TON Dips as ‘Double Top’ Pattern Potentially Signals Short-Term Bearish Trend

Recent price action reveals TON’s struggle to maintain stability, with a failed breakout attempt at $3.22 followed by accelerated selling during peak trading hours, according to CoinDesk Research’s technical analysis model.

The move comes as the broader market gauge, CoinDesk20 Index, remained flat.

Technical indicators paint a potential bearish picture on the short-term timeframe as the formation of lower highs and lower lows suggests building bearish momentum.

The breakdown of the $3.16 support level, confirmed by high-volume selling, has opened the door to further potential downside as global economic tensions continue to reshape investor priorities across both traditional and cryptocurrency markets.

Technical analysis highlights

• Failed breakout attempt at the $3.22 resistance level, followed by consistent selling pressure.

• Accelerated selling with above-average volume.

• Notable support emerged at $3.16, where buyers previously stepped in with strong volume.

• Formation of lower highs and lower lows since the rejection at $3.22 suggests bearish momentum.

• A short-term double top pattern formed at the $3.18 level before breaking down.

• High volume selling pushed prices down to $3.16, confirming the breakdown of the $3.16 support level.

• 1.2% price swing within the hour demonstrates increasing market instability.

Source