Cryptocurrency markets experienced notable price swings recently, with Toncoin (TON) standing out amid ongoing debates about the U.S. economy. On June 5th, TON faced a sharp 7.7% correction, dropping from $3.25 to $3.00. Despite this dip, strong support emerged at the psychologically critical $3.00 level, driven by high trading volumes that indicated robust buyer interest.
Technical analysis reveals TON forming a resilient support zone between approximately $3.164 and $3.168, where buyers consistently step in during minor pullbacks. The asset’s hourly volume profile shows sustained buying interest, even amidst recent volatility. Following the correction, TON rebounded by 5.6% over 18 hours, returning to roughly $3.17, with recent price action highlighting temporary resistance at $3.11 and $3.15.
In the last hour, TON experienced a 2.5% surge from $3.14 to $3.17, breaking through key resistance at $3.15 on significant volume spikes. The formation of a support zone between $3.16 and $3.18, combined with ongoing buyer interest, suggests a bullish sentiment remains intact. Profit-taking was observed at $3.17, but a higher low at $3.16 indicates the bullish structure is holding strong.
While the broader CoinDesk 20 index has declined by 0.8% over the past day, TON’s recent activity demonstrates resilience amidst overall market fluctuations. Keep an eye on these technical levels and volume signals for insights into TON’s potential next moves in the dynamic crypto landscape.
