The post TON’s decline odds are high, but ONE key factor could save it! appeared on BitcoinEthereumNews.com.

At press time, the asset was trading near a level of strong selling pressure that could drive its price lower While bearish sentiment seemed to be mounting, a recovery remains possible TON’s performance has been mixed lately, with gains and losses across timeframes. In fact, at the time of writing, it was down 4.95% over the past month, though it rebounded 1.19% on the weekly timeframe. However, its recent price action suggested that TON may face a sharp decline as selling pressure builds, potentially driving it further down. Selling pressure meets resistance as TON struggles at key level TON has reached a critical point on its price chart. Despite forming a bullish triangle pattern that usually signals a rally, TON is yet to break higher and appeared set to drop, at press time.  TON seemed to be facing a significant resistance zone at $5.009, a level known for heavy selling pressure that could stall or push the price south. Source: Trading View This resistance level aligned with the In/Out of the Money Around Price (IOMAP) indicator, showing that an average price of $4.93 (with range between 4.88 and 5.03) has seen $80.9 million worth of TON sell orders from 5.1 million addresses. Source: IntoTheBlock Here, it’s worth pointing out that the IOMAP tracks where holders bought relative to the press time price, helping identify key support and resistance areas. With mounting selling pressure, TON is likely to target the next support at $4.035 – A level last seen in March 2024. If this pressure continues, the asset could face further declines to $3.319. Bears in control as selling pressure drags TON south According to AMBCrypto’s analysis, TON has been under consistent selling pressure lately. In fact, the Open Interest—representing the number of outstanding futures contracts—has been on a downtrend since…

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Filed under: News - @ November 9, 2024 9:06 am