TON Dips as 'Double Top' Pattern Potentially Signals Short-Term Bearish Trend
Recent price action reveals TON's struggle to maintain stability, with a failed breakout attempt at $3.22 followed by accelerated selling during peak trading hours, according to CoinDesk Research's technical analysis model.
The move comes as the broader market gauge, CoinDesk20 Index, remained flat.
Technical indicators paint a potential bearish picture on the short-term timeframe as the formation of lower highs and lower lows suggests building bearish momentum.
The breakdown of the $3.16 support level, confirmed by high-volume selling, has opened the door to further potential downside as global economic tensions continue to reshape investor priorities across both traditional and cryptocurrency markets.
Technical analysis highlights
• Failed breakout attempt at the $3.22 resistance level, followed by consistent selling pressure.
• Accelerated selling with above-average volume.
• Notable support emerged at $3.16, where buyers previously stepped in with strong volume.
• Formation of lower highs and lower lows since the rejection at $3.22 suggests bearish momentum.
• A short-term double top pattern formed at the $3.18 level before breaking down.
• High volume selling pushed prices down to $3.16, confirming the breakdown of the $3.16 support level.
• 1.2% price swing within the hour demonstrates increasing market instability.
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.