TON Drops 3.1% as Volatility Rocks Crypto Market
The cryptocurrency shows short-term signs of stabilization after a V-shaped recovery pattern emerged.
Toncoin TON is experiencing heightened volatility amid broader market turbulence, with significant selling pressure breaking through the $2.92 support level during peak trading hours, according to CoinDesk Research’s technical analysis model.
Despite the sharp decline, buyers have emerged near the $2.87 level, forming what appears to be a potential stabilization zone. The cryptocurrency's recent price action shows a clear resistance zone around $2.99, with multiple failed attempts to breach this threshold suggesting continued bearish momentum in the short term.
The token has dropped 3.1% in the last 24 hours, while the CoinDesk 20 the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — lost only 1.7%.
Technical Analysis
• Most pronounced selling pressure occurred with high volume (7.07M) breaking through the $2.92 support level.
• A notable resistance zone formed around $2.99, with multiple failed attempts to breach this threshold.
• Current price action suggests potential stabilization forming near the $2.87 level with moderate buying interest emerging after the decline.
• Overall price action indicates bearish momentum with increased volatility, suggesting traders should monitor the $2.85 support level closely.
• Price formed a clear V-shaped reversal pattern with a significant bottom at $2.85.
• The $2.880-$2.900 zone remains a critical resistance area to monitor for continuation of the uptrend.
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.
