South Korea’s second-largest cryptocurrency exchange, Bithumb, has announced the addition of Korean won (KRW) trading pairs for TONCOIN (TON) and METIS (METIS). Trading for these pairs will begin at 8:00 PM KST on November 21, 2024, marking a significant development for both coins, as they gain increased accessibility to the Korean market. While the exchange listing is a notable event, analysts are pointing to deeper technical factors that could fuel long-term growth for both TON and METIS.
TONCOIN (TON) has shown significant strength in recent weeks, leading to a structural breakout that could signal the start of a new uptrend. After breaking a long-standing downtrend line, TON’s price has entered what many traders are calling a “retest phase,” where the coin’s price is revisiting key levels for confirmation before a sustained move higher. This phase has sparked increased buying interest, creating a strong support base for the coin.
The breakout from the downtrend line is particularly important because it marks a shift in momentum for TONCOIN. Technical analysts believe that the coin’s recent price action indicates the end of its previous bearish cycle and the beginning of a potential rally. With this newfound strength and the added liquidity from Bithumb's new KRW pair, TONCOIN could see a continuation of its upward movement.
METIS (METIS), the native token of the MetisDAO ecosystem, also stands to benefit from the increased visibility and liquidity provided by its listing on Bithumb. Like TON, METIS has been gradually gaining attention for its focus on Layer 2 scaling solutions, and its integration into the growing ecosystem of decentralized finance (DeFi) projects.
The addition of KRW pairs for METIS will provide a much-needed boost to the token's liquidity in one of the world’s most active cryptocurrency markets. South Korea has long been a key hub for crypto trading, with a highly engaged and tech-savvy investor base. The ability for Korean investors to directly trade METIS against their local currency is expected to increase demand for the token and drive up trading volumes, potentially leading to higher price appreciation.
While the Bithumb listing itself is a positive development for TONCOIN and METIS, many analysts believe that the technical breakout for TON is of even greater significance. By breaking its downtrend line, TON has signaled that it is on the verge of a trend reversal, a factor that many traders view as a more important catalyst than the exchange listing alone.
In addition to the technical breakout, the retest phase is attracting strong buyer interest, with many seeing this as a confirmation of support levels. This suggests that the recent price action is not just a short-term spike but may signal more sustained growth in the future.
Furthermore, the listing on Bithumb enhances accessibility for both coins in the Korean market, which could lead to increased trading activity, higher liquidity, and more widespread adoption. As the Korean market is one of the largest and most active in the world, Bithumb’s support will help attract a broader base of retail and institutional investors.
The addition of KRW trading pairs for both TON and METIS comes at a time when the Korean crypto market is expanding rapidly, with a growing number of investors seeking access to alternative digital assets beyond Bitcoin (BTC) and Ethereum (ETH). South Korea’s regulatory framework for cryptocurrencies has matured, creating a more secure and stable environment for trading and investing in digital assets.
With the introduction of these KRW pairs, Bithumb has made it easier for South Korean investors to gain exposure to TONCOIN and METIS, both of which are emerging as strong contenders in their respective niches. TONCOIN, backed by the Telegram Open Network and its integration with the popular messaging app Telegram, continues to grow in popularity and use cases. Similarly, METIS offers scalable solutions for decentralized applications, providing a compelling case for developers and investors alike.
For TONCOIN, the breakout from its downtrend line and the ongoing retest phase suggest that the coin could be on the verge of a larger rally. If the price holds above key support levels, there is a strong possibility that it will move higher in the coming weeks. Analysts are keeping an eye on the $2.50 to $3.00 range as key price targets for TON in the near term, with longer-term forecasts potentially reaching higher levels if the bull trend continues.
For METIS, the Bithumb listing in KRW pairs will likely lead to increased liquidity and price discovery. METIS is currently positioned as a Layer 2 scaling solution with significant potential in the DeFi space, and as the market continues to recognize the value of such solutions, METIS could see further price appreciation. Key support levels for METIS are seen at $25, with $35 being the next resistance target.
The introduction of KRW trading pairs for TONCOIN and METIS on Bithumb is a strategic move that will likely increase accessibility, liquidity, and trading volume for both tokens in the Korean market. With TONCOIN showing signs of a bullish reversal after breaking its downtrend and METIS benefiting from enhanced market access, both projects are poised for potential growth. The Bithumb listing is an important milestone, but it’s the technical breakout and market trends for both coins that suggest a strong future for both assets.
As trading begins on November 21, investors will be watching closely to see how the Korean market reacts, with many hoping that the positive momentum for TON and METIS will continue as these tokens gain further adoption and recognition in the global crypto landscape.
November 2024, Cryptoniteuae