Binance Puts Toncoin On The Simple Earn Locked List

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

Binance recently announced the addition of Toncoin to a simple earn-locked list on September 3rd. According to the announcement, 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 (APR) of 5.9% in rewards.

This move from Binance comes at a crucial phase for Toncoin, where the CEO of Telegram has recently been charged with arrest. Under such conditions, the announcement serves as a potential attempt to boost Toncoin’s market sentiment and price.

The subscription to the simple earn-locked list 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. Furthermore, the rewards will be distributed on a daily basis.

As per the details of the simple earn-locked list, an APR of 1.20% will be applied if a user locks TON for 30 days, which can increase up to 2.59% during the promotion period. Similarly, 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.

While the promotion is intended to boost Toncoin in light of the legal issues involving Telegram and its CEO, the Toncoin price movement struggles to showcase any form of recovery.

Last week, the Toncoin market price dropped by 10.23%, continuing 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 trades at $5.19.

However, in the shorter term, a triangle formation is visible within the 4-hour chart with crucial support at the $5.00 psychological mark, projecting a potential reversal.

Moreover, a bullish divergence in the relative strength index (RSI) line on the 4-hour chart supports the possibility of a bullish breakout. The breakout run in the Toncoin can find resistance at the 50-day exponential moving average (EMA) at $5.47 and the 23.60% Fibonacci level at $5.80.

On the other hand, a bearish breakdown will find two crucial supports at $4.31 and $3.49. Furthermore, the triangle is in a descending pattern that projects a potential bearish continuation if it fails to find the broader market push.