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Binance announces the trading of four pairs of Toncoin starting 8th August at 10:00 UTC. With the news, Toncoin jumped 16%, surpassing the $6 mark. Will the uptrend hit $10 as the $TON trading begins on Binance?
Toncoin, the native crypto for the Telegram Open Network, backed by the messaging platform Telegram, is in a crucial position. As the central currency of the TON ecosystem, the demand for $TON has immensely increased since its launch. Further, the growth of the ecosystem is evident with the Toncoin Network TVL at $575 Million.
In the crypto market, Toncoin ranks eighth on the list of top 100 coins, with a market cap of $16 billion. With the altcoins market coming back on track, the bulls anticipate $TON to hit $10 soon. Let’s check the price analysis of Toncoin to find out the bullish chances.
Binance Trading Platform Lists Toncoin
Notably, Binance, the biggest crypto exchange by trading volume, announced today the listing of Toncoin (TON) on its trading platform. Starting August 8 at 10:00 UTC, Binance traders will be able to trade in four pairs of Toncoin: TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY.
With the news released in the market, Toncoin has increased by 11.55% in 4 hours.
Bulls Ready for End of Correction
Defending dominance at the $5 psychological mark, Toncoin makes a comeback with the news of Binance listing. Amid the upsurge, $TON challenges the resistance trendline of the prevailing downtrend in the daily chart with a 12% intraday growth,
The reversal formed a bullish engulfing candle to undermine the 5% drop last night, reclaiming the $6 mark for Toncoin. Currently, $TON trades at $6.28, surpassing the 23.60% trend-based Fibonacci level.
Furthermore, the sudden surge in demand results in an uptick in the MACD line, teasing a bullish crossover with the signal line. However, the 50D EMA is in a downfall and warns of a bearish crossing with the 200D EMA for a death cross.
A bullish breakout of the overhead trendline will undermine the chances of a death cross and increase the trend momentum.
Breakouts in 4-Hour Signal Trend Reversal
Although the daily price trend struggles to surpass an overhead trendline, the 4-hour chart is more bullish. Ignoring the trendline, the Fibonacci retracement over the correction since July reveals the recovery rally surpassing the 38.20% level.
Furthermore, the DMI indicator shows a bullish crossover in the VI lines, signaling a bull run ahead.
Will Toncoin Hit $10?
With the bullish surge, Toncoin witnesses an increase in trend momentum and hits the overhead trendline. Standing at a crossroads, the intraday price movement signals increased breakout chances.
However, a retest is possible tomorrow as Binance is only allowing deposits on August 8 and withdrawals start on August 9th at 10:00 UTC. Nevertheless, post-retest, the uptrend is likely to reach the $10 mark with minimal resistances at $7.47 and $9.