The cryptocurrency TON-USD experienced significant movement recently, rising from $3.156 to a high of $3.24, which reflects a 2.66% increase. This upward momentum was marked by increased trading volume, indicating a strong level of interest among investors. The price action established key support levels around $3.19-$3.20, forming a potential double bottom pattern, suggesting a sustained bullish trend could be on the horizon.
During this period, the CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization (excluding stablecoins and memecoins), rose by 1.1%. Notably, the volume for TON reached 5.46 million, correlating with the breakout past the significant resistance level at $3.20.
Despite this initial surge, the price action revealed a sharp reversal, dropping to $3.19 within an hour after the high, signaling a sell-off with strong distribution indicated by high volume. Ultimately, the cryptocurrency recovered slightly, closing at $3.20, which has now solidified as a critical support zone. Technical analysts view this price behavior as profit-taking following the breakout, yet the established support could open doors for continued upward momentum if the prevailing volume remains supportive.
During this period, the CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization (excluding stablecoins and memecoins), rose by 1.1%. Notably, the volume for TON reached 5.46 million, correlating with the breakout past the significant resistance level at $3.20.
Despite this initial surge, the price action revealed a sharp reversal, dropping to $3.19 within an hour after the high, signaling a sell-off with strong distribution indicated by high volume. Ultimately, the cryptocurrency recovered slightly, closing at $3.20, which has now solidified as a critical support zone. Technical analysts view this price behavior as profit-taking following the breakout, yet the established support could open doors for continued upward momentum if the prevailing volume remains supportive.
