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Toncoin

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Since last weekend, the Toncoin price analysis showcased a sluggish trend stabilizing above the $6.5 floor. This support coinciding with the triangle pattern’s lower trendline creates a high area of interest for buyers to counterattack. However, with declining open interest and supply pressure from broader markets, the TON coin faces a risk of a support breakdown that may signal major correction.
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<h2 id="b-toncoin-price-analysis-will-the-triangle-pattern-lead-to-recovery-b">Toncoin Price Analysis: Will the Triangle Pattern Lead to Recovery?</h2>
TON, the native cryptocurrency of the Toncoin network underperformed in July disputing the broader market recovery. From the July 3 peak of $8.14, the altcoin dropped 18.3% to trade at $6.65, while the market cap fell to $16.7 Billion.
This bear cycle contributes to the ongoing consolidation trend in the TON price, revealing the formation of the triangle pattern. Over the past two months, the converging trendlines continued to squeeze the price spread of the TON coin, preparing it for a major breakout.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/x/xsUP2VI3.png" alt="CRYPTO:TONUSD Chart " width="1814" height="691">
 <figcaption class="wp-caption-text">
 Toncoin Price Analysis| Tradingview
 </figcaption>
</figure>
Concerning the prevailing uptrend, the contention chart setup should provide buyers with a temporary break to regain strength. With an intraday gain of 0.76%, the Toncoin price shows a reversal attempt from the triangle support to market fresh breakout.
<blockquote>
 If the pattern identification is true, the Toncoin price analysis may show a 18% rise to challenge the triangle resistance. The post-breakout rally will push assets to $10.27. If the asset enters price discovery mode, the buyers may face supply pressure at $8.5 and $9.4 as per traditional pivot level indicators.
</blockquote>
On a contrary note, the Toncoin price is still struggling to rebound from triangle support signaling weak buyers’ conviction. A recent bearish crossover between the 20D and 50D <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> could accelerate the bearish momentum for the triangle pattern.
In addition, the TON futures open interest experienced a substantial decline in July, according to derivative market data provider Coinglass. The open interest (OI) value dropped by approximately 25.32%, falling from a peak of $353.5 million to $264 million.
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<figure id="attachment_210028" aria-describedby="caption-attachment-210028" style="width: 100%" class="wp-caption aligncenter"><a href="https://coingape.com/galaxy-ceo-warns-kamala-harris-against-senate-warren-anti-crypto-stance/" rel="noopener noreferrer nofollow"><img decoding="async" class="size-full wp-image-210028" src="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_01-37-45.png" alt="TON Futures Open Interest" width="1564" height="443" srcset="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_01-37-45.png 1564w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_01-37-45-300x85.png 300w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_01-37-45-1224x347.png 1224w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_01-37-45-768x218.png 768w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_01-37-45-1536x435.png 1536w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-30_01-37-45-150x42.png 150w" sizes="(max-width: 1564px) 100vw, 1564px"></a>
 <figcaption id="caption-attachment-210028" class="wp-caption-text">
 TON Futures Open Interest| Coinglass
 </figcaption>
</figure>
This significant