Recent price action reveals TON’s struggle to maintain stability, with a failed breakout attempt at $3.22 followed by accelerated selling during peak trading hours, according to CoinDesk Research’s technical analysis model.
The move comes as the broader market gauge, CoinDesk20 Index, remained flat.
Technical indicators paint a potential bearish picture on the short-term timeframe as the formation of lower highs and lower lows suggests building bearish momentum.
The breakdown of the $3.16 support level, confirmed by high-volume selling, has opened the door to further potential downside as global economic tensions continue to reshape investor priorities across both traditional and cryptocurrency markets.
Technical analysis highlights
• Failed breakout attempt at the $3.22 resistance level, followed by consistent selling pressure.
• Accelerated selling with above-average volume.
• Notable support emerged at $3.16, where buyers previously stepped in with strong volume.
• Formation of lower highs and lower lows since the rejection at $3.22 suggests bearish momentum.
• A short-term double top pattern formed at the $3.18 level before breaking down.
• High volume selling pushed prices down to $3.16, confirming the breakdown of the $3.16 support level.
• 1.2% price swing within the hour demonstrates increasing market instability.