Tones
knows increased volatility in the middle of wider market turbulence, with a significant sale pressure which was moved through the level of support of $ 2.92 during peak negotiation hours, according to the Technical Analysis model of Coindesk Research.
Despite the sharp drop, buyers emerged near the level of $ 2.87, forming what seems to be a potential stabilization area. The recent cryptocurrency price action shows a clear resistance zone around $ 2.99, with multiple unsuccessful attempts to live this threshold suggesting a short-term back-up momentum.
The token dropped by 3.1% in the past 24 hours, while the Coindesk 20 The Coindesk 20 – an index of the first 20 cryptocurrencies by market capitalization, excluding stablecoins, the same and exchange parts – lost only 1.7%.
Technical analysis
• Most of the pronounced sales pressures occurred with a high volume (7.07 m) receiving the support level of $ 2.92.
• A notable resistance zone formed approximately $ 2.99, with multiple unsuccessful attempts to violate this threshold.
• The action of current prices suggests that potential stabilization is formed near the level of $ 2.87 with moderate purchase interest emerging after the decline.
• The overall price action indicates a downward momentum with increased volatility, which suggests that traders should closely monitor the level of support of $ 2.85.
• The price has formed a clear V -shaped inversion scheme with a significant background at $ 2.85.
• The area from $ 2,880 to $ 2,900 remains a critical resistance zone to monitor for the continuation of the upward trend.
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