Toncoin (TON) is the currency of The Open Network, saw an impressive price improve following it was added to the Binance listing. The boost led to TON trade at $7.12 which was near the critical resistance level of $7.28. But it has taken a downward turn and has since corrected significant.
At the time of writing, TON had corrected by more than 2%, with price trading at $6.46.
In the course of the decline, TON’s market capitalization dropped by 2%, to $16,611,493,994, as the trading volume fell by 6.4 percent to $665,131,755.
Growing Bullish Momentum and Market Activity
The recent price movement of Toncoin is supported by data from on-chain which suggests that investors are getting more confident. The data from IntoTheBlock confirms that the amount of big transactions has increased as well with the increase in price of the TON.
The accumulation phase is typically thought of as a prelude towards a breakout because increasing numbers of investors are putting money into positions in anticipation of a further rise in price.
Additionally also, The Stochastic Relative Strength Index showed that TON was in excess of its price during the recent price rally. This suggests that the market could have a temporary reverse that will benefit in removing the differences in fair value that result from the quick price shift. While a small pullback is not impossible to imagine but the general attitude is still positive, with traders keeping an watch on any potential resistance levels.
However moving average Convergence Divergence (MACD) indicates that bulls are in control. Its movements towards the positive direction suggests that bearish divergence could be a an area of consolidation with market preparing to break out.
Binance Strategic Partnerships and Launchpool Drive Interest
There are many reasons that caused the recent increase of the Toncoin pricing and many other aspects are connected to the Binance ecosystem. One of the most significant is its inclusion as a part of its Binance Launchpool platform. This was announced for launch on the 15th of August. The largest cryptocurrency exchange based on trade volume Binance is incorporating TON in the count of 56 initiative on its Launchpool which allows users to bet on BNB and FDUSD in order to acquire TON tokens.
Introducing Toncoin $TON on #Binance Launchpool and Super Earn!
Lock your tokens and earn Special APR rewards.
Find out more 👉 https://t.co/Y8vHwg2a92 pic.twitter.com/3m1khH1APB— Binance (@binance) August 13, 2024
The listing was made following the time TON was added to Binance’s spot market at in the middle of January. This resulted in an boost of 14% in value.
Apart from the list of Launchpool, in addition to the listing on Launchpool, The Open Network has also partnered together with Pyth Network, a decentralized data-oracle network. The partnership is focused on improving the experience of developers using the TON blockchain by providing reliable and accurate data feeds. With this announcement the pull oracle services that is part of Pyth can be utilized into DeFi projects and gaming apps that run on TON which will increase the interest of developers as well as users within the ecosystem.
.@PythNetwork and @ton_blockchain have partnered to unlock high-fidelity data for builders looking to put crypto in every pocket.
Pyth’s pull oracle is set to supercharge the developer experience on TON by offering apps the fastest, most efficient, and most reliable data in… pic.twitter.com/PvcWvmhJRv— Pyth Network 🔮 (@PythNetwork) August 14, 2024
This listing came about after TON was added to the spot trading of Binance at start of January. This caused an boost of 14% in value.
In addition to the listings of Launchpool, in addition to the listing on Launchpool, The Open Network has joined forces in partnership with Pyth Network, a decentralized data-oracle network. The partnership is focused on improving the experience of developers using the TON blockchain by providing reliable and accurate data feeds. With this announcement that the pull oracle service that is part of Pyth is expected to be integrated into DeFi projects as well as gaming apps using TON which will increase the enthusiasm of developers and users of the ecosystem.
