Toncoin Plunges 8% Amid Global Economic Tensions

Telegram-associated Toncoin (TON) experienced a significant decline, plunging by 8% as it breached the critical $3.00 support level. This downward movement was driven by global economic tensions and shifting trade policies, which have created volatility across cryptocurrency markets. The token's recent price action formed a descending channel with consecutive lower highs and lows, breaking below key support levels on high trading volume.

The price of TON broke below the critical $3.00 psychological support level during hours 9-12 on high volume, indicating strong selling pressure. A notable volume spike during the final trading hour suggested potential capitulation. Despite this, there was a modest bounce from the absolute low of $2.89 to close at $2.94, which 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 the 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.

Meanwhile, competing blockchain projects are gaining attention as investors seek alternatives amid market uncertainty. Some analysts project potential recovery for TON if it can establish support at current levels. The recent price action and technical indicators suggest that TON is at a critical juncture, with the potential for a trend reversal if it can hold above the $2.88-$2.90 support zone. However, the overall market volatility and external factors continue to pose challenges for the token's recovery.