The Telegram-affiliated cryptocurrency TON (Toncoin) failed to sustain upward momentum after testing key resistance at $3.24, retreating to $3.18 as elevated selling volume and broader macroeconomic uncertainty weighed on price action.
What to Know
- Resistance Rejection: TON-USD faced heavy selling at $3.24–$3.25, halting bullish progress after a brief move to $3.21.
- Last-Hour Decline: The token dropped from $3.21 to $3.18, marking a 0.9% pullback with trading volume exceeding 150,000 tokens, signaling aggressive seller presence.
- Support Base: Buyers have consistently supported the price at $3.17–$3.18, where the market has found temporary stability.
Technical Analysis
- 24-Hour Range: $3.18 – $3.24, reflecting a 2.05% intraday swing ($0.065 range).
- Descending Channel Breakout: TON has recently broken out of a longer-term descending channel, suggesting the potential end of a prolonged downtrend.
- Current Trend: Price consolidation around $3.19 reflects market indecision, with bullish structure yet to confirm continuation.
- Next Key Resistance: $3.24 remains the short-term resistance, while the larger breakout target sits between $4.23–$4.26, contingent on broader market recovery and sustained momentum.
Market Insight
The near-term tone for TON remains neutral-to-bearish, pending a clear break above $3.24 with volume confirmation. The recent breakout from the descending channel is technically significant, but follow-through buying is necessary to shift the intermediate trend decisively bullish.
Traders should monitor the $3.17 support closely. A breakdown could reintroduce downside pressure toward the $3.10 zone, while a break above $3.24 may spark renewed upside toward $3.40 and beyond.
