Toncoin (TON) has captured significant market attention with a robust price surge of over 9.46%, following the announcement of its upcoming listing on Binance. This news has catalyzed a flurry of trading activity, as evidenced by an increase in trading volume by 86.06%. With its price now at $6.32 and a market cap increase of 10.23%, Toncoin's entry into one of the world's leading cryptocurrency exchanges marks a pivotal moment. This listing not only boosts Toncoin’s visibility but also enhances its legitimacy and accessibility, factors that are critical in the volatile realm of cryptocurrency investments. However, it is worth mentioning here that the Toncoin perpetual futures have been available on Binance for quite a while but it wasn’t until yesterday that the top exchange announced the spot listing.
In a significant development for the cryptocurrency market, Binance has announced the upcoming listing of Toncoin (TON), the native token of The Open Network. Scheduled to commence on August 8, 2024, at 10:00 UTC, this introduction of TON on one of the world's leading cryptocurrency exchanges marks a pivotal moment for both entities.
Adding four new trading pairs: TON/BTC, TON/USDT, TON/FUSD and TON/TRY will widen access as well as trading dynamics for TON within the global crypto community. Binance is now allowing you to deposit your Toncoin for immediate use, thereby enabling users to have their wallets prepared ahead of listing This step will enable even more trading by enhancing liquidity and having zero listing fees which attracts seasoned traders as well as newcomers.
The daily chart for Toncoin (TON) shows that from $5.50 lows it has pushed to the current price of $6.32. When the short-term exponential moving average crossed over all longer-term EMA a bullish trend formed due to this rise in prices being sharp enough. The volume surge accompanying this price rally confirms significant investor interest, which might be partly driven by the recent listing news on major cryptocurrency exchanges.
On daily timeframes, RSI sits at 46.65, moving away from the oversold territory but still not above the neutral zone of 50. Further MACD confirmation comes from momentum crossing above its signal line into positive territory, which portends a potential upside if maintained.
On the two-hourly timeframe, RSI stands at 73.04 showing strong buying pressure in the immediate term and verging on overbought levels implying that this may lead to a temporary pause or consolidation before further moves higher in price.There’s also a MACD supporting this view by having a green bar that is visible on its histogram, thereby supporting the continuation of the current uptrend.
Based on its present technical setup and how the market has responded to Toncoin’s strategic developments, TON may be set for more growth. Key level to watch are found around $6.74, which acted as resistance in the recent past while a clear break out above could see it hit $7.00, provided that bullish signs persist. Nevertheless, traders should be mindful of volatility spikes or pullbacks as sharp upswings are often followed by brief declines. These become important factors to observe regarding short-term price direction in a highly volatile cryptocurrency market for TON.