TON Slips as Selling Pressure Mounts Despite Recovery Attempts

Telegram’s cryptocurrency TON, TON is experiencing significant downward pressure on the short-term, according to CoinDesk Research's technical analysis model.

The token saw a 4.67% intraday decline to as low as $3.15 on high volume (3.65 million), though recent price action shows modest recovery attempts from the lows with new resistance forming at $3.24.

The token is down 3% in the last 24 hours. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — lost 3.2%.

Technical Analysis

• Critical support zone established around $3.15-$3.16, confirmed by above-average trading volume.

• The steepest price drop occurred in a 4.67% intraday decline on exceptionally high volume (3.65 million), signaling strong selling pressure.

• Resistance forming at $3.24, though the overall trend remains bearish with lower highs established throughout the period.

• Recovery pattern observed in the last hour, climbing from $3.19 to $3.20, representing a 0.4% gain.

• Sharp sell-off saw price drop to $3.18, before quickly finding support and initiating a strong upward trajectory.

• New resistance level established at $3.21, with subsequent profit-taking pushing prices back to the $3.20 range where consolidation is occurring.

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.