Toncoin (TON), a prominent cryptocurrency, has experienced significant price fluctuations amid debates between former President Donald Trump and Elon Musk regarding the U.S. economy.
Technical Analysis of TON's Price Movement
According to CoinDesk Research's technical analysis model, the TON token underwent a sharp 7.7% correction on June 5. Key observations include:
- Price Drop: TON declined from $3.25** to **$3.00, establishing strong support at the psychological $3.00 level. High trading volume at this level indicates robust buyer interest.
- Recovery: Within 18 hours, TON rebounded 5.6%, reaching $3.17.
- Resistance Levels: Temporary hurdles at $3.11** and **$3.15 briefly slowed momentum before a 2.5% surge pushed prices past the $3.15 resistance.
- Support Zone: A new demand area formed between $3.16–$3.18, with consistent buyer activity during pullbacks.
Volume and Market Sentiment
- Peak trading volume exceeded 10 million TON during the sell-off.
- A post-recovery volume spike confirmed bullish momentum above $3.15.
- Profit-taking at $3.17** was followed by a higher low at **$3.16, suggesting sustained upward potential.
Broader Market Context
The CoinDesk 20 Index (excluding stablecoins, exchange tokens, and meme coins) fell 0.8% over the past 24 hours, reflecting broader market pressures.
👉 Why $3.00 is a critical level for TON's growth
FAQs
Q: What caused TON's price volatility?
A: Debates between Trump and Musk about the U.S. economy contributed to market uncertainty, impacting TON and other cryptocurrencies.
Q: How strong is the $3.00 support level for TON?
A: High trading volume at $3.00 confirms strong buyer interest, making it a reliable short-term support zone.
Q: What are the next resistance levels for TON?
A: Beyond $3.17**, watch **$3.25 (previous high) and $3.30 (psychological barrier) as potential targets.
Q: Is TON's recovery sustainable?
A: Consistent volume and higher lows suggest bullish momentum, but monitor macroeconomic factors for broader trends.
👉 Key strategies to trade TON's volatility
Disclaimer: This article was reviewed by our editorial team for accuracy. For more details, refer to CoinDesk’s AI policy.