Key Highlights
- The TON cryptocurrency has shown a significant V-shaped recovery after a major correction, finding solid support at the $3.11 level, alongside increasing buying activity.
- Geopolitical issues and ongoing trade tensions across major economies are contributing to market volatility, with traditional markets correlating closely to cryptocurrency movements.
Market Overview
The cryptocurrency sector continues to deal with uncertain conditions, yet TON, the native token of The Open Network, has managed to bounce back, establishing support above the $3.10 mark. This rebound is indicated by a symmetrical triangle formation that suggests potential for a significant price shift—up to 40%—in either direction, with the current indicators suggesting a bullish outlook.
Technical Analysis
- The TON-USD pair experienced notable fluctuations over the last 24 hours, forming a trading range of 3.7%.
- A pronounced V-shaped recovery pattern was observed, peaking at $3.21 prior to dipping back to $3.10.
- Strong trading volume emerged at the $3.11 mark, indicating a surge in buying across various hourly candles.
- The recovery period demonstrates positive momentum with an upward trend channel established by progressively higher lows.
- The price regained the $3.15 level, albeit with declining volume, hinting at potential consolidation.
- In the final hour, the price of TON-USD rose from $3.12 to $3.15, reflecting a 1.8% increase.
- A decisive breakout occurred as the price exceeded the $3.14 resistance level, supported by robust volume confirmation.
- The prevailing technical framework, coupled with decreased selling pressure observed in the closing moments, indicates the possibility of continued upward movement if the new support at $3.15 remains intact.
