Toncoin (TON), the native token of The Open Network, has been one of the best performers this cycle. The token registered a 200% surge in the last six months, flipping Dogecoin (DOGE) by market capitalization. As a result, the crypto exchange Binance announced the listing of TON on August 8, which propelled the price by over 10%.
On Thursday, Binance, the largest crypto exchange by trading volume, it would list TON on the trading platform. The exchange stated that the seed tag, used for projects with higher volatility and risks than others, would be applied to the token.
Binance announced it would open trading for four new spot trading pairs on August 8 at 10:00 UTC. The pairs include TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. Additionally, the exchange added Toncoin to Binance Simple Earn, “Buy Crypto,” and Binance Convert.
Meanwhile, TON withdrawals won’t be available until Friday. The telegram-integrated token will also be added to Binance’s Margin and Auto-Invest services on Monday, August 12.
Following the listing, Toncoin saw an initial 14% increase, reclaiming the $6 support zone. The token surged to the $6.4 area before retracing to the $6.3 mark. Moreover, TON’s market activity increased by over 239% in the last 24 hours, with a daily trading volume of $1.3 billion.
TON Tests Key Levels
Following the recent surge, investors and market watchers have weighed in on TON’s price action. Trader AltCryptoGems highlighted that Toncoin was “outperforming today” with a “very nice pump from support.”
Per the chart, TON bounced from the $5.4 support area to the $6.3 resistance level. If the token fails to reclaim this level, its price could lose momentum and dip to the previous support zone or lower.
However, a successful retest of the key $6.3 mark could drive the price above $6.4. This could lead the token to break out of the downtrend line and propel the price towards TON’s ATH.
The trader suggested avoiding “chasing green candles, especially above key resistance levels.” Instead, he advised that investors monitor the token’s reaction as “it is an interesting area to do some business.”
Similarly, Altcoin Sherpa investors about TON despite being bullish. To the analyst, it’s “still a great chain/project.” However, Sherpa considers that the project needs more adoption even if “there are a lot of builders going on there lately.”
“I think TON is still bullish for this cycle but wouldn’t be rushing to buy at current prices,” stated the analyst.
Toncoin displayed one of the strongest performances this cycle so far, reaching its ATH of $8.25 two months ago. The token has neared the $6.4 resistance level, hovering between the $6.35 and $6.38 price range in the past hour. As of this writing, TON is trading at $6.37, a 14.8% increase in the last 24 hours.
Featured Image from Pinterest, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
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From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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