Toncoin (TON) has leaped onto Binance’s Launchpool and Super Earn platforms. This has opened new farming opportunities for crypto enthusiasts as reported by analyst Zen. The analyst also notes that TON maintains a bullish flag pattern, trading between $6.05 and $6.90.
This technical formation, coupled with the Binance listing, could potentially drive increased interest and trading volume for TON. Additionally, Zen suggests that any market-wide crypto dip might create attractive buying opportunities below the $6 mark for investors.
Binance Launchpool Listing Boosts TON
Binance has added TON to its Launchpool and Super Earn offerings. This move allows users to farm TON by staking BNB, FDUSD, and TON itself. The listing on such a platform will increase TON’s visibility and liquidity in the crypto market.
Consequently, this move may attract more investors to TON. Besides, Binance’s Launchpool has a history of boosting the popularity and trading volume of listed tokens. Hence, TON could potentially see increased interest and adoption in the coming weeks.
$TON landed to Binance Launchpool and Super Earn! Farm TON by Staking BNB, FDUSD and TON (https://t.co/haekW67qKy)From TA point of view #TON still within bull flag (6.05-6.90 range). But in case crypto decide to flash, there is a very attractive zone under $6 – worth buying… pic.twitter.com/vx5VkDjPwj
— Zen (@WiseAnalyze) August 16, 2024
Technical Analysis Reveals Bullish Patterns
Zen pointed out that TON is currently trading within a bull flag pattern. This technical formation is often considered a bullish continuation pattern in traditional market analysis.
According to Zen, the bull flag for TON is defined by a price range between $6.05 and $6.90. This consolidation phase follows a strong upward movement, forming the flag’s “pole.” Traders often watch for a breakout above the upper boundary of the flag as a signal for potential bullish continuation.
While the outlook appears positive, Zen also cautioned about potential market shifts. The analyst suggested that if the broader crypto market experiences a sudden downturn, TON might present attractive buying opportunities. Specifically, Zen highlighted the area below $6 as a potential entry point for investors.
Next Meme Coin to Explode? Look No Further If You Are Looking for the Next PEPE or POPCAT
Meet PandaWorld, the new meme coin currently selling at discounted presale prices! The project was inspired by the adventures of six panda siblings, utilizing their unique abilities to bring together gaming, staking, and other features.
Show more +Show less –
Read also: Kaspa (KAS) Price Reaching $3 Is Still a Bearish Prediction: Here’s Why
Chart Analysis Supports Bullish Outlook
A closer look at the chart shared by Zen reveals additional supporting evidence for the bullish narrative. The 200-week Simple Moving Average is currently providing support for TON’s price. This long-term moving average is often considered a key indicator of overall trend direction.
Additionally, the volume profile during the consolidation phase aligns with typical bull flag characteristics. Decreasing volume during the flag formation, followed by an increase during a potential breakout, could further confirm the bullish pattern.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
The post Toncoin’s Chart Reveals Bullish Patterns as Binance Launchpool Listing Boosts TON appeared first on CaptainAltcoin.
