TON Listing on Binance. What Will Happen to TON's Price?
Binance held the long-awaited listing of TON after 3 years. How did the price of TON react, and what's next for it?
Why did Binance list TON only after 3 years?
On August 8, Binance listed TON and opened trading of the coin. The long-awaited listing of the coin, which is among the top 10 best cryptocurrencies, occurred only after three and a half years. The exchange was wary of TON all this time. It wasn't until this year that Binance started to take a closer look at the network and the coin.
In March, the exchange launched futures trading on TON. In May, Binance launched NOT, a coin related to the Notcoin game based on TON. And in June, it allowed trading of USDT stablecoin on the TON network.
The main reason why Binance has been unable to list TON for a long time is due to US regulation. The SEC halted the original Telegram cryptocurrency project in 2020, leading to legal uncertainty around the TON ecosystem. Binance was cautious about listing TON until the decentralization of the project and its separation from Telegram was more clearly defined.
There were also likely agreement issues between Binance and TON. Some speculate that TON representatives were not in agreement with the exchange's commission policy.
What will happen to TON price after listing on Binance?
In June 2024, the price of TON reached an all-time high of $8.24. Since then, the token has fallen and risen repeatedly, with investors hoping for a renewed bullish momentum soon. Recently, they have renewed their hopes of reaching a new all-time high in the near future.
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TON price analysis
Following the news of TON's listing on Binance, the coin surged 12% to reach $6.41. During the recent market turmoil, TON suffered the most, losing critical support levels. The weekly low was formed at $4.86. TON lost almost half of its all-time high recorded in June. And from August 1 through August 5, TON fell 30%.
Such a sharp fall attracted traders, who took advantage of the rebound potential of the coin. And by August 7, TON grew by 22% due to mass accumulations of traders. And the next day, TON grew by another 12% in momentum amid the news of listing on Binance.
TON price forecast
Technical indicators point to a neutral position for TON. At the moment, the weekly RSI for the TON coin is at 50. This indicator is used to determine whether the token is overbought or oversold, which potentially indicates the further movement of the coin: bullish or bearish. At the moment, the weekly RSI indicator for TON is in a neutral position. The daily RSI indicator, on the other hand, is at 61. The coin still has room for potential upside before it enters the overbought zone.
At the moment, the bulls managed to break closer to the $6.50 resistance level. It is expected that the coin could test this important level during August if bullish sentiment prevails in the market. The next important resistance level for the bulls is $7.6. If bears start to dominate the market, then TON could fall to the $5.1 support level, retesting it.
Why will TON fail to reach $10 despite listing on Binance?
The news of TON's listing on Binance caused the coin's short-term growth of 12%. As a result, TON was able to overcome important resistance levels at $6 and $6.25 momentum. While the bulls are trying to reach and overcome the $6.50 resistance level, many have talked about the possibility of reaching the $10 mark in the near term. However, are there any prerequisites for this?
TON's network activity has barely changed over the past month. Address activity has dropped from 733 to 532, suggesting that there is not enough bullish momentum at the moment for the coin to reach a new all-time high. Although TON managed to break through the important $6 and $6.25 levels in the last 24 hours, which would have paved the way for a rally and an all-time high, the news of the listing on Binance was not enough to keep the coin at the desired level. If TON bounces back below $6, reaching the $10 mark will not happen in the near term.
