Toncoin Slips as Traders React to Failed Breakout and Rising Sell Volumes
Toncoin (TON) saw a notable downturn Tuesday as bullish momentum faded and technical signals shifted into bearish territory. After testing resistance near $3.22, the token failed to push higher, instead reversing course and triggering a slide below $3.16, a level that had previously served as strong short-term support.
The price decline was accompanied by a surge in volume, suggesting that traders were quick to react to the failed breakout. CoinDesk Research flagged the emergence of a double-top pattern — a classic reversal indicator — near $3.18, reinforcing the view that TON’s recent rally may be running out of steam.
Technical charts now show a progression of lower highs and lower lows, underscoring a potential trend reversal in the short term. Meanwhile, intraday volatility spiked, with TON logging a 1.2% swing during peak U.S. trading hours.
While the broader CoinDesk 20 Index remained relatively flat, TON’s movement diverged, hinting at asset-specific weakness rather than broader market contagion.
With downside momentum building, traders are eyeing the $3.10 level as the next key support. A failure to hold there could set the stage for deeper losses, unless new catalysts re-ignite bullish sentiment.
