TON Plummets 8% Following Israel-Iran Conflict but Shows Early Recovery Signs
Telegram’s cryptocurrency TON fell sharply by 8% over the last 24 hours, dropping from $3.20 to as low as $2.93 amid heightened market volatility triggered by Israeli airstrikes on Iran. This decline outpaced the broader CoinDesk 20 index, which lost 6.2% in the same timeframe.
Technical Overview:
- TON’s price corrected sharply, falling 8.4% within a single day to reach $2.93.
- Trading volumes spiked to 3.36 million, establishing a resistance barrier at approximately $3.09.
- A surge of 7.74 million in trading volume helped form a robust support zone near $2.94.
- Price action stabilized between $2.95 and $2.99, signaling potential consolidation.
- In recent trading, TON rebounded slightly by 0.3%, recovering from $2.95 to $2.96.
- Buyers showed renewed interest, with 284,843 tokens changing hands, reinforcing the $2.96 support level.
- Small dips found quick support, suggesting sustained buyer confidence despite geopolitical pressures.
Although the initial sell-off was significant, these technical signals indicate that TON could be finding footing, with investors cautiously returning as tensions simmer.
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