TKO Surges 100% on Report of Binance Acquisition of Tokocrypto
The cryptocurrency is down 28% since forming a local top at $0.57
TKO may be right at $0.34
The TOKO (TKO/USD) token is attracting buyers. With 100% upside, it may be too late to buy TKO now. But when an opportune moment comes, you can snap up the token, thanks to the positive cryptocurrency news.
The gain in TKO comes amid reports that Binance is acquiring Indonesian crypto exchange Tokocrypto. We know that Binance is the largest crypto exchange in the world. Thus, any approach to acquisitions is likely to build optimism. TKO, the native token, reacted to the news, moving sharply from $0.283 to $0.57.
Binance is particularly interested in ToCrypto because it is regulated locally. It is the first entity to be registered under the Commodity Futures Trading Regulatory Agency of Indonesia. Binance has already been investing in the Indonesian exchange since 2020.
But a quick lead in TKO could prove difficult, at least for now. At press time, TKO is trading at $0.42, down 28% from its local high. The trading volume also fell sharply and was up only by 2.99%. However, for the investor monitoring the positive development of Tokocrypto with Binance, TKO should remain on the waiting list.
TKO improved but not yet supported
Technically, TKO is bullish but facing a correction. From the RSI indicator, a reading of 77 means that TKO is overbought and a correction is on the horizon.
Support lies at $0.34, giving bears an opportunity to push the cryptocurrency lower. The level was a breakout zone that was triggered as the price moved up.
TKO faces further gains if reports of Toccrypto acquisition are confirmed binance, However, currently, investors are facing a correction.
If you are looking to buy the token, the level to watch is $0.34. Also, monitor developments around the coin, as positive news can trigger a sharp rise before support is reached.
where to buy tko
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited for more experienced investors and it offers a large number of cryptocurrencies to choose from, over 600. Binance is also known for its low trading fees and multiple trading options that its users can benefit from, such as; Peer-to-Peer Trading, Margin Trading and Spot Trading.
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WazirX is the largest crypto exchange in India. Started in 2018, WazirX has become the most trusted exchange in the Indian crypto market. It is a part of the Binance Group, which serves users in 180 countries.
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