Toncoin (TON), the native token of The Open Network, has been one of the best performers of this cycle. The token has surged 200% in the past six months, surpassing Dogecoin (DOGE) in terms of market capitalization. As a result, cryptocurrency exchange Binance announced the listing of TON on August 8, which boosted the price by more than 10%.

Toncoin soars 14% after listing on Binance

On Thursday, Binance, the largest cryptocurrency exchange by trading volume, announced it would be listed on the TON trading platform. The exchange said the seed tag, used for projects with higher volatility and risk than others, would be applied to the token.

Binance announced that it will open trading for four up-to-date spot trading pairs on August 8 at 10:00 UTC. The pairs include TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. The exchange also added Toncoin to Binance Simple Earn, “Buy Crypto,” and Binance Convert.

Meanwhile, TON withdrawals will not be available until Friday. The Telegram-integrated token will also be added to Binance Margin and Auto-Invest services on Monday, August 12.

After the listing, Toncoin initially saw a 14% augment, reclaiming the $6 support zone. The token surged to $6.4 before retracing to $6.3. Additionally, TON’s market activity has increased by over 239% in the past 24 hours, with a daily trading volume of $1.3 billion.

TON tests key levels

After the recent rally, investors and market observers assessed TON’s price action. Trader AltCryptoGems highlighted that Toncoin “performed better today” thanks to a “very nice rally from support.”

According to the chart, TON has bounced from the $5.4 support zone to the $6.3 resistance level. If the token fails to regain this level, its price may lose momentum and fall to the previous support zone or lower.

However, a successful retest of the key $6.3 level could push the price above $6.4. This could lead to the token breaking out of the downtrend line and pushing the price towards ATH TON.

The trader suggested avoiding “chasing green candles, especially above key resistance levels.” Instead, he advised investors to monitor the token’s reaction as “this is an interesting area to trade in.”

Likewise Altcoin Sherpa warned investors by a TON, even though they are bullish. Analysts believe it is “still a great chain/project.” However, Sherpa believes the project needs more adoption, even if “there are a lot of builders there lately.”

“I think TON is still bullish on this cycle, but I wouldn’t rush to buy at current prices,” the analyst said.

Toncoin has put in one of the strongest performances of this cycle so far, reaching an ATH of $8.25 two months ago. The token has approached the $6.4 resistance level, oscillating between the $6.35 and $6.38 price range in the past hour. At the time of writing, TON is trading at $6.37, up 14.8% in the past 24 hours.

Featured Image from Pinterest, Chart from TradingView.com