Global economic tensions and changing trade policies continue to create volatility across cryptocurrency markets where tons experience significant downward pressure.
The token’s recent price action has formed a declining channel with consecutive lower heights and lowness that breaks below key support levels on high trading volume.
Meanwhile, competing blockchain projects are getting attention as investors are looking for alternatives in the midst of market security, with some analysts projecting potential recovery for tonnes if it can establish support at current levels.
Technical analysis highlights
- Ton formed a falling channel with consecutive lower heights and lower low lower over the last 24 hours.
- The price broke under the critical $ 3.00 psychological support level in hours 9-12 at high volume (3.96 m), indicating a strong sales pressure.
- A notable volume (4.43 m) during the final trade time suggests potential capitulation.
- The modest jump from the absolute low of $ 2.89 to close at $ 2.94 may indicate new support.
- The $ 2.88- $ 2.90 zone now represents a crucial area for monitoring for potential trend reversal.
- A V-shaped reversing pattern formed in the last hour of strong momentum breaking through the psychological level of $ 2.90 on increasing volume.
- A significant bullish impulse occurred between 13: 36-13: 38 that pushed the price up by 3.6% to establish new local heights near $ 2.94.
- Despite profits near the $ 2.95 resistance level around 13: 48-13: 49 tonnes have maintained support over $ 2.93.
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