TONCOIN Faces Continued Bearish Pressure Despite Potential Pullback Signals

‎TONUSD Market Analysis – November 6

‎TONCOIN continues to face strong bearish momentum across major timeframes, with price action suggesting only a brief corrective pullback before the downtrend potentially extends toward lower demand zones.

‎TONUSD Key Levels

‎Support Levels: $1.9090, $0.9500
‎Resistance Levels:$2.6010, $3.2970

‎TONUSD Long-Term Trend: Bearish

‎TONCOIN has reached the $1.9090 demand level, where price is currently finding temporary support. This level could serve as the base for a short-term bullish pullback, supported by the daily Relative Strength Index (RSI), which shows that the market is in the oversold region.

‎Despite this, the overall trend remains bearish. The recent formation of a double-top pattern below the $2.6010 supply level reinforces the likelihood of further downside movement. Price is not expected to revisit this supply zone, as doing so would invalidate the bearish pattern.
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‎Furthermore, TONCOIN failed to sustain movement above the daily Moving Average, signaling that the earlier bullish attempt lacked strength. While a minor bullish retracement may occur due to the RSI’s oversold signal, the broader momentum suggests that the next leg down could push price beneath the $1.9090 level, ultimately targeting the $0.9500 demand zone.

‎TONUSD Medium-Term Trend: Bearish

‎On the 4-hour timeframe, TONCOIN displays a clear bearish structure, confirmed by a recent break of structure that underscores the prevailing downtrend. The RSI on this timeframe also indicates an oversold condition, hinting at a short-term corrective pullback.
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‎Additionally, a Fair Value Gap (FVG) has been identified above the current price, suggesting that a retracement toward this imbalance is likely before bearish continuation resumes. Once the gap is filled, the bearish trend is expected to persist, with price likely to extend its decline toward the $0.9500 demand level.
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