When the right moment comes, you can make big gains within the crypto industry thanks to positive news around the underlying project. Toko token (TKO) has been attracting buyers for the longest time leading to a 100% surge on Binance news. Toko Token price has displayed strength over the past month, surging over 107% on December 6 alone.
At the time of writing, TKO price hovering at $0.4316, down over 10% in the past 24 hours as bears sell on the recent rally to $0.4365. The 24-hour trading volume now stands at $46,432,552 and has decreased 72% on the day, suggesting that the bullish momentum may be running out of steam. Data from CoinMarketCap shows that Toko token’s live market capitalization is now at $45,997,922 up from just over two million on December 2.
Toko token gains have been attributed to reports about Binance’s plans to acquire Tokocrypto, the Indonesian cryptocurrency exchange.
Techinasia: Binance is in negotiations to acquire the Indonesian crypto exchange Tokocrypto. Binance had invested in Tokocrypto in 2020, entering the Indonesian market, aided by the fact that Tokocrypto has obtained a license from the local regulator. https://t.co/SyqXgCmhFS
— Wu Blockchain (@WuBlockchain) December 6, 2022
Binance’s venture into the Indonesian market was inspired by a development where Tokocrypto obtained a license from the local regulator, making it the first entity to be registered under Indonesia’s Commodities Futures Trading Regulatory Agency. Notably, Binance acquired the Japanese crypto exchange Sakura for similar reasons barely a week earlier.
In a statement to Tech in Asia, Tokocrypto vice president of corporate communications, Rieka Handayani said that the company would not be commenting on rumors and speculation, but she expressed the company’s “focus is on building a sustainable business and actively continuing the development of the crypto asset industry which has grown significantly.”
Binance In Talks To Acquire Indonesian Crypto Exchange
According to a Wednesday, December 7 report, the world’s largest crypto exchange Binance is in talks to acquire the Indonesian crypto exchange Tokocrypto, according to sources close to the matter.
It follows that Tokocrypto’s Pang Xue Kai will be stepping down from his position as CEO once the deal is finalized, among other layoffs. This would add to the layoffs made in September when the Indonesian firm terminated 20% of its workforce in response to the turmoil in the broader crypto market.
Binance invested in Tokocrypto in 2020, making its foray into the Indonesian market as the largest crypto exchange by market cap acquiring a controlling stake when the crypto firm was still in its budding stage.
In an announcement following the 2020 foray, Binance said the investment would help Tokocrypto to launch new products and services and expand across Indonesia. Singapore-based crypto market maker QCP Capital, whose co-founder Joshua Ho, is also a Tokocrypto advisor, also backs the crypto exchange Tokocrypto. When Binance invested in the Indonesian exchange, Ho said, “There’s enormous potential in Indonesia, which is what attracted Binance to the deal.”
Knowing Binance size and position in the crypto space, its CEO Changpeng Zhao’s statement in 2020 was not refuted. He said, “Indonesia will become one of the leading centers of the blockchain ecosystem in Southeast Asia given the country’s fourth-largest population (over 270 million as of 2020), fast technology adoption, and strong economic growth”.
Thus, Binance’s approach to acquiring Tokocrypto has rightfully built optimism. This explains the 100% gains recorded by TKO the native token of the Indonesian platform.
Toko Token Price Analysis As Bulls Eye $0.57
TKO token has rallies as much as 109%, bouncing off the $0.283 support level embraced by the 200-day simple moving average (SMA) to $0.582 on December 6, 2022. However, the sharp gains in Toko token price may be difficult to sustain, at least for the moment. At the time of writing, TKO was trading 28% below its local high two days ago.
From a technical outlook, TKO is bullish but it may face a correction. The recent pump has seen the Indonesian exchange token escape from the ascending parallel channel. This happened when the price produced a daily candlestick close above the rising channel’s upper boundary at $0.3544 to initiate an massive move upward.
TKO is currently sitting on intermediate support provided by the $0.42 psychological level. If the bulls are able to sustain the recent bullish momentum, the price could turn up from the current levels to confront resistance from the $0.4362 level, a level at which the recent recovery was halted.
A rise above the said level could see the Toko token price climb toward the $0.5 level or even higher to tag the $0.58 swing high. Such a move would constitute 34.84 gains from the current price.
TKO/USD Daily Chart
Supporting TKO’s positive outlook are the relatively robust support zones provided by the moving averages on the downside. From the daily chart above, it can be seen that Toko token price sits on strong support provided by the 50-day SMA at $0.2479, the 100-day SMA at $0.2515 and the 200-day SMA at $0.28.
Additional areas of support are provided by the lower boundary of the rising channel at $0.3124, the middle boundary at $0.34 and the upper boundary at $0.3812. These areas appear robust enough to absorb any selling pressure that may be threatening to push the price below these support zones.
Also supporting the optimist trajectory for TKO was the upward facing moving moving averages, suggesting that the demand for the token is still on the increase. Also a pending bullish cross is expected from the moving averages as seen on the daily chart.
Though not a golden cross, the movement of the 50-day SMA above the 100-day SMA is a positive sign that the market sentiment is positive. If this happens, the resultign demand pressure is likely to move the price higher.
Moreover, the Moving Average Convergence Divergence (MACD) indicator was moving upwards and was positioned above the neutral line in the positive region. Also note that the MACD line (blue) remained above the signal line (orange), adding credence to bullish thesis.
