TON Drops 8% Amid Middle East Turmoil, Yet Shows Early Signs of Price Stability
Telegram’s native token TON fell sharply by 8% in the past 24 hours, sliding from $3.20 to a low near $2.93, as escalating geopolitical tensions following Israeli strikes on Iran shook crypto markets. The CoinDesk 20 index, which tracks the largest digital assets, recorded a more modest decline of 6.2% over the same period.
Chart Analysis:
- TON’s price experienced a notable 8.4% correction, hitting a bottom at $2.93 within one day.
- Trading volume surged to 3.36 million, creating a strong resistance level around $3.09.
- A significant volume spike of 7.74 million coins formed a solid support base near $2.94.
- After the drop, the price consolidated between $2.95 and $2.99, hinting at market balance.
- In recent trading sessions, TON modestly rebounded by 0.3%, climbing back from $2.95 to $2.96.
- Active buying interest surfaced with 284,843 tokens exchanged, helping to hold support at $2.96.
- Minor retracements have quickly found footing, indicating persistent demand despite external pressures.
While the immediate reaction to geopolitical unrest caused a sharp downturn, technical indicators suggest that TON may be stabilizing, with buyers stepping back in at key support levels.
