- Toncoin’s trading volume increased by 258% after Binance’s listing.
- TON prices rose 11% amid positive market sentiment.
Tonmint [TON] provided a huge boost in its trading activities after Binance [BNB] announced his listing. The leading crypto exchange by volume announced the upcoming listing of Toncoin via its official website.
Toncoin’s trading volume increases after listing
After Binance announced the listing, Ton experienced exceptional growth in trading volume. According to CoinMarketCap, trading volume increased 258.37% to $1.1 billion in the past 24 hours.
Source: Coinglass
According to Coinglass, TON trading volume rose from a previous low of $176.1 million the day before to $229.98 million at the time of writing, up from an all-time low of $166 million in the past seven days.
This shows that the listing has had a huge impact on Ton’s trading volume.
Impact on price charts
At the time of writing, Ton was trading at $6.36, after rising 11.07% on the daily charts. Similarly, TON’s market cap has risen 11% to $16 billion in the past 24 hours.
Thus, AMBCrypto’s analysis showed that TON had a strong upward movement on the daily charts.
Source: TradingView
TON’s simple moving average (SMA) was below current prices, suggesting that current prices are higher than the average price of the past 20 days.
This is a bullish signal, which shows altcoin prices in the uptrend.
Moreover, the Relative Strength index has risen over the past seven days. The RSI has risen from a low of 20 on August 5 to 50 at the time of writing.
Thus, TON was in the oversold zone, which provided a buying opportunity and stimulated buying pressure, as evidenced by the increase in trading volume.
Source: Coinglass
Furthermore, our analysis of Coinglass showed that liquidation of long positions has decreased over the past 24 hours. Accordingly, the liquidation of short positions at $209,000 is higher than the liquidation of long positions at $63,000.
This showed that investors who gambled on short-term price increases were forced out of their positions than investors who gambled on further price increases.
Is your portfolio green? View the TON Profit Calculator
Therefore, the Binance listing has helped TON in the short term by increasing prices by 11% in the last 24 hours and increasing trading volume.
So if prevailing market conditions are maintained, Ton will attempt its next resistance level at $6.74.