Overview

The cryptocurrency market has been volatile, and the Telegram-associated token, TON, is currently facing challenges. It struggled to gain momentum past the significant resistance level of $3.24, amid heightened selling pressures.

What to Know:

• Support is appearing around $3.17-$3.18, where buyers have intervened consistently.
• Recent price stabilization near $3.19 indicates market hesitation following the resistance rejection.
• In the last hour, the price dropped from $3.21 to $3.18, marking a 0.9% decline with substantial selling volume exceeding 150,000 units.

Market Analysis

Despite breaking out of a downward trend channel, this price point signals possible optimism about moving away from ongoing declines, suggesting that the new resistance levels may be positioned between $4.23 and $4.26.

Technical Insights:

• TON experienced a trading range change of $0.065 (2.05%) over the past 24 hours.
• The $3.24-$3.25 zone faced significant selling activity.
• Initial momentum towards $3.21 was followed by a sudden sell-off.
• Selling activity surged, with volumes exceeding 150,000 units.
• The final settlement at $3.18 indicates a temporary halt in selling pressure.