Toncoin Soars 14.8% After Binance Listing, Is TON Poised For A Breakout?

by

As a seasoned researcher who has witnessed countless crypto market fluctuations, I must admit that the recent performance of Toncoin (TON) has caught my attention. Having closely followed its journey since its inception, it’s fascinating to see TON flipping Dogecoin (DOGE) by market capitalization and registering a staggering 200% surge in just six months.

As a seasoned cryptocurrency investor with years of experience under my belt, I have witnessed numerous digital assets come and go, but few have captured my attention like Toncoin (TON). Having closely monitored its performance over the past several months, I can confidently say that it has been one of the standout performers during this cycle. In fact, I was personally blown away by its impressive 200% surge in the last six months alone, which catapulted it ahead of Dogecoin (DOGE) in terms of market capitalization.

Toncoin Soars 14% After Binance Listing

As a researcher, I’m sharing an update: On Thursday, I learned that Binance, the leading crypto exchange by trading volume, intends to list TON on their platform. They’ve mentioned that this token will carry a ‘seed tag’, a label typically assigned to projects exhibiting higher volatility and risk levels compared to others.

On August 8 at 10:00 UTC, Binance will introduce trading for four new cryptocurrency pairings: TON with BTC, USDT, FDUSD, and TRY. Furthermore, Toncoin has been incorporated into Binance Simple Earn, the ‘Buy Crypto’ feature, and Binance Convert.

As a seasoned cryptocurrency investor with over a decade of experience under my belt, I’ve learned to be patient and adaptable. The announcement that TON withdrawals won’t be available until Friday doesn’t faze me, as I understand that such delays are common in the fast-paced world of digital assets. In fact, I see it as an opportunity to further research and educate myself about this intriguing project before diving in.

After being listed, Toncoin experienced a 14% jump and regained the $6 support level. The token peaked at around $6.4 before dipping back to $6.3. Additionally, there was a significant surge in TON‘s market activity, with a 239% increase over the past day, resulting in a daily trading volume of approximately $1.3 billion.

TON Tests Key Levels

In my latest analysis as a researcher, I’ve noticed the growing interest in TON‘s market performance. Notably, the well-known trader, AltCryptoGems, pointed out that Toncoin has been surging ahead, demonstrating a significant uptick or “very nice pump” from its support level. This observation suggests that TON might be a promising investment option for those closely watching the cryptocurrency market.

According to the graph, the TON token moved upwards from the $5.4 support region towards the $6.3 resistance point. If it can’t regain this level, there’s a possibility that the price might slow down and potentially drop back to its previous support area or even lower.

Toncoin Soars 14.8% After Binance Listing, Is TON Poised For A Breakout?

As a researcher studying the token market, I’ve noticed an interesting pattern. If we manage to successfully retest the $6.3 mark, it could potentially push the price beyond $6.4. Such a move might cause the token to break free from its downtrend line, possibly paving the way for the price to approach TON‘s all-time high (ATH).

The trader recommended against blindly following “jumping on rising price trends, particularly beyond significant resistance points.” Instead, he encouraged investors to keep a close eye on how the token behaves, as “such levels could present good opportunities for investment.”

Similarly to Altcoin Sherpa, who maintained a positive outlook, also cautioned investors about TON. To this analyst, it remains “an outstanding chain/project,” yet they believe it requires further adoption, despite the recent increase in developers working on it.

As an analyst, I believe that TON remains a promising investment for this cycle, yet I would advise caution before making a purchase at its current price points.

In my crypto journey lately, Toncoin has been impressing me significantly during this cycle, hitting an all-time high (ATH) of $8.25 about two months back. Currently, it’s trying to break through the tough resistance at around $6.40, and in the last hour, it’s been moving within a narrow range between $6.35 and $6.38. As I write this, Toncoin is trading at $6.37 – that’s a noteworthy 14.8% surge over the past 24 hours!

Toncoin Soars 14.8% After Binance Listing, Is TON Poised For A Breakout?

Read More

2024-08-09 09:04