- Toncoin’s trading volume skyrocketed by 258% following its listing on Binance.
- TON’s prices surged by 11% amidst positive market sentiment.
Toncoin [TON] witnessed a significant surge in trading activity after the announcement of its listing on Binance [BNB]. The leading cryptocurrency exchange unveiled the upcoming listing of Toncoin on its official website.
Remarkable Increase in Toncoin Trading Volume Post-Listing
Following the listing announcement, Ton experienced a remarkable growth in trading volume. According to CoinMarketCap, the trading volume surged by 258.37% to $1.1 Billion within the past 24 hours.
Source: Coinglass
Coinglass reported that TON’s trading volume surged from a previous low of $176.1 million to $229.98 million at the time of reporting, showcasing a significant increase from $166 million over the last seven days.
This substantial surge in trading volume clearly demonstrates the impact of the listing on Toncoin.
Impact on Price Trends
Currently, Ton is trading at $6.36, marking an 11.07% increase on daily charts. Moreover, TON’s market cap has also surged by 11% to $16 billion within the past 24 hours.
AMBCrypto’s analysis highlighted a strong upward movement for TON on daily charts.
Source: TradingView
The simple moving average (SMA) for TON was below the current prices, indicating that the current prices are above the average price over the last 20 days.
This bullish signal suggests an uptrend in the prices of the altcoin.
Furthermore, the Relative Strength Index (RSI) has been increasing over the past seven days, rising from a low of 20 on August 5th to 50 at the time of reporting.
Thus, with TON being in the oversold zone, a buying opportunity has been presented, leading to increased buying pressure highlighted by the surge in trading volume.
Source: Coinglass
Moreover, Coinglass analysis revealed a decline in liquidation for long positions over the past 24 hours. Notably, short positions liquidation at $209k exceeded long positions liquidation at $63k.
This shift indicated that investors speculating against short-term price increases were compelled to exit their positions more than those anticipating further price surges.
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Conclusively, the Binance listing has positively impacted TON in the short term, driving a price surge of 11% and a significant increase in trading volume over the past 24 hours.
Hence, if the current market conditions persist, Ton is poised to challenge its next resistance level at $6.74.