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.
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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.
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.
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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.
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