TON Faces Selling Pressure After Breakdown of $3.16 Support Level
Recent analysis indicates that TON faced challenges in maintaining price stability. Key points include:
- Failed breakout attempt at $3.22, followed by increased selling pressure.
- Overall market, represented by the CoinDesk20 Index, remained flat.
- Technical indicators suggest bearish momentum with lower highs and lower lows.
- Breakdown of $3.16 support confirmed by high-volume selling, indicating potential further decline.
- Formation of a double top pattern at $3.18 preceded the breakdown.
- Price fluctuations included a 1.2% swing within one hour, reflecting growing market instability.