TON Slips 3.3% to $1.59 as Broader Crypto Market Weakens

AI Summary4 min read

TL;DR

TON fell 3.3% to $1.59 amid broader crypto market weakness, despite a 20% surge in trading volume indicating institutional interest. The token is consolidating below $1.65 resistance, with support near $1.59, while positive fundamentals like onchain revenue and wallet adoption face short-term market pressure.

Key Takeaways

•TON dropped 3.3% to $1.596, aligning with broader crypto market declines, even as trading volume increased by 20%, suggesting institutional accumulation rather than retail-driven momentum.
•Technical analysis shows TON consolidating below resistance at $1.65, with support forming above $1.59; a breakout above $1.70 is needed to regain bullish momentum, while failure could lead to a drop toward $1.55.
•Fundamentals remain positive with rising onchain revenue and wallet adoption, including Telegram's crypto wallet launch in Uzbekistan, but short-term market uncertainty and pressure are currently weighing on the price.

"TON price chart shows a 1.29% rise to $1.60 with increased trading volume despite bearish market conditions." — "TON edges up 1.29% to $1.60 with rising volume amid cautious market sentiment."

What to know:

TON dropped 3.3% to $1.596, retreating alongside the broader crypto market, despite a 20% surge in trading volume suggesting growing institutional interest.
The token is consolidating below resistance at $1.65, with support forming above $1.59, and traders are watching for a breakout above $1.70 to regain bullish momentum.
TON's fundamentals, including rising onchain revenue and wallet adoption, are positive, but short-term market pressure and uncertainty are currently weighing on the token's price.

TON dropped 3.3% to $1.596, retreating alongside the broader crypto market, despite a 20% surge in trading volume suggesting growing institutional interest.
The token is consolidating below resistance at $1.65, with support forming above $1.59, and traders are watching for a breakout above $1.70 to regain bullish momentum.
TON's fundamentals, including rising onchain revenue and wallet adoption, are positive, but short-term market pressure and uncertainty are currently weighing on the token's price.

TON$1.6380 dropped 3.3% over the past 24 hours to $1.596, retreating alongside the broader crypto market even as trading volume and ecosystem expansion suggest growing institutional interest.

The token climbed to $1.6929, then lost steam through the day before finding support near $1.5930, according to CoinDesk Research's technical analysis data model.

The decline came despite a 20% surge in trading volume over the seven-day average, often a sign of accumulation behind the scenes. However, price action lagged, with TON struggling to break above the $1.65 level. This volume-price mismatch may reflect patient buying from institutions rather than retail-driven momentum.

Messaging platform Telegram — which uses the TON ecosystem as the backbone of its Web3 infrastructure — has officially introduce its crypto wallet service in Uzbekistan. Following regulatory approval, residents there can now use locally issued bank cards to buy and trade crypto through Telegram, providing TON with a new foothold in Central Asia although the wallet’s launch doesn’t necessarily translated to demand for the cryptocurrency.

Technically, the outlook remains mixed. TON is consolidating below resistance at $1.65, with support forming just above $1.59. Traders are watching for a breakout above the $1.70 zone to regain bullish momentum, while failure to hold the current level could open a path toward $1.55 or lower.

For now, the token’s fundamentals, rising onchain revenue and wallet adoption, are battling against short-term market pressure and uncertainty surrounding the future direction of the crypto space as a whole.

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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