The Open Network (TON) cryptocurrency is gaining significant momentum, climbing 4.1% in the past 24 hours. Technical analysis indicates a clear uptrend characterized by higher lows and higher highs, with the price breaking through key short-term resistance levels on strong trading volume before settling near $3.35.
The broader market is also showing strength, with the CoinDesk 20 index—comprising the top 20 cryptocurrencies by market cap, excluding exchange coins, memecoins, and stablecoins—rising 3.7% during the same period.
Here’s a closer look at TON’s recent price action:
– The token surged from $3.20 to a peak of $3.39, marking a 6.03% increase.
– A robust breakout occurred amid a spike in trading volume, reaching 5.77 million, well above the 24-hour average.
– Support levels are solidified at $3.27, with multiple bounces on higher-than-average volume confirming this floor.
– The resistance at $3.33 was decisively broken on high volume, suggesting potential for further upside.
– After the rally, TON has consolidated around $3.35, indicating some profit-taking but maintaining most gains.
– Recent volatility saw a slight 1.24% correction from $3.38 to $3.34. Support held around $3.33, tested multiple times with decreasing volume, hinting at ongoing consolidation.
As the market continues to evolve, TON’s breakout and volume signals point to promising upward momentum. Investors should watch for sustained support above $3.27 and a successful break past $3.33 to confirm further bullish moves.
Stay tuned for the latest updates on cryptocurrency trends and market insights to make informed trading decisions!
