With Binance attempting to ignite a recovery run in Toncoin, the TON price remains stuck at $5. Due to the lack of interest for users to buy TON to earn higher returns in the Simple Earn Locked products, the bulls are on hold.
Toncoin on Binance Simple Earn
On September 3rd, Binance announced the addition of Toncoin to the Simple Earn Locked list. In this scheme, users who subscribe to the TON token between September 3rd and September 23rd will earn an annual percentage rate (APR) of 5.9% as rewards. The announcement comes at a crucial phase for Toncoin, where the CEO of Telegram is facing legal issues. The subscription will operate on a first-come-first-served basis, and the APR will depend on the user’s subscription amount, maximum limits, and the duration for which the user locks up the Toncoin. Rewards will be distributed daily. The APR will vary from a standard of 1.20% if a user locks TON for 30 days and can increase up to 2.59% during the promotional period. The standard APR of 1.90% for 60 days has risen to 3.9%, whereas the 90-day APR has increased from 3.90% to 5.9% during the promotional period.
Toncoin Price Performance
Last week, the Toncoin market price dropped by 10.23%, continuing from a 16.26% drop the previous week. This led to a bearish end to August, with a 19.70% drop following an 11.76% drop in July. In September, the bearish trend continued, with the Toncoin price trading at $5.19, representing a 4.24% drop.
Toncoin Chart Analysis
In the shorter term, a triangle formation within the 4-hour chart with crucial support at the $5.00 psychological mark projects a potential reversal. Furthermore, the bullish divergence in the RSI line in the 4-hour chart supports the possibility of a bullish breakout. The breakout run in Toncoin can find resistance at the 50-day EMA at $5.47 and the 23.60% Fibonacci level at $5.80. However, a bearish breakdown will find two crucial supports at $4.31 and $3.49. Additionally, the triangle is in a descending pattern that indicates a potential bearish continuation if broader market support is lacking.
The situation with Toncoin remains uncertain as its price continues to hover around $5 amidst Binance’s announcement and volatile market conditions. While Binance’s plans might provide long-term support, the market remains cautious.
Comments