Toncoin TON is experiencing heightened volatility amid broader market turbulence, with significant selling pressure breaking through the $2.92 support level during peak trading hours, according to CoinDesk Research’s technical analysis model. Despite the sharp decline, buyers have emerged near the $2.87 level, forming what appears to be a potential stabilization zone. The cryptocurrency's recent price action shows a clear resistance zone around $2.99, with multiple failed attempts to breach this threshold suggesting continued bearish momentum in the short term. The token has dropped 3.1% in the last 24 hours, while the CoinDesk 20 the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — lost only 1.7%. Technical Analysis • Most pronounced selling pressure occurred with high volume (7.07M) breaking through the $2.92 support level. • A notable resistance zone formed around $2.99, with multiple failed attempts to breach this threshold. • Current price action suggests potential stabilization forming near the $2.87 level with moderate buying interest emerging after the decline. • Overall price action indicates bearish momentum with increased volatility, suggesting traders should monitor the $2.85 support level closely. • Price formed a clear V-shaped reversal pattern with a significant bottom at $2.85. • The $2.880-$2.900 zone remains a critical resistance area to monitor for continuation of the uptrend. 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 .
