Toncoin (TON) Drops Below $3.00 Amid Global Market Volatility, Early Signs of Support Emerging
Toncoin (TON), the cryptocurrency connected to Telegram, has come under increased selling pressure as broader market uncertainties weigh on investor sentiment. Despite some signs of a late recovery, the token has struggled to maintain key support levels amid a volatile trading environment.
Over the past 24 hours, TON has traded within a descending channel, characterized by lower highs and lower lows, ultimately breaking below the critical $3.00 psychological support during peak trading hours on heavy volume. This breakdown reflects intensified selling momentum as global economic tensions and shifting policies continue to unsettle markets.
Investors are also eyeing rival blockchain projects as potential alternatives, which has added pressure on TON’s price. However, some analysts remain cautiously optimistic that if TON can find stable footing in the $2.88 to $2.90 range, it could spark a recovery.
Technical Breakdown:
- TON’s price formed a descending channel with consistent lower highs and lows over the last day.
- The $3.00 support level was breached between hours 9 and 12, accompanied by a volume surge of 3.96 million, signaling strong bearish sentiment.
- A notable volume spike of 4.43 million in the final trading hour suggests capitulation—a potential signal of selling exhaustion.
- After hitting an intraday low of $2.89, TON rebounded modestly to close near $2.94, indicating emerging buying interest.
- The $2.88–$2.90 zone now represents a critical support area for monitoring a possible trend reversal.
- A V-shaped reversal pattern developed late in the session, pushing TON back above $2.90 on increased volume.
- A sharp bullish impulse between 13:36 and 13:38 lifted the price by 3.6%, establishing new local highs around $2.94.
- Despite some profit-taking near resistance at $2.95, TON has managed to hold above $2.93 support, showing resilience.
Though TON remains under pressure, these technical signals may point toward stabilization if the token can sustain support amid ongoing global market uncertainty.
