TON Finds 'Strong Support' at $3.00 Level Amid Wild Crypto Price Swings

TON Finds 'Strong Support' at $3.00 Level Amid Wild Crypto Price Swings
CoinDesk
CoinDesk
TON-1.75%

Toncoin TON among cryptocurrencies that saw significant price volatility amid the tussle between President Trump and Elon Musk on the state of the U.S. economy.

The TON token saw a sharp 7.7% correction on June 5th, according to CoinDesk Research's technical analysis model. After dropping from $3.25 to $3.00, the asset found "strong support" at the psychologically important $3.00 level, where high trading volume indicated substantial buyer interest, the model showed.

Recent price action shows TON forming a potential support zone between $3.164-$3.168, with buyers consistently stepping in during minor pullbacks. The hourly volume profile indicates sustained buying interest despite previous volatility.

The move comes as the CoinDesk 20 (an index of the top 20 cryptocurrencies by market cap except for stablecoins, exchange coins and memecoins) is down 0.8% in the last 24 hours.

Technical analysis highlights

• TON experienced a 7.7% correction from $3.25 to $3.00 with peak volume exceeding 10 million units during the sell-off.

• Strong support established at the $3.00 psychological level, creating a high-volume demand zone.

• Recovery of 5.6% over 18 hours brought the token’s price back to $3.17.

• Temporary resistance levels at $3.11 and $3.15 briefly slowed momentum.

• Recent 2.5% surge from $3.14 to $3.17 in the last hour.

• Significant volume spike broke through key resistance at $3.15.

• Support zone formed at $3.16-$3.18 with consistent buyer interest during pullbacks.

• Profit-taking was observed at $3.17, followed by a higher low at $3.16, indicating continued bullish structure.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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