TON Up 3% After Volatile Session, Establishes New Support Level

Following a period of volatility where prices swung between $2.72 and $2.93, strong buying emerged for Toncoin at lower levels, according to CoinDesk Research’s technical analysis model. The coin is up 3% 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 5.5% in the same period of time.

Technical Analysis:
– Price experienced a 7.59% swing between $2.72 low and $2.93 high over 24 hours.
– Strong buying emerged with above-average volume (4.08M), establishing support around $2.75.
– A steady uptrend formed with a peak of $2.93 before consolidation in the $2.89-$2.91 range.
– Higher lows throughout the period indicate strengthening bullish momentum.
– Resistance around $2.93 remains a key level for potential breakout.
– A small price correction, declining 0.27% from $2.91 to $2.90.
– Significant downward volatility, reaching a session low of $2.89.
– A sharp recovery with above-average volume (58K+), pushing prices above $2.91 briefly.
– The final 15 minutes showed consolidation between $2.90-$2.90, establishing new short-term support.
– The $2.90 level is emerging as a key psychological support area.

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