Toncoin TON established strong support at $2.94-$2.96 before making a decisive move upward, demonstrating resilience even after a sharp pullback, according to CoinDesk research’s technical analysis model.
The token is up 1.5% in the last 24 hours, underperforming the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — which has risen 3.6%.
Technical Analysis
• Price formed a solid support zone at $2.94-$2.96 early in the period, followed by a decisive breakout above $3.00.
• Significant above-average volume (1.87M and 1.54M) supported the initial breakout.
📖 Related Reading
- 📰 Crypto Daybook Americas: Bitcoin Holds Above $100K as Iran, Israel Trade Blows
- 📰 Bitcoin, Dogecoin, Ether Could See Profit-Taking Even as Macro Conditions Improve
• Despite a sharp pullback to $2.98 with the highest volume spike (2.97M), buyers quickly returned.
• A strong consolidation pattern formed, establishing support at $2.985.
• High volume (272,668 units) triggered the final breakout above $3.00.
• New support zone established at $3.00-$3.01, confirming strength of the uptrend.
** Disclaimer:** Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
🔗 You Might Also Be Interested In
Crypto Daybook Americas: Bitcoin Holds Above $100K as Iran, Israel Trade Blows
Bitcoin, Dogecoin, Ether Could See Profit-Taking Even as Macro Conditions Improve
AVAX Plunges 13% as Crypto Sinks on Rise in Mideast Tensions
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!