Toncoin (TON) Struggles Amid Bearish Pressure as Recovery Attempts Falter

Telegram''s Toncoin (TON) continues to face selling pressure as technical indicators confirm sustained bearish momentum. The cryptocurrency dropped 4.67% intraday to $3.15, with unusually high trading volume of 3.65 million tokens highlighting intense sell-side activity.

A brief recovery attempt NEAR the $3.15-$3.16 support zone saw prices rise 0.4% to $3.20 before meeting resistance at $3.24. The token''s pattern of lower highs suggests cautious market sentiment, with TON remaining 3% down over the past 24 hours.

The broader crypto market reflects similar weakness, with the CoinDesk 20 index declining 3.2%. Current trading patterns indicate potential consolidation around $3.20, though traders are closely monitoring volume levels for signs of either continued selling or potential stabilization.