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.
Will the failed attempt from Binance drop the Toncoin price under $5?
Binance Puts Toncoin On The Simple Earn Locked List
On September 3rd, Binance recently announced adding Toncoin to a simple earn-locked list. In this scheme, the users who subscribe to the TON token within the promotion period from September 3rd to September 23rd will have the opportunity to earn an annual percentage rate or APR of 5.9% in rewards. The announcement comes at a crucial phase for Toncoin, where the CEO of Telegram has recently been charged with arrest.
Under such conditions, the move from Binance is a potential step to boost the Toncoin’s market sentiment and price. The subscription will work 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.
The rewards will be distributed on a daily basis. The APR will vary from a standard of 1.20% if a user locks TON for 30 days. This can increase up to 2.59% during the promotion period. The standard 1.90% APR for 60 days has risen to 3.9%. Meanwhile, the 90-day APR of 3.90% has increased to 5.9% in the promotional period.
As the promotion comes to boost the Toncoin from the legal issues involving Telegram and its CEO, the Toncoin price movement struggles to showcase any form of recovery.
Toncoin Price Performance
Last week, the Toncoin market price dropped by 10.23%, a continuation of the 16.26% drop a week before. This puts a bearish end to August, with a 19.70% drop following the 11.76% drop in July. In September, the bearish trend continued, with a 4.24% drop, as the Toncoin price was trading at $5.19.
Tradingview
However, 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 the 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. Further, the triangle is in a descending pattern that projects a potential bearish continuation if it fails to find the broader market push.
Also, read our Toncoin Price Prediction 2024-2030 for an overview of long-term targets.
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