What to know:
- Toncoin faced a 7.59% price fluctuation, achieving support around $2.75 due to strong buying at lower levels.
- The coin increased by 3% in the past 24 hours, comparatively lower than the CoinDesk 20 index, which rose by 5.5%.
- Resistance remains at the $2.93 mark, with psychological support observed at $2.90.
Following notable volatility with prices fluctuating between $2.72 and $2.93, strong purchase interest emerged for Toncoin at lower price levels, as indicated by CoinDesk Research’s technical analysis model.
The recent performance showed that Toncoin increased by 3% within the last 24 hours, significantly lagging behind the CoinDesk 20 index, which saw a rise of 5.5% during the same timeframe.
Technical Analysis:
- 7.59% price swing between low at $2.72 and a high at $2.93 over 24 hours.
- Strong buying activity was recorded with above-average volume (4.08M), establishing a support level around $2.75.
- An upward trend established a peak at $2.93 before stabilizing between $2.89-$2.91.
- Consistently higher lows throughout indicate a strengthening bullish market trend.
Resistance around $2.93 is critical for future price movement, while a slight price correction was noted, with a decline of 0.27% from $2.91 to $2.90. Overall, the trading session saw significant downward volatility reaching a low of $2.89, followed by a sharp rebound with substantial volume pushing prices temporarily above $2.91.
The final 15 minutes confirmed a stabilization between $2.90-$2.90, marking the establishment of new short-term support. The $2.90 price level is emerging as a psychological support area that will be keenly observed by traders.
