Binance has announced its plans to list TON (TON) tokens on August 8, 2024, at 10:00 (UTC). The exchange will also add a seed tag to the listing. Trading pairs available will include TON/BTC, TON/USDT, and TON/FDUSD. This news comes after Binance launched TON futures trading on March 1.
When a token is about to be listed on Binance, it often experiences a surge in price. This phenomenon, sometimes referred to as the “Binance effect,” is largely due to the exchange’s dominant position in the crypto market. As the largest cryptocurrency exchange globally, Binance’s listings can hugely increase a token’s exposure and accessibility to a vast user base.
According to the latest data from CoinMarketCap, the TON price pumped 9% within minutes of the announcement, pushing it above the $6 mark. However, Toncoin still has some ground to cover before it can challenge its 2024 yearly high of $8.
From a technical analysis standpoint, the Relative Strength Index (RSI) for TON is currently at 61 on the daily chart. This indicator suggests that while the token has seen recent growth, it still has some room for potential upward movement before entering overbought territory (over 70).
Despite the positive news for TON, it appears the market doesn’t have strength at the moment. This cautious atmosphere comes in the wake of Ripple’s recent victory against the SEC. While XRP’s price surged by 20% following the news, the broader crypto market hasn’t done much.
Given these market conditions, it may be unrealistic to expect a dramatic TON price explosion today. The crypto market often moves in mysterious ways, and various factors beyond a single listing can influence price movements.
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