Toncoin Eyes $7 After Binance Listing Fuels 225% Volume Surge

Toncoin (TON), the native token of The Open Network, has been on a tear this week, fueled by its recent listing on the world’s largest crypto exchange, Binance. The listing, announced on August 8th, has sent shockwaves through the market, propelling TON’s price and trading activity.

Toncoin’s Binance Listing Sparks Bullish Sentiment

Following the announcement, TON’s trading volume skyrocketed by a staggering 225%. The token price also witnessed a significant jump, surging over 14% in the last 24 hours and currently sits comfortably above the $6 mark. Analysts believe this upward trend could continue, with TON setting its sights on the $7 level.

TON/USD Technical Analysis Paints a Bullish Picture

Looking at the technical indicators, TON’s daily chart suggests a potential breakout. The token is currently interacting with both the 50-day and 200-day exponential moving averages, with the 50-day acting as a key resistance level at $6.74. Successfully surpassing this hurdle could trigger a bullish trend, potentially paving the way for a run towards $7.

However, a failure to break through the $6.74 resistance might lead to a pullback towards the 200-day moving average, currently sitting at $5.62. This level would act as crucial support in case of a price correction.

High Volume Indicates Strong Interest

Toncoin’s impressive comeback is further bolstered by the high trading volume witnessed since the Binance listing. This surge in activity indicates a strong influx of investor interest, suggesting continued bullish momentum for the token.

Experts Weigh In: Bullish Long-Term, Cautious Short-Term

While the long-term outlook for TON appears optimistic, some experts advise caution in the short term. Despite a bullish sentiment surrounding the project, several analysts highlight the need for wider adoption before a significant price increase. They recommend investors monitor the token’s reaction at key resistance levels before making investment decisions.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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