TON, the Telegram-linked cryptocurrency, saw a short-term bearish-to-bullish reversal pattern

The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — is up 2.5% in the last 24 hours.

Telegram-linked cryptocurrency TON experienced a short-term bearish-to-bullish reversal pattern in recent trading, finding support at $3.25 after encountering strong selling pressure that triggered a large volume spike of over 152K in a single hour, according to CoinDesk Research's technical analysis model.

The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — is up 2.5% in the last 24 hours.

Technical Analysis

* The price declined from $3.33 to $3.26, showing a 2% decrease over 24 hours.

* There was significant volume-driven selloff that saw the price drop sharply to $3.26 on 8.23 million volume — nearly triple the 24-hour average.

* Key support emerged at $3.22-$3.22, while high-volume resistance was encountered at $3.34-$3.35.

* The 4-hour moving average continues to trend downward, suggesting potential further weakness.

* A bearish-to-bullish reversal pattern was observed in the last hour as the price dropped to $3.25 before recovering to $3.26.

* The $3.25-$3.25 zone has become a potential key short-term support level as the price bounced off this zone twice.

* Resistance remains at $3.28-$3.28 where sellers had pushed the price down earlier.