P2E dapp popularity.

Trend-based momentum oscillator MACD charted a bearish crossover for the TacoCat token on Jan 5. In detail, a bearish crossover occurs when the MACD line (difference between 12-day and 26-day EMA) moves below the MACD signal line (9-day EMA of MACD), indicating an asset’s momentum has moved into the bearish regions.

TCTUSD on the daily charts with RSI
TCTUSD on the daily charts with RSI. Source: Tradingview.com

Furthermore, the MACD histogram, which charts the difference between the MACD and its signal line, is painting expanding negative bars, indicating strengthening bearish momentum for the token. Meanwhile, the relative strength index for the TCT token is currently neutral, clocking 40.20 on the daily charts.

The RSI trendline is currently moving downwards towards the oversold regions.

TacoCat Partners With Simplex

TacoCat is a utility token that aims to bring cryptocurrency mainstream. The project aims to target the growing popularity of the play-to-earn crypto gaming industry with the Wildcard P2E game. The Wildcard is a play-to-earn, NFT collectible digital card collectible game that allows players to become investors.

Wildcard will launch on Apr 6. Meanwhile, the TacoCat company announced the addition of new board advisors to the TacoCat community. In addition, the project has partnered with payment solution provider Simplex, part of a suite of fintech solutions from Nuvei.

Also Read: Ertha Metaverse raises $5.4 million in funding after IDO launch.

Ari Last, VP of Business Development at Simplex, will serve as the Business Development Advisor to TacoCat. Next comes Sam Grant, who would join TCT as a Marketing Advisor. Mr. Grant has served as a CMO for Coca-Cola UK and Samsung UK with a great track record of brand building.

I admire the vision of the Tacocat team to make crypto currency mainstream while bringing a social benefit to developing countries through play-to-earn gaming. I look forward to helping them become a major brand and developing world-class marketing programs.

Sam Grant, TacoCat Marketing Advisor, said

Despite more than a few bullish fundamentals, the TacoCat token continues to move downward. At the time of writing, TCT was changing hands at $0.031, down 2.17% on the day.

TacoCat token, TacoCat token (TCT) price drops over 25% despite powering up its leadership

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