‎TONCOIN Consolidates as Bears Retain Control Below the $2.7100 Level

‎TONUSD Market Analysis- October 23

‎TONCOIN continues to display notable bearish momentum as market sentiment remains weak, with recent price action suggesting a temporary consolidation phase.

‎TONUSD Key Levels

‎Support Levels: $2.7100, $1.9000
‎Resistance Levels: $3.6800, $4.5250

‎TONUSD Long-Term Trend: Bearish

‎TONCOIN remains under bearish pressure, though a temporary pause in the downtrend appears likely as price action enters an early stage of consolidation. The broader market structure continues to reflect weakness, with a consistent formation of lower lows and a confirmed breach below the $2.7100 demand level.
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‎Upon reaching the $1.9000 region, price interacted with the bearish trend line support—an area that typically triggers a short-term retracement. However, despite this setup, the anticipated bullish response has not materialized. The daily Relative Strength Index (RSI) also reveals that TONCOIN is currently hovering near the overbought zone, adding further confluence to the likelihood of a minor pullback before bearish continuation.
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‎Given the failure of buyers to establish a reversal structure, the ongoing price consolidation is viewed as a corrective phase within the dominant bearish trend. This phase is likely to precede a renewed downward movement as the market gathers momentum for another decline.

‎TONUSD Medium-Term Trend: Ranging

‎On the 4-hour chart, TONCOIN is already exhibiting a ranging market condition, reflecting indecision between buyers and sellers as the market prepares for its next move. This consolidation aligns with the expectation of a bearish continuation on the higher timeframe, serving as a buildup phase before a potential breakout.
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‎Once consolidation concludes, a decisive bearish breakout is anticipated—likely driving price below the $1.9000 demand level. Such a move would confirm renewed selling pressure and signal a deeper push to new lows, reaffirming the prevailing bearish trend structure.

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