Toncoin price analysis reveals a sluggish trend since last weekend, stabilizing above the $6.5 floor. This support level coincides with the lower trendline of a triangle pattern, which has been a crucial area for buyer interest. However, with declining open interest and supply pressure from broader markets, the TON coin faces a significant risk of losing the $6 support level.
The declining open interest indicates a weakening bullish sentiment and reduced trader participation. This situation could lead to a bearish outcome if the support level fails to hold, exacerbating the downward pressure on Toncoin's price.
In the case that the $6 support level breaks, it could trigger a more dramatic selloff, pushing the TON coin to explore lower levels. Market participants are advised to watch for signs of either a rebound or a deeper correction based on these indicators.