‎TONCOIN Faces Renewed Bearish Pressure Amid Consolidation Phase

TONUSD Market Analysis – October 31

‎TONCOIN continues to exhibit signs of weakness as bearish momentum strengthens, with price action struggling to recover above key support levels and showing increased potential for a deeper decline.

‎TONUSD Key Levels

‎Support Levels: $2.3500, $1.1700
‎Resistance Levels: $3.7000, $4.8700

‎TONUSD Long-Term Trend: Bearish

‎TONCOIN resumes a decisive bearish trend following a clear signal marking the end of its prior bullish phase. In March, price initially declined and found temporary support around the $2.3500 demand zone, halting the formation of new lower lows as buyers attempted to push price upward toward the $3.7000 supply level.
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‎However, upon reaching the $3.7000 level, TONCOIN failed to maintain upward momentum, forming a failed low structure that triggered a strong bearish decline. This downward movement decisively breached the $2.3500 demand level, confirming a full bearish resumption as price extended lower.
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‎Since then, attempts to recover above $2.3500 have repeatedly failed, reinforcing bearish dominance in the market. Although the daily Relative Strength Index (RSI) reflects an oversold condition, sellers continue to maintain control as the overall market structure remains bearish.

‎TONUSD Medium-Term Trend: Ranging

‎On the 4-hour timeframe, price action reveals ongoing consolidation below the $2.3500 level, highlighting market indecision. Both bullish and bearish attempts are currently restricted within this consolidation range, awaiting a clear breakout to determine the next directional move.
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‎The 4-hour RSI also indicates that price is oversold, hinting at a potential short-term bullish correction within the consolidation zone. Nevertheless, considering the dominant long-term bearish sentiment, a bearish breakout remains the more probable scenario in the coming sessions.

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