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TKO Climbs 100% After News of Binance’s Acquisition of Tokocrypto
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The cryptocurrency market has fallen 28% since its $0.57 recent peak.
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TKO may be retracing to $0.34
The Toko Token (TKO/USD), is gaining traction among buyers. With the right timing, one can purchase the token at a 100% increase. But one should be aware of the recent cryptocurrency news.
The surge of TKO is attributed to reports of Indonesian crypto exchange, Tokocrypto, being acquired by Binance. Binance is the largest cryptocurrency exchange in the world, so any acquisition strategy is likely to boost optimism. TKO, the native currency token, reacted to the news by rising quickly from $0.283 to $0.57.
Binance is particularly interested in Tokocrypto due to its localized nature. It was the first entity to be registered with the Indonesian Commodity Futures Trading Regulatory Agency. Binance had already made an investment in the Indonesian Exchange since 2020.
However, strong TKO gains may be difficult to maintain, at least short-term. TKO was trading at $0.42 at the time of writing, down 28% from the local high. Trading Volume was also reduced, with only 2.99% growth. Nevertheless, investors should keep an eye on the positive Tokocrypto developments with Binance, as TKO may be a great purchase.
TKO is a potential buy, but hasn’t received much support yet
TKO/USDT Chart By TradingView
Technically, TKO is bullish, but could face a decline. According to the RSI indicator: a reading of 77 suggests that TKO has gone too far and a correction could be imminent.
The cryptocurrency is currently trading at $0.34, which gives the bears the opportunity to push it lower. The breakout zone was located at level and was triggered when the price surged.
Final thoughts
TKO may experience further growth if the Binance acquisition of Tokocrypto is confirmed. For now, investors face a correction.
If one is looking to purchase the token, the optimal level to watch is $0.34. Also, they should be mindful of developments regarding the token, as positive news could spark rallies that lead to support.