Toncoin (TON) Heats Up: Will the 9% Price Spike and 657% Volume Surge Trigger a Bigger Bull Run?

• Toncoin jumps 9.85%, reaching $3.27.
• TON’s daily trading volume skyrockets 657%.

The crypto market has kept on its bearish momentum, with the assets rebounding. Specifically, the value of the fear and greed index is at 65, showing the greed sentiment. The major assets, such as Bitcoin (BTC) and Ethereum (ETH) at the proximity to the $107.6K and $2.7K levels. Among the altcoins, Toncoin (TON) has registered a solid gain of over 9.85% in the last 24 hours

TON’s crucial resistance levels between $3.12 and $3.60 have been tested to confirm the bullish shift. Further upside correction could bring in more gains to kickstart a strong rally. In the early hours, the asset has been trading within the bottom range of $2.98. With the bulls in command, Toncoin has jumped to the $3.69 mark

Toncoin is trading within the $3.27 range, at the time of writing, with its market cap reaching $8.15 billion. Daily trading volume has risen by more than 657%, standing at $1.24 billion. Furthermore, the market has experienced the liquidation of $8.04 million in TON, according to data from Coinglass.

Will Toncoin Hold the Rally or Shift Gears?

The steady bullish pressure of TON has triggered the price to jump above the crucial resistance zone at $3.31. Assuming the asset’s prolonged gain, the Toncoin might push the golden cross to form, and the price could ascend, gaining footing and reaching the $3.45 mark or even higher

Contrarily, if the ongoing trend takes a turn, the price might straight away retrace and test the $3.20 support level. The protracted bearish momentum of Toncoin could likely invite the death cross to emerge, which opens the door for a steep decline toward the $3 range

*TON chart (Source: TradingView)*Toncoin’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line, indicating bullish momentum, and the buying pressure is increasing, with a potential uptrend forming. Besides, the Chaikin Money Flow (CMF) indicator of the asset is found at -0.07, suggesting a mild selling pressure. Also, the money is flowing out of the asset, which potentially hints at a bearish sentiment.

In addition, the asset’s Bull Bear Power (BBP) value is resting at 0.180, signalling a moderate bullish pressure in the market, supporting the upward price movement. Toncoin’s daily relative strength index (RSI) at 62.49 points out the positive momentum, and the asset has room to rise before hitting the overbought zone.

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