TON-USD Fails to Break $3.24 Resistance, Falls 0.9%

TON-USD, the cryptocurrency linked to Telegram, faced significant challenges in establishing momentum above the $3.24 resistance level. The token encountered substantial selling pressure, which prevented it from breaking through this key barrier. Despite this, TON-USD managed to form support around the $3.17-$3.18 range, where buyers consistently stepped in during multiple tests throughout the period. This support level indicates a potential floor for the token's price, suggesting that buyers are willing to purchase TON-USD at these levels.

Price consolidation near $3.19 suggests market indecision following the rejection at the resistance level. This indecision is further highlighted by the token's recent price action, which saw TON-USD fall from $3.21 to $3.18 in the last hour, representing a 0.9% decline. The elevated selling volume, exceeding 150,000 units, indicates that sellers are actively pushing the price down. However, the diminishing volume at the $3.18 settlement suggests temporary exhaustion of selling pressure, which could pave the way for a potential rebound.

Technical analysis reveals that TON-USD exhibited a trading range of 0.065 USD (2.05%) over the 24-hour period. The significant selling pressure emerged at the $3.24-$3.25 zone, where the price initially showed strength, reaching a peak of $3.21 before encountering a sharp sell-off. The intensified selling, with volume surpassing 150,000 units, led to the token settling at $3.18. This price action suggests that the $3.24 resistance level is a critical barrier for TON-USD, and breaking through this level could signal a potential uptrend.

Despite the challenges faced at the $3.24 resistance level, TON-USD has broken out of a descending channel, potentially signaling an end to its months-long downtrend. Key resistance is now at the $4.23-$4.26 range, which could be the next target for the token if it manages to overcome the current selling pressure. The cryptocurrency market's heightened volatility amid escalating global economic tensions adds an additional layer of complexity to TON-USD's price action, making it crucial for investors to stay informed and adapt their strategies accordingly.