TON (The Open Network) is showing signs of a potential short-term bearish trend after breaking below a critical support level at $3.16, with technical indicators pointing toward a continuation of downward momentum.
Failed Breakout Rejected at $3.22
Over the past 24 hours, TON/USD declined from $3.21 to $3.16, reflecting a 1% drop. The price action began with a failed breakout at the $3.22 resistance level, where strong selling pressure pushed the asset lower during peak trading hours. This reversal has signaled a shift in momentum as bears regain control.
The $3.22 level marked a turning point, where bullish momentum faded, triggering profit-taking and heavier sell volume. The move aligns with broader market indecision, as the CoinDesk20 Index remained flat, reflecting lackluster sentiment across digital assets.
Bearish Technical Indicators Confirm Breakdown
Technical signals now indicate that TON has entered a short-term bearish phase. Lower highs and lower lows have consistently formed since the rejection at $3.22, forming a clear downtrend. Additionally, a double top pattern at $3.18 has completed, confirming bearish sentiment.
The breakdown of the $3.16 support level was accompanied by high-volume selling, strengthening the case for further downside. A 1.2% intraday price swing illustrates the current market volatility as investors digest macroeconomic uncertainties.
Key Levels and Outlook
- Resistance: $3.22 remains the immediate overhead resistance where the breakout failed.
- Immediate Support: $3.16 was breached, turning into resistance; any recovery must reclaim this level.
- Next Key Support: If selling continues, price could test the $3.10–$3.12 region in the near term.
Despite the downturn, buyer interest previously emerged at $3.16, suggesting this level could serve as a pivot point for future price action if reclaimed. However, continued pressure may see TON revisit lower support zones, especially if broader market trends remain weak.
The breakdown from a double top near $3.18 and breach of $3.16 support indicate short-term bearish momentum for TON, driven by weak technical structure and heightened sell-side volume. Market participants should monitor for any consolidation or reversal signs as volatility continues.