Will Toncoin (TON) Price Rise Further After Binance Listing?

Toncoin (TON) price has jumped by over 20% a day after its listing on Binance, the world’s leading crypto exchange by volumes. In doing so, the Telegram-linked cryptocurrency has wiped off the losses it incurred during the Aug. 5 market rout, raising anticipations about further recoveries in the coming weeks.

Toncoin’s BARR Pattern Indicates 50% Price Boom Ahead

The recent price action in the Toncoin market, which involves sharp corrections and rebounds, has painted what appears to be a Bump-and-Run-Reversal (BARR) Bottom pattern.

For the uninitiated, the BARR Bottom is a technical analysis pattern that signals the end of a downtrend and the beginning of an uptrend. It consists of three phases: Lead-In, Bump, and Run.

The “Lead-In” phase reflects a steady, orderly decline below a descending trendline resistance. Later, the price accelerates downwards at a steep angle, creating a sharp “Bump” away from the trendline. Then, in the “Run” phase, the price reverses sharply, retracing back to the original trendline, followed by a breakout above it.

As a technical analysis rule, traders determine the BARR Bottom’s breakout target by measuring the distance between its descending trendline resistance and the deepest point formed during the Bump phase and adding the outcome to the breakout point.

Applying the same principle to Toncoin’s daily chart brings its BARR Bottom breakout target to around $9.60, which is over 50% above the current price levels.

The bullish outlook picks up further cues from TON’s daily relative strength index (RSI), whose reading is rebounding from its oversold threshold of 30 and is now inside a neutral zone of 40-60. This shows that Toncoin has enough momentum left to continue its ongoing bullish reversal trend, which may at least prompt a BARR Bottom breakout in the coming weeks.

Toncoin Fundamental Analysis: Does Latest TON News Support A Bullish Outlook?

Binance’s Toncoin listing enables its 200 million-plus users to speculate on TON prices.

Nonetheless, what actually ensures TON’s bullish outlook in the coming weeks is the growth of its parent chain, the TON Blockchain. Telegram, the core backer of the TON ecosystem—and, in turn, Toncoin—aims to bring 1 billion users to the crypto sector by turning the TON ecosystem into the main gateway.

X10 CEO Ruslan Fakhrutdinov has highlighted this, with them launching a hybrid crypto exchange and developing a Telegram-based mini app to simplify digital asset trading for new retail investors.

Similarly, Pixelverse is partnering with Azur Games to enhance Telegram mini-games, aiming to bridge Web3 and traditional mobile gaming by incorporating new gameplay mechanics and token distribution methods.

Hamster Kombat (HMSTR), a Telegram-based game with 239 million players, is preparing to launch a crypto token on The Open Network. Daily updates will offer players a chance to earn in-game coins and a delayed airdrop based on player activity.

These updates underscore a growing demand for the TON Blockchain, which will lead to more TON token deployments in the future. That is further visible in the total-value-locked (TVL) across the TON ecosystem, which has risen from 6.12 million TON to 97.76 million TON so far in 2024.