Toncoin Set to Skyrocket? Binance Listing on August 8, 2024,
Could Trigger Major Price Surge Big news for Toncoin (TON) investors! Binance, the world’s largest cryptocurrency exchange, has announced that it will list TON tokens on August 8, 2024, at 10:00 UTC. Along with the listing, Binance will introduce a seed tag, and trading pairs such as TON/BTC, TON/USDT, and TON/FDUSD will be available. This move comes just months after Binance launched TON futures trading on March 1, setting the stage for what could be a significant price rally.
The “Binance Effect” – Will TON Price Explode?
History shows that when a cryptocurrency gets listed on Binance, its price often experiences a sharp increase, a phenomenon known as the “Binance effect.” As the largest exchange in the crypto market, Binance’s listings provide tokens with unparalleled exposure and liquidity, often leading to rapid price appreciation.
According to CoinMarketCap, TON’s price surged 9% within minutes of Binance’s announcement, pushing it above the $6 mark. However, TON still has some work to do to reach its 2024 yearly high of $8.
What Do the Technicals Say?
From a technical analysis perspective, Toncoin’s Relative Strength Index (RSI) currently sits at 61 on the daily chart. This level suggests that while TON has experienced recent gains, there is still room for further upward movement before the token enters overbought territory (above 70). This indicates potential for continued price growth in the short term.
Market Sentiment – Cautious Optimism
Despite this positive news, the broader crypto market remains cautious, particularly following Ripple’s recent victory against the SEC. Although XRP’s price surged by 20% after the ruling, the overall market has yet to show strong upward momentum. Given the current market conditions, expecting a dramatic price explosion for TON might be premature. technanalysis, RSI, Binance trading pairs, crypto news.
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