Toncoin Price Poised for Action as Binance Drops Key Announcement Amid Telegram Drama
Toncoin Price Poised for Action as Binance Drops Key Announcement Amid Telegram Drama
Despite a growing firestorm of legal scrutiny faced by encrypted messaging app Telegram, the world’s largest cryptocurrency exchange Binance has added Toncoin (TON) – heavily affiliated with Telegram – to its Simple Earn-Locked products, potentially offering relief to the Toncoin price.
Binance users will be able to lock their tokens and receive rewards of up to 5.9% for a period of time.
The news hasn’t offered much support to the Toncoin price.
TON was last down around 5% on Tuesday and trading just above multi-month lows around $5.0.
Telegram’s Russia CEO Pavel Durov was arrested in France last week over the platform’s lack of moderation against criminal activities.
That caused a crash in the Toncoin price at the time , as traders feared some sort of regulatory crackdown may soon head TON’s way.
But Binance, with its new TON simple earn products, is sending a signal that it still backs the coin as much as ever.
Where Next for the Toncoin Price?
Binance’s apparent backing may not be enough to put a floor under the Toncoin price.
September is a typically bearish month for major cryptos like Bitcoin and the broader stock market.
Toncoin is currently probing key support in the $4.60-75 area.
Should this level go, a sudden drop below $3.0 becomes highly likely.
But macro themes could come to the aide of the Toncoin price.
The Fed is expected to kick-start a cutting cycle later this month.
If US economic data shows growth holdings up, that could create a goldilocks macro backdrop for risk asset upside.
That could help lift major cryptos like TON yet higher.
However, should Friday’s US jobs report exacerbate fears of a US recession, the bears are likely to take control.
A retest of $3 looks highly p
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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