- Binance’s Toncoin listing on August 8 could drive further price gains, as historical listings often trigger significant movements.
- Toncoin’s impressive 35% growth post-futures launch shows strong market interest and potential for future increases.
- Upcoming Binance listing may see Toncoin surpass its all-time high, with enhanced security measures boosting investor confidence.
Binance is set to list Toncoin (TON) on August 8, 2024, at 10:00 UTC, introducing three trading pairs: TON/BTC, TON/USDT, and TON/FDUSD as reported by Colin Wu. This follows the launch of Toncoin futures trading on March 1, which marked a milestone for the Telegram-developed blockchain and its token.
Since the launch of Toncoin futures, the token has demonstrated impressive growth.This leverage attracted considerable attention, contributing to a 10% price surge in Toncoin. Over the subsequent week, the token’s value increased by more than 35%, highlighting a strong and sustained interest.
Further noted by Web3 Nomad, a figure in Crypto, the forthcoming Binance listing and the subsequent enablement of withdrawals 24 hours later, there is speculation that Toncoin might surpass its all-time high. The Seed Tag introduced by Binance aims to enhance the security of transactions involving Toncoin, providing additional confidence to investors and traders.
Historically, such listings often result in significant price movements. As per Coinmarketcap data, the price of Toncoin has already shown substantial gains, with its current price at $6.24 an 8.27% increase in the past 24 hours. The market capitalization has also risen by 8.80%, reaching $15,705,111,729. This growth reflects a notable influx of capital and increased trading activity, as evidenced by a 143.30% rise in 24-hour trading volume.
Key support levels include $5.50, where the price had previously consolidated, and $5.75, marking the lower boundary of the recent trading range before the breakout. Resistance levels are identified at $6.00, a psychological threshold briefly tested during the price ascent, and $6.24, the current price, which might act as immediate resistance if selling pressure increases.
The Relative Strength Index (RSI) stands at 43.54, indicating that the cryptocurrency might be approaching oversold conditions. Additionally, the 1-day Moving Average Convergence Divergence (MACD) is trading below the signal line, suggesting potential downward momentum in the short term.
