Telegram's TON has seen a notable 4.67% drop today, falling to $3.15 amidst significant selling pressure and high trading volume of 3.65 million. Although it has shown some attempts to recover, with the price bouncing back to $3.20, the overall sentiment remains bearish. The critical support level is identified between $3.15 and $3.16, while resistance is emerging at $3.24. To highlight the market dynamics, the CoinDesk 20 index, which tracks the top cryptocurrencies excluding stablecoins and memecoins, also dipped by 3.2% as broader trends affect trading patterns. Expert technical analysis indicates that although short-term recoveries are possible, the presence of lower highs throughout the period signals continued caution for investors.
TON Faces Selling Pressure Amid Recovery Attempts
Telegram's cryptocurrency TON decreases 4.67% intraday, facing strong selling pressure, with a new resistance forming at $3.24.
Jamie Bennett
Crypto Analyst
5 min read
13,301
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
TON
TON
SELL
Entry Price
$3.2
Confidence
30%
Stop Loss
$3.1
Take Profit
$3.25 - $3.3
The market analysis suggests a bearish trend with significant downward pressure despite short-term recovery attempts. A cautious stance is recommended.
