It edged up 1.6% to $1.64 over the past 24 hours, but lagged the broader cryptocurrency market, which was up nearly 3% as measured by the CoinDesk 20 (CD20) index. Markets edged higher ahead of today’s Federal Reserve interest rate decision.
According to CoinDesk Research’s technical analysis data model, trading volume fell 6.91% from the seven-day average, indicating weaker participation from both institutional and retail traders. Despite calm trading, TON held support above $1.60, a level it has held for several days.
During the session, TON climbed from $1.6175 to $1.6437 and briefly broke through the $1.6660 resistance before falling back. The coin’s volatility for the day totaled 4.9%, with a significant surge in trading volume. But buyers failed to maintain momentum above key levels, signaling a lack of confidence.
Technical indicators show higher lows, forming around $1.61 and $1.63, indicating a slow bottoming phase. However, without a significant increase in trading volume or a strengthening in overall market sentiment, TON remains fluctuating between support at $1.6099 and resistance near $1.69.
The token’s price rose earlier this month following the launch of Cocoon, a decentralized artificial intelligence computer network integrated with Telegram, and the launch of ston.fi DAO, a governance platform for TON DeFi users.
Traders are closely watching the Fed’s statement. The unexpectedly hawkish tone could limit gains in risk assets including TON.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and reviewed by our editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
