Toncoin Price Prediction: TON Drops 8% After Binance Launchpool Debut As This Blockbuster ICO Nears $9 Million
Release: 2024/08/15 21:18 Reading: 780
Toncoin's Price Plunges, Binance Launches Launchpool
Toncoin's price witnessed an 8% decline within the past 24 hours, currently trading at $6.97. This drop occurred amidst a surge in trading volume by 52%, amounting to $411 million.
Binance recently initiated its 56th Launchpool project, Toncoin (TON), a new decentralized blockchain. This project will become available in 24 hours prior to the commencement of the Launchpool.
Binance Super Earn and Earn Event
From August 15, 2024, at midnight (UTC), users can stake their BNB and FDUSD in designated pools to earn TON tokens over a 20-day period.
Binance has also introduced Binance Super Earn, a feature allowing users to earn a special APR on newly launched tokens. Users can access this special APR by locking TON in Simple Earn Locked Products.
Toncoin Price Analysis: Bullish Momentum
Toncoin has maintained a consistent uptrend, driven by bullish sentiment. A rising wedge formation on the daily chart indicates support for higher prices. Buyers have established higher lows, reflecting active accumulation during market dips.
Although the price briefly dipped after reaching a high of $8.25, bulls are regaining control within an ascending channel. Support at $5.12 has provided a catalyst for recovery towards the bullish channel.
Technical Indicators
Bulls have consistently pushed the price upward from below the lower trendline to $6.4. While trading below the 50-day simple moving average (SMA), it remains above the 200-day SMA, offering significant support and maintaining bullish momentum.
The Relative Strength Index (RSI) has rebounded from oversold levels, indicating buying pressure that could potentially push it into the overbought zone.
The MACD indicator's green histogram bars and recent crossover of the blue average line above the orange signal line reinforce Toncoin's bullish outlook. Continued momentum could lead to a surge past the upper trendline, with a potential target of $11.12.
Toncoin Price Prediction
Despite the resistance posed by the 50-day SMA, Toncoin's price is poised for a significant bull rally. Supported by strong technical indicators, the bullish pattern could drive momentum towards a new all-time high of $11.82.
Meme Coin Enthusiasm
The bullish surge in Toncoin is echoed in the enthusiasm surrounding the presale of Pepe Unchained (PEPU), which has raised over $8.8 million.
Pepe Unchained aims to upgrade the popular PEPE meme coin by transitioning transaction processing to a layer-2 network, enhancing transaction speeds and lowering costs. The project offers investors a 223% APY for early-stage purchases and staking.
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