On the downside, investors looking to short TKO token from the current levels should keep their eyes on the support at the $0.40 psychological level, which potentially gives bears a chance to pull the price lower. This will happen especially if the Toko token price drops below this level to penetrate the upper trend line of the ascending channel, taking the crypto back into the confines of the governing chart pattern.
A drop lower could take it to the middle boundary at $0.34, a key support line that previously provided defence to investors before the price rose 30% in May. Investor could expect TKO to consolidate here, before making any move in either direction.
However, should selling pressure increase, Toko token priec may drop further to tag the lower boundary at $0.3125 or the SMAs below it.
Investors should also monitor the developments around the token, as positive news can trigger sharp rises reversing key support lines. If Binance confirms the report of the acquisition, TKO will face further gains, but for the moment, the price undergoing a correction.
It is worth notign that the current price of TKO is 4.3 times its ICO value, which took place two years ago at $0.1 per token. To an investor watching the positive development of crypto exchanges, Binance and Tokocrypto, TKO should remain on the waitlist.
The Next 1000x Altcoins
As the market is now facing severe volatility and a steady decline in prices, an increasing number of investors are looking for ways to invest in cryptocurrency. Noteworthy, the present market cycle has not prevented crypto investors from their continued search for the next big cryptocurrency investment.
While investors monitor the price action of the Toko token, here are some of the best projects with fundamentals strong enough to make them explode in 2023.
Calvaria is one of the most notable crypto projects, with a successful record of accomplishment during the presale. The goal of the project is to simplify the experience of everyone participating in the blockchain and cryptocurrency sphere.
Based on a play-to-earn (P2E) model, players of the card game can earn actual money without having to install a wallet. The game caters to participants of both the games and cryptocurrencies. Contrary to the projects that require players to spend real money on virtual assets such as crypto tokens and non-fungible tokens (NFTs), Calvaria focuses only on the free-to-play model.
The native token of Calvaria is the RIA. Participants earn $RIA tokens by engaging in battles and becoming victorious in the gameplay. Gamers also enjoy other rewards, including staking the tokens earned, thereby enabling them to earn even more and thereafter trade for cash. In case you have any questions about the project, do not miss the ‘ask me anything’ (AMA) session scheduled for Friday, December 9, 2022.
AMA will take place tomorrow, ask your questions here:https://t.co/iSZd6dVYGP
Subscribe to our YouTube channel: https://t.co/ULzRsynZqu#calvariagang pic.twitter.com/6TWYsgr3yK
— Calvaria: Last Stage Presale is Live! ✨ (@CalvariaP2E) December 8, 2022
You are also invited to join Calvaria’s 100K giveaway, an amazing chance to win even more RIA! Noteworthy, the project is in its final stage.
As our presale moving to it’s conclusion, we want to remind you to join our $100K giveaway to win even more RIA!
Join competition here: https://t.co/b120uwNeje
Presale LAST STAGE: https://t.co/xB0JFvM6el#CalvariaGang
— Calvaria: Last Stage Presale is Live! ✨ (@CalvariaP2E) December 5, 2022
It is interesting to note that Calvaria’s presale is still ongoing, which means investors, crypto hobbyists, and enthusiast still have the opportunity to jump into this vehicle and stand the delightful chance to scoop up some $RIA tokens are affordable prices. Once the tokens allocated for the presale are sold out, RIA token price will increase.
The team behing Calvaria has so far raised more than $2.36 million in the RIA token presale which is now in its 5th and final stage. There only 28% of tokens left in the presale.
Another promising project is IMPT.io, which had one of the most successful token presales in 2022 with its IMPT cryptocurrency. The project has attracted the attention of many investors who have leveraged the early success of its presale to participate in the green platform.
The project’s strong fundamentals have also attracted investors, who see potential based on the clear plan the project has for the future. According to them, IMPT is the next crypto to break the market. Customers can shop at thousands of retail brands, with part of the sales being donated to projects primed to help the environment.
Transparency is at the core of the IMPT project, with the team putting a lot of effort into that effect. Accordingly, the IMPT token has recorded the most votes on CoinSniper, which shows the solid belief community members have in the project.
Recently, the IMPT token passed a smart contract audit by eNebula Solution. Conclusions of the eNebula Solutions report said that they had found “no critical, high, medium, or low-severity problems.” This shows that the smart contract is reliable, realistic, and well thought out.
Based on how the presale is going, the IMPT token could record one of the most successful presales this year, especially as the presale approaches its climax.
#IMPT raises $1 million in 24 hours 🤯
It’s your last chance to invest, as the biggest presale of the year ends on the 11th of December!
Join the #IMPT presale now ⬇️https://t.co/8KSvC4Hf9d pic.twitter.com/JV73R1QMqW
— IMPT.io (@IMPT_token) December 8, 2022
It is important to consider getting into this project as soon as possible as the prices are affordable. Once IMPT is listed on exchange platforms, the price will explode.
The IMPT team has so far raised $15.9 million since its token sale began at impt.io on October 3 with $350,000 raised in the last 24 hours alone. There are only 4 days left to buy this “green” token at an early low price before its first crypto exchange listings on LBank, Changelly Pro, and Uniswap which are now scheduled for December 14.