Telegram’s cryptocurrency TON,
is experiencing significant downward pressure on the short-term, according to CoinDesk Research’s technical analysis model.
The token saw a 4.67% intraday decline to as low as $3.15 on high volume (3.65 million), though recent price action shows modest recovery attempts from the lows with new resistance forming at $3.24.
Technical Analysis
• Critical support zone established around $3.15-$3.16, confirmed by above-average trading volume.
• The steepest price drop occurred in a 4.67% intraday decline on exceptionally high volume (3.65 million), signaling strong selling pressure.
• Resistance forming at $3.24, though the overall trend remains bearish with lower highs established throughout the period.
• Recovery pattern observed in the last hour, climbing from $3.19 to $3.20, representing a 0.4% gain.
• Sharp sell-off saw price drop to $3.18, before quickly finding support and initiating a strong upward trajectory.
• New resistance level established at $3.21, with subsequent profit-taking pushing prices back to the $3.20 range where consolidation is occurring.
