TON, the cryptocurrency linked to Telegram, has recently experienced a notable short-term reversal pattern, transitioning from bearish to bullish. This shift was marked by a key support level at $3.25 following significant selling pressure that caused a volume spike exceeding 152K within just one hour, as highlighted by CoinDesk Research’s technical analysis model.
In the broader context, the CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization (excluding stablecoins, memecoins, and exchange coins), has seen an uptick of 2.5% within the past 24 hours, indicating a generally positive sentiment in the market.
Technical Analysis
• The price of TON experienced a decline from $3.33 to $3.26, reflecting a decrease of 2% over the last 24 hours.
• A significant selloff prompted by increased trading volume saw prices sharply drop to $3.26, with trading volume hitting 8.23 million—nearly three times the 24-hour average.
• Critical support has emerged at the $3.22-$3.23 range, while resistance levels are noted at $3.34-$3.35 where selling pressure has previously intensified.
• The 4-hour moving average continues to decline, suggesting potential further weakness in the near term.
• A bearish-to-bullish reversal pattern was observed in the last hour, with the price dropping to $3.25 before recovering back to $3.26.
• The $3.25-$3.26 zone is establishing itself as a potential key short-term support level.
• Resistance remains significant at $3.28, where selling pressure has brought about challenges earlier in trading.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
