Toncoin (TON) Drops Below $3.00 Support Amid Market Volatility
Global economic tensions are causing volatility in cryptocurrency markets, impacting the price of TON significantly.
Recent price action indicates a descending channel with lower highs and lows, resulting in a breach below key support levels.
Investors are exploring alternatives as market uncertainty grows. Analysts suggest potential recovery for TON if it secures support at current levels.
Technical Analysis Highlights
- TON has formed a descending channel with lower highs and lower lows over the past 24 hours.
- Price broke below the $3.00 psychological support level on high volume (3.96M), indicating strong selling pressure.
- A notable volume spike (4.43M) during the final trading hour suggests potential capitulation.
- The bounce from the low of $2.89 to close at $2.94 may indicate emerging support.
- The $2.88-$2.90 zone is crucial for monitoring potential trend reversal.
- A V-shaped reversal pattern formed in the last hour, breaking through the $2.90 level on increasing volume.
- A bullish impulse occurred between 13:36-13:38, pushing the price up by 3.6% to new local highs near $2.94.
- Despite profit-taking around $2.95 resistance, TON has maintained support above $2.93.
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