Is Toncoin Headed for a Crash Despite Binance Buzz?

Earlier this week, Binance, the largest cryptocurrency exchange by trading volume and global users, added Toncoin (TON) to its Launchpool and Super Earn programs. This allows Binance users to farm 7.6 million TON tokens by staking BNB, FDUSD, and TON.

Interestingly binance binance [email protected] Centralised Exchange announced earlier on Friday that it would be launching an additional quota with a max subscription capped at 50 TON per user. The cryptocurrency exchange announced that the initial farming quota was oversubscribed a few minutes after the initial launch. 

Toncoin’s Growth Backed by Telegram

Toncoin, supported by Telegram’s massive user base of nearly 1 billion monthly active users, has shown strong growth recently. The project has also attracted investments from leading Web3 investors, including Pantera and HashKey.

The Toncoin network now boasts over $559 million locked across DeFi projects, with strategic partnerships pushing its stablecoin market cap to nearly $620 million.

Next Targets for TON Price 

Toncoin price has slipped more than 5 percent in the last two days to trade at about $6.46 on Friday during the early New York session. The large-cap altcoin, with a fully diluted valuation of about $32 billion and a daily average traded volume of over $700 million, was rejected twice at its all-time high above $8, thus signaling a midterm bearish outlook.

Despite signaling a potential bullish breakout on the daily time frame from a following logarithmic trend, the TON price has consistently closed below the 50-day Moving Average (MA), thus signaling further bearish sentiment.

As a result, TON’s price could drop towards the support level of around $4.78 in the near term before continuing with its billing momentum later.

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