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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

CryptoNewsCryptoNews2024/09/03 23:42
By:Joel Frank
Last updated:
September 3, 2024 19:06 EDT

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.

Toncoin Price Poised for Action as Binance Drops Key Announcement Amid Telegram Drama image 1

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: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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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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