Telegram’s TON Token Finds Key Support Around $3.20 Amid Strong Breakout and Volatility
The Telegram token (TON-USD) showed notable strength on Monday, climbing from $3.156 to a high of $3.24 — a 2.66% gain fueled by heavy trading volume, according to CoinDesk Research’s technical analysis.
After finding firm support near the $3.19–$3.20 range, TON formed a potential short-term double bottom pattern, which could serve as a foundation for continued upward momentum in the broader trend.
The CoinDesk 20 Index, which tracks the top 20 cryptocurrencies by market cap excluding stablecoins, memecoins, and exchange tokens, rose 1.1% over the past 24 hours.
Technical Highlights
- TON’s price steadily increased from $3.15 to $3.24 over the day, representing a robust 2.66% intraday rise.
- The token established a clear uptrend marked by higher lows and higher highs, culminating in a breakout supported by a peak trading volume of 5.46 million tokens.
- Strong support between $3.15 and $3.16 held firm during multiple retests, while the $3.20 resistance level was decisively broken on high volume, confirming bullish momentum.
- After reaching $3.24, the price consolidated near $3.20, indicating some profit-taking but preserving most gains and suggesting room for further upside if volume remains strong.
- In the last hour, TON briefly pushed higher to $3.23 (+0.5%) before sharply reversing down to $3.19, a 2.7% decline from the peak, on heavy volume signaling strong selling pressure.
- The price then found support near $3.19 and staged a modest recovery, closing around $3.20, reinforcing the $3.19–$3.20 zone as a critical support area and the potential start of a double bottom formation.
This price action points to short-term profit-taking after a strong breakout, while the key support zone near $3.20 may provide a solid base for TON’s next leg higher.
