Toncoin (TON) is showing renewed strength following a volatile trading session, registering a 3% price increase over the past 24 hours. Despite underperforming the broader crypto market, bullish sentiment appears to be building, particularly at lower levels of the recent trading range.
Volatile Swing Establishes Support Zone Around $2.75
The cryptocurrency experienced a 7.59% intraday swing, with prices fluctuating between $2.72 and $2.93. The strongest buying activity was observed near the $2.75 mark, indicating the emergence of a key support zone.
“Strong buyer interest was confirmed by above-average volume of 4.08 million,” signaling institutional or large investor activity at these levels.
TON Trails Broader Market, But Holds Uptrend Structure
While TON underperformed the CoinDesk 20 Index, which posted a 5.5% gain during the same timeframe, the uptrend remains structurally intact.
- The price reached a session peak of $2.93 before entering a narrow consolidation range between $2.89 and $2.91.
- Higher lows have been recorded throughout the session, a classic indicator of increasing bullish pressure.
Key Resistance and Psychological Support Zones
The $2.93 level remains the key resistance to watch for any meaningful breakout. A confirmed move above this threshold could potentially trigger a short-term rally toward $3.00 and beyond.
Meanwhile, $2.90 has emerged as a psychological support level, with multiple rebounds observed from that mark in the last trading cycle.
“The final 15 minutes of the session showed price consolidation between $2.90 and $2.90,” a potential base for the next upward move.
Volume Signals Confidence in Recovery
In addition to solid technical structure, trading volume remains elevated, especially during recovery spikes. For example, a brief drop to $2.89 was followed by an immediate rebound above $2.91, driven by a surge in volume exceeding 58,000 trades per minute.
This buy-the-dip behavior reinforces short-term investor confidence and highlights increasing support at every minor pullback.
Outlook: Consolidation Before Breakout?
If Toncoin maintains support above $2.90, and volume continues to favor bulls, the chances of breaking the $2.93 resistance level improve significantly. For now, the $2.75–$2.93 range remains the active battleground, with bulls gradually gaining ground.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.