- Toncoin’s trading volume soared by 258% after Binance’s listing.
TON’s prices surged by 11% amidst positive market sentiment.
As a seasoned researcher with years of experience in the crypto market, I can confidently say that the listing of Toncoin [TON] on Binance [BNB] has been a game-changer for this altcoin. The surge in its trading volume and prices is a clear testament to the power of exchange listings in driving adoption and interest.
After Binance, the top cryptocurrency exchange by volume, announced it would list Toncoin (TON), there was a significant increase in Toncoin’s trading activities. Binance made the announcement on their official website about the forthcoming addition of Toncoin to their platform.
Toncoin trading volume soars after listing
Following Binance’s announcement that they would list it, the trading volume for Ton saw a remarkable increase. As per CoinMarketCap, this surge in volume reached an impressive 258.37%, amounting to approximately $1.1 Billion over the last 24 hours.
As reported by Coinglass, the trading volume for TON significantly increased today, rising from its lowest point of $176.1 million yesterday to $229.98 million currently. Over the past week, this volume has climbed upwards from a low of $166 million.
This shows the listing has massively impacted Ton’s trading volume.
Impact on price charts
Currently, Ton is being exchanged for $6.36 following a 11.07% rise in its value today. Similarly, the market capitalization of TON has experienced a 11% jump to reach $16 billion within the last 24 hours.
Thus, AMBCrypto’s analysis showed that TON had a strong upward movement on daily charts.
Based on TON‘s Simple Moving Average (SMA), the current prices were higher than the average price for the last 20 days, as the SMA was positioned beneath the current prices.
This is a bullish signal, showing the prices of altcoin in the uptrend.
Furthermore, during the last seven days, the Relative Strength Index (RSI) has shown an upward trend. Initially at 20 on the 5th of August, RSI has climbed up to 50 as of now.
Consequently, TON found itself in the oversold region, providing a chance for buyers to step in. This led to an increase in buying interest, as suggested by the spike in trading activity.
In summary, our examination of Coinglass revealed a decrease in liquidations for long positions within the last 24 hours. Consequently, the liquidation of short positions amounting to $209k surpasses that of long positions, which stands at $63k.
It was demonstrated that investors who wagered on the decline of short-term price hikes were compelled to exit their positions more frequently than those who speculated on continued price surges.
As a result, during the recent 24-hour period, Binance’s listing has spurred a 11% price surge for TON and boosted its trading activity.
Given that the current market situation continues, Ton aims to challenge its next potential resistance point at approximately $6.74.
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2024-08-09 16:07