Its biggest listing so far has seemingly catapulted Toncoin, as Binance has driven the tokens volume up 225%, with TON now targeting $7. Indeed, the cryptocurrency exchange announced the listing of the asset on Thursday. It debuted with Bitcoin, USDT, FDUSD, and TRY trading pairs.
The exchange also announced TON futures trading earlier this year. Specifically, it arrived in early March, as the year has been a massive one for the Telegram token. Throughout 2024 thus far, Toncoin has already surged a remarkable 170%. Yet, many experts predict even more gains for the crypto.
Also Read: Toncoin (TON) Rallies 15% After Binance Listing: $10 Soon?
Binance Listing has Toncoin Eyeing $7 in 2024
The crypto market has had quite a week. Monday arrived with a massive crash that saw some of the biggest cryptocurrencies plummet in value. Yet, many have enjoyed impressive comebacks. For one asset, the reversal has been led by its biggest announcement to date.
Early Thursday, Toncoin announced its listing on Binance, which has led to a 225% volume increase as TON is now targeting $7. The asset is up 14% in the last 24 hours, according to CoinMarketCap. Moreover, it is currently above the $6 mark, with room to rally some more.
Toncoin has already increased more than 30% from lows it incurred from Monday’s drop. Moreover, its technical indicators show that these gains could just be the start. On the daily chart, TON/USD is interacting with both the 50-day and 200-day exponential moving averages. With the former’s $6.74 proving to be a notable resistance level.
Also Read: Cardano (ADA) & Toncoin (TON) Price Prediction For August 2024
If the asset is able to overcome this, a bullish trend is bound to ensue. Moreover, the 200-day figure represents a $5.62 support. That could be TON’s face if it failed a push above the aforementioned resistance.
However, if Toncoin breaks through that figure, it could have a clear path to the $7 level. That would be an interesting position. If it coincides with positive market sentiment, TON could challenge its $8.7 all-time high. sooner rather than later. That mark was set in June of this year.