Telegram-Associated Toncoin (TON) Plunges 8% as Critical $3.00 Support Crumbles
Global economic tensions and shifting trade policies continue to create volatility across cryptocurrency markets, with TON experiencing significant downward pressure.
The token's recent price action has formed a descending channel with consecutive lower highs and lows, breaking below key support levels on high trading volume.
Meanwhile, competing blockchain projects are gaining attention as investors seek alternatives amid market uncertainty, with some analysts projecting potential recovery for TON if it can establish support at current levels.
Technical Analysis Highlights
TON formed a descending channel with consecutive lower highs and lower lows over the past 24 hours.
Price broke below the critical $3.00 psychological support level during hours 9-12 on high volume (3.96M), indicating strong selling pressure.
A notable volume spike (4.43M) during the final trading hour suggests potential capitulation.
The modest bounce from the absolute low of $2.89 to close at $2.94 may indicate emerging support.
The $2.88-$2.90 zone now represents a crucial area to monitor for potential trend reversal.
A V-shaped reversal pattern formed in the last hour with strong momentum, breaking through the $2.90 psychological level on increasing volume.
A significant bullish impulse occurred between 13:36-13:38, pushing price up by 3.6% to establish new local highs near $2.94.
Despite profit-taking near the $2.95 resistance level around 13:48-13:49, TON has maintained support above $2.93.
External References
"$15M Gone? Telegram Crypto Project's Co-Founder Arrested For Alleged Fraud". Bitcoinist, published May 19, 2025.
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