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

Binance TON toncoin

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Joel Frank

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Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

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September 3, 2024 19:06 EDT

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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.

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