TON Edges Higher to $1.64 as Consolidation Phase Continues
TON$1.6399 posted a modest 1.6% gain over the last 24-hour period, moving to $1.64, but underperforming the wider cryptocurrency market which, measured via the CoinDesk 20 (CD20) index, rose nearly 3%. The market edged higher ahead of today’s U.S. Federal Reserve interest rate decision.
Trading volume fell 6.91% below seven-day averages, according to CoinDesk Research's technical analysis data model, signaling weak participation from both institutional and retail traders. Despite the quiet session, TON maintained its support above $1.60, a level it has held for several days.
Intraday, TON climbed from $1.6175 to $1.6437 and briefly pushed above the $1.6660 resistance before retreating. The token’s range totaled 4.9% on the day, with notable volume spikes making themselves seen. But buyers failed to sustain momentum above key levels, pointing to a lack of conviction.
Technical indicators show higher lows forming around $1.61 and $1.63, suggesting a slow base-building phase. However, without a significant rise in volume or stronger market-wide sentiment, TON remains rangebound between support at $1.6099 and resistance near $1.69.
The token’s price went up earlier in the month after the rollout of Cocoon, a decentralized AI computer network integrated with Telegram, and the launch of the ston.fi DAO, a governance platform for TON DeFi users.
Traders are watching the Fed’s announcement closely. A surprise hawkish tone could cap gains across risk assets, including TON.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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