Toncoin Attempts Rebound After Steep Losses Amid Crypto Market Turbulence
Toncoin (TON) is striving to recover following sharp price swings that pushed it below critical support levels, according to technical analysis from CoinDesk Research.
Over the past 24 hours, TON has declined by 3.1%, underperforming the broader CoinDesk 20 Index, which slipped 1.7% during the same period.
Intense selling pressure earlier in the session drove TON beneath the $2.92 support zone, accompanied by a significant trading volume of roughly 7.07 million tokens. Despite this downturn, buying activity picked up around the $2.87 level, suggesting traders are working to establish a new price floor.
Still, TON faces a stiff ceiling near $2.99, where multiple attempts to break higher have failed, keeping the short-term outlook cautious.
Technical Highlights:
- A wave of selling forced TON below the $2.92 support, with about 7.07 million tokens changing hands.
- Strong resistance has formed near $2.99, where upward moves have repeatedly stalled.
- Buyers intervened around $2.87, hinting at possible support and potential price stabilization.
- A V-shaped bounce from the $2.85 low indicates momentum for recovery if resistance levels can be overcome.
- The $2.880–$2.900 range is a key zone for confirming any sustained upward movement.
- The $2.85 support remains crucial for determining TON’s immediate price direction.
While Toncoin is attempting to bounce back from recent losses, its next move hinges on breaking above stubborn resistance levels. For now, the token’s outlook remains cautiously optimistic.
