TON Struggles Under Market Pressure Amid Global Uncertainty, Shows Signs of Potential Support
Despite some late-session recovery, Toncoin (TON), the token associated with Telegram, continues to face mounting challenges amid ongoing global economic tensions and volatile market conditions.
Shifting trade policies and geopolitical uncertainties have contributed to heightened volatility across the cryptocurrency space, with TON under significant downward pressure. The token’s recent price action reveals a descending channel characterized by consecutive lower highs and lows, punctuated by breaks below critical support levels on high trading volume.
As investors seek alternatives amid uncertainty, competing blockchain projects have gained traction, though some analysts remain cautiously optimistic about TON’s recovery prospects if it can stabilize at current price levels.
Technical Analysis Summary:
- TON has formed a descending channel with consecutive lower highs and lower lows over the past 24 hours.
- The token broke below the key psychological support level of $3.00 between hours 9-12, accompanied by heavy trading volume of 3.96 million, signaling strong selling pressure.
- A volume spike of 4.43 million during the final trading hour suggests potential capitulation among sellers.
- Following an absolute low of $2.89, TON bounced modestly to close near $2.94, hinting at emerging support around this area.
- The $2.88–$2.90 price range now stands as a critical zone to watch for a possible trend reversal.
- A V-shaped recovery pattern emerged in the last hour, breaking above the $2.90 psychological mark on rising volume.
- Between 13:36 and 13:38, a strong bullish impulse pushed the price up 3.6%, setting new local highs near $2.94.
- Despite some profit-taking near the $2.95 resistance around 13:48–13:49, TON has held firm above $2.93 support.
While TON remains under pressure, these technical signals may point to a short-term stabilization phase if the token can maintain support levels amid broader market uncertainty.
