Crypto News Today: Is Toncoin Headed for a Crash Despite Binance Buzz?

The post Crypto News Today: Is Toncoin Headed for a Crash Despite Binance Buzz? appeared first on Coinpedia Fintech News

Earlier this week, the leading cryptocurrency exchange by daily traded volume and globally registered users Binance announced the introduction of Toncoin (TON) on its Launchpool platform and the super earn program. As a result, Binance allowed its registered users to farm 7.6 million TON coins via staking BNB, FDUSD, and TON.

Interestingly, Binance 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. 

Growing Web3 Ecosystem on Toncoin Network 

Backed by the Telegram social platform, with nearly 1 billion monthly active users, the Toncoin (TON) network has registered a palpable growth in recent months. Furthermore, the Toncoin network has received strategic investments from several top-tier web3 investors led by Pantera, and HashKey among many others.

According to the latest market data, the Toncoin network takes pride in more than $559 million locked by the dozens of DeFi projects. Following the strategic partnerships between Toncoin and Tether, the network now has nearly $620 million in stablecoins market cap.

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.