The current price of Toncoin (TON) is around $6.68, up 7.91% over the past 24 hours, with a trading volume of around $774 million and a market capitalization of approximately $22.82 billion. The recent surge in price was fueled by the announcement of Toncoin’s listing on Binance on August 8, 2024. Following the announcement, the price of TON increased by around 10%, reflecting the significant interest and trading volume on the platform.
☄️ Technical analysis and price trends
1. Short-term trend: Toncoin has had a significant jump thanks to its listing on Binance, one of the largest exchanges in the world. This increased the liquidity and popularity of TON, leading to a sharp increase in price in the short term. However, Toncoin has also been tagged as a "seed" on Binance, indicating high volatility and risk, which could lead to large price fluctuations in the near future.
2. Short-term forecast: In August 2024, if the current uptrend is maintained, TON may move towards the next resistance zone around $7.6. However, if the market corrects or is under selling pressure, the price may return to the support level around $6 before establishing a new direction.
3. Trend by the end of 2024: With the current growth momentum, along with the development of the Toncoin ecosystem and interest from large investors, TON may continue to increase in price in the medium and long term. The price is expected to reach between $9 and $10.77 by the end of the year if the positive trend is maintained.
🌾 Price Action Forecast Today
Today, Toncoin may continue to fluctuate in the range of 6.50 - 7.00 USD. Investors should closely monitor signals from the market, especially news related to the development of the Toncoin ecosystem and developments on major exchanges such as Binance.
🌻 In summary, Toncoin is in a strong growth phase due to recent positive factors, but short-term risks still exist due to market volatility. Investors need to consider carefully before making a trading decision.
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