Toncoin shot above the $3 level recently, establishing this trend on the back of heavy trading volumes. The impetus behind the price movement, which was evaluated through CoinDesk research’s technical analysis model, showed definitive support levels and buyer tenacity.

During the initial part of the time frame, Toncoin formed a strong support level from $2.94 to $2.96. Second, this strong base laid the groundwork for a powerful breakout above the pivotal $3.00 level. The first wave was backed by deep liquidity through eye-catching veteran trading volumes. These systems saw a total of 1.87 million and 1.54 million units change hands, respectively, solidifying the strong upward momentum.

With the breakout, Toncoin created a bullish continuation formation, building up support at $2.985. Not surprisingly, buyers quickly rushed back into the market after an equally fast drop to $2.98. This drop caused the largest volume surge at 2.97 million. This remarkable resilience further emphasizes the strong underlying bullish sentiment that Toncoin has going for it.

Unlike the final breakout above $3.00 which was due to high volume, that breakout came with only 272,668 units traded. After the latest move, Toncoin has formed a new local support level at the $3.00-$3.01 zone, confirming the bullish trend even more. Over the past day, Toncoin has increased by 1.5%. Still, it has lagged behind the CoinDesk 20, which has jumped 3.6% for a much bigger move to the upside.

Toncoin’s capability to find substantial support at $2.94-$2.96 prior to the start of its upward path discusses its capacity for more growth. This remarkable resilience, despite moments of retreat, indicates a strong market demand and confidence in this cryptocurrency.