Toncoin Price Poised for Action as Binance Drops Key Announcement Amid Telegram Drama
The world’s largest cryptocurrency exchange Binance has added Toncoin (TON), which is closely linked to Telegram, to its Simple Earn-Locked products, potentially helping the Toncoin price, despite the encrypted messaging app Telegram facing an increasing amount of legal scrutiny.
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 trading slightly above multi-month lows at $5.0 on Tuesday, when it last saw a 5% decline.
Telegram’s Russia CEO Pavel Durov was arrested in France last week over the platform’s lack of moderation against criminal activities.
Toncoin’s price crashed at the time as a result of traders’ fears that TON may soon be the target of a regulatory crackdown.
However, Binance is indicating that it continues to support the coin with its new TON simple earn products.
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.
A goldilocks macroenvironment for risk asset upside could be created if US economic data indicates that growth is continuing.
That could help lift major cryptos like TON yet higher.
But if this Friday’s US jobs report heightens concerns about a US recession, the bears will probably seize the initiative.