TON Token Yearly Loss Nears 72%, but Potential Reversal Signs Emerge

AI Summary4 min read

TL;DR

TON token has declined nearly 72% over the past year, but recent price action shows potential reversal signs with support at $1.6025 and rising volume. A push above $1.635 could confirm a trend change, while a drop below $1.602 may increase downside risk.

Key Takeaways

•TON token price fell 2% to $1.625, extending a 72% yearly loss, but found strong support at $1.6025.
•Rising volume and an ascending pattern suggest potential reversal, with key resistance at $1.635 and support at $1.602.
•Increased institutional selling pressure in Asian markets contributed to the decline, but recent cooling of aggressive selling indicates a possible shift.

"Toncoin price chart showing a 1.8% drop to $1.6252 with increased volume during Asian trading sessions amid selling pressure." — "Toncoin falls 1.8% to $1.6252 amid rising selling pressure and increased institutional volume in Asian markets."

What to know:

Toncoin (TON) fell 2% to $1.625, extending decline to 72% over the past 12 months.
The token's price found support at $1.6025, which held firm despite initial selling pressure, and has since shown signs of a potential reversal with rising volume and an ascending pattern.
TON's price is now at a technical crossroads, with a push past $1.635 potentially confirming a trend reversal, while a drop below $1.602 could reopen downside risk.

Toncoin (TON) fell 2% to $1.625, extending decline to 72% over the past 12 months.
The token's price found support at $1.6025, which held firm despite initial selling pressure, and has since shown signs of a potential reversal with rising volume and an ascending pattern.
TON's price is now at a technical crossroads, with a push past $1.635 potentially confirming a trend reversal, while a drop below $1.602 could reopen downside risk.

TON$1.6536 lost ground over the past 24 hours, sliding more than2% to $1.625 as selling pressure drove the token down to now post a near 72% decline over the past 12 months.

The move came amid a failed breakout near $1.668, with the downturn carving out a clear downtrend pattern of lower highs and lows across a narrow range.

Trading volume during the selloff spiked to 3.02 million TON, a 43% increase above the daily average, according to CoinDesk Research's technical analysis data model. That surge in activitycoincided with a breakdown below key support levels, further dampening sentiment.

However, TON’s price action found a floor at $1.6025. Multiple retests of that support held firm while volume tapered off, indicating that aggressive selling had cooled.

More notably, the last few hours of trading saw a potential shift in momentum. Price climbed back above $1.620 on rising volume, forming an ascending pattern of higher lows that often points to systematic buying.

TON now sits at a technical crossroads. A push past $1.635 could confirm the reversal, while a drop below $1.602 would reopen downside risk. Traders watching the $1.620 pivot will likely treat it as a deciding level for whether this bounce becomes a broader trend change.

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.

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