Toncoin Price Soars 11% As Binance Launches TON on Its LaunchPool Platform

Toncoin’s price is winning on the charts today, as it is up 11%, with TON/USD trading at $7.11. Its 24-hour trading volume has notably gone ballistic, soaring 37% to $556 million, suggesting intense market activity. This comes as Binance, the leading crypto exchange platform, announced Toncoin as its 56th project on the Binance launchpool.

📢 #Binance $BNB has announced the 56th project on the Binance Launchpool – @Toncoin $TON!

Users will be able to stake their #BNB and $FDUSD into separate pools to farm #TON tokens over twenty days, with farming starting from August 15th.

Details 👇 https://t.co/70HWJX88XS pic.twitter.com/0HpF6e1I7j

— BNB Swap (@BNBSwap) August 14, 2024

With the recent developments, users will be able to stake their BNB and FDUSD into separate pools to farm TON tokens over twenty days. The farming is scheduled to commence from 2024-08-15 00:00 (UTC).

Moreover, Binance is also rolling out “Super Earn,” letting users lock up their TON to earn a special APR. The Binance Super Earn is a new way for users to gain a Special APR with selected newly listed tokens right after listing.

You’re seriously underestimating what’s happening in the $TON ecosystem

Just announced: Binance is bringing Toncoin (TON) to its Launchpool platform, starting August 15, 2024

But that’s not all. Binance is also rolling out "Super Earn," letting users lock up their $TON to earn…

— Pav (@pav_eth) August 14, 2024

Toncoin Statistical Data

Based on CoinmarketCap data:

• TON price now – $7.11
• TON market cap – $17 billion
• TON total supply –5.11 billion
• TON circulating supply – 2.51 billion 
• TON ranking – #8

Toncoin Technical Outlook Emerges Bullish

The Toncoin price dropped significantly to $4.86 at the beginning of August, with no guards to keep the bearish sentiments in check. Bulls then pushed the token back to the $6.82 resistance, forming a rounding bottom pattern. However, the Toncoin price invalidated the bullish prospects of the rounding bottom, as it dropped back to $6.03, completing the cup and handle pattern.

The technical outlook paints a bullish picture, tilting the odds towards the buyers. The Toncoin price trades well above the 50-day and 200-day Simple Moving Averages(SMAs). The bulls have flipped the Moving averages at $6.25 and $6.68 into support, initiating an uptrend. 

The Relative Strength Index (RSI) has entered the overbought region at 71. If Toncoin loses momentum at this level, it will be forced to retrace in search of fresh liquidity before resuming the uptrend. In that case, traders should keep certain levels in mind, as they will likely serve as support areas to absorb the selling pressure.

Moreover, the Moving Average Convergence Divergence (MACD) is also northbound, pulling away from the signal line in orange, which means it is delaying the sell signal. The momentum indicator has flipped above the signal line, calling traders to buy more TON unless the MACD changes. 

Toncoin Price Prediction

In the 4-hour chart analysis, the buyers have the upper hand. Moreover, if the bulls capitalize on the RSI and MACD, which suggests a buy signal, the TON price could soar to $8. However, the Relative Strength Index (RSI) cautions traders of a potential correction. After climbing from support at the mid-line (50), the RSI jumped into the overbought area at 71.

Traders won’t have to worry about sudden pullbacks with the RSI above 70, but this position also means a correction is imminent. In that case, traders should keep certain levels in mind as they will likely serve as support areas to absorb the selling pressure. Support at $6.68, coinciding with the 200-day SMA, may come in handy, as well as the 50-day EMA at $6.25. Price movement below $6.05 could trigger a massive sell-off as TON holders will likely start panic selling.