TON Drops 8% Amid Geopolitical Tensions, Shows Signs of Recovery

Telegram’s token, TON, experienced a significant decline of 8% within a 24-hour period, with its price dropping from $3.20 to $2.93. This sharp decrease was attributed to the heightened geopolitical tensions following Israel's military actions against Iranian facilities and leadership late on Thursday night. The selloff was more pronounced for TON compared to other cryptocurrencies, as the CoinDesk 20 index, which includes the top 20 coins by market capitalization excluding stablecoins and memecoins, only saw a 6.2% decrease during the same period.

Despite the initial sharp decline, TON showed signs of stabilization. The token's price recovered slightly to $2.96, indicating a potential resurgence in buyer interest. Technical analysis revealed that TON experienced a significant correction of 8.4%, dropping from $3.20 to a low of $2.93 over a 24-hour period. The above-average volume of 3.36 million established a strong resistance at the $3.09 level, while a notable volume spike of 7.74 million created a high-volume support zone around $2.94. The price subsequently consolidated between $2.95 and $2.99, with recent price action showing signs of stabilization. In the last hour, TON showed recovery, climbing from $2.95 to $2.96, representing a 0.3% gain. Strong buying interest emerged with 284,843 units traded, establishing support at $2.96. Minor pullbacks quickly found support, suggesting resilient buyer interest.

The stabilization of TON's price, despite the initial selloff, can be attributed to several factors. Firstly, the high-volume support zone around $2.94 provided a strong foundation for the token's price to rebound. Secondly, the emergence of strong buying interest at $2.96 indicated that investors were willing to support the token's price at this level. Lastly, the minor pullbacks quickly finding support suggested that there was resilient buyer interest in TON, which helped to stabilize its price.

In conclusion, while TON experienced a significant decline in price following Israel's military actions against Iran, the token showed signs of stabilization. The high-volume support zone, strong buying interest, and resilient buyer interest all contributed to TON's price recovery. As geopolitical tensions continue to evolve, it remains to be seen how TON's price will be affected in the coming days. However, the token's recent price action suggests that it may be able to withstand further volatility and maintain its stability.