The cryptocurrency market is experiencing heightened volatility amid escalating global economic tensions, with Telegram-linked token TON consolidating after reaching key resistance levels. Recent price action shows TON-USD struggling to establish momentum above the $3.24 resistance zone, where significant selling pressure emerged with above-average trading volumes.
Even so, TON has broken out of a descending channel, potentially signaling an end to its months-long downtrend, with key resistance now at the $4.23-$4.26 range.
Technical Analysis
• TON exhibited a trading range of 0.065 USD (2.05%) over the 24-hour period.
• Significant selling pressure emerged at the $3.24-$3.25 zone.
• Price initially showed strength, reaching a peak of $3.21 before encountering a sharp sell-off.
• Selling intensified with volume surpassing 150,000 units.
• TON settled at $3.18 with diminishing volume, suggesting temporary exhaustion of selling pressure.