Toncoin Rebounds After Sharp Drop Amid Trump-Musk Economic Feud

Toncoin (TON) is among the cryptocurrencies experiencing high volatility as tensions escalate between President Donald Trump and Elon Musk over U.S. economic policy. The token suffered a sharp 7.7% decline on June 5, falling from $3.25 to $3.00. However, technical analysis from CoinDesk Research shows strong support emerged at the $3.00 level, signaling significant buying interest at this psychologically important threshold.

Despite the downturn, Toncoin quickly recovered. A bounce-back of 5.6% over the next 18 hours lifted prices to $3.17. The recent rally included a 2.5% jump from $3.14 to $3.17 within a single hour, driven by a substantial spike in trading volume. This breakout helped TON breach key resistance at $3.15, reinforcing short-term bullish momentum.

Market behavior indicates the formation of a new support zone between $3.16 and $3.18. Buyers have consistently entered during minor pullbacks, reinforcing the demand structure. While profit-taking occurred near $3.17, the price maintained a higher low at $3.16, suggesting continued positive momentum.

The broader crypto market also felt pressure, with the CoinDesk 20 Index slipping 0.8% over the same 24-hour period. However, Toncoin's resilience, defined by its volume-supported recovery and buyer engagement, sets it apart from other altcoins affected by the broader macro drama.

With TON stabilizing above $3.16, market watchers are closely eyeing whether this rally can extend further or if resistance levels will push the price into consolidation. Either way, the recent price action underscores Toncoin's growing relevance in times of heightened crypto market uncertainty.