TON Surges 2.7% on Massive Volume Before Sharp Reversal

TON-USD climbed from $3.156 to $3.24, showing remarkable strength with a 2.66% gain during a powerful breakout supported by high trading volume, according to CoinDesk Research’s technical analysis model. The cryptocurrency found support near the $3.19-$3.20 zone, forming a potential short-term double bottom pattern that could serve as a level for continuation of the broader uptrend.

The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — is up 1.1% in the last 24 hours.

Technical Analysis

• TON-USD demonstrated remarkable strength over the 24-hour period, climbing from $3.15 to a peak of $3.24, representing a range of $0.08 (2.66%).

• The price action formed a clear uptrend with higher lows and higher highs, culminating in a powerful breakout with the highest volume of the period (5.46M).

• Key support established at $3.15-$3.16 held firmly during multiple tests, while resistance at $3.20 was decisively broken on high volume, confirming the bullish momentum.

• The subsequent consolidation near $3.20 after reaching the $3.24 high suggests profit-taking but maintains most gains, indicating potential for continued upward movement if volume support persists.

• In the last hour, TON-USD experienced significant volatility, initially continuing its upward momentum to reach a peak of $3.23, representing a 0.5% gain.

• This bullish trend reversed sharply, with price cascading down to $3.19, marking a 2.7% decline from the peak.

• The sell-off was accompanied by high volume, indicating strong distribution.

• The price found support near $3.19 and staged a modest recovery to close at $3.2, forming a potential double bottom pattern.

• This price action suggests profit-taking following the earlier breakout, with the $3.19-$3.20 zone now established as a critical support level for potential continuation of the broader uptrend.

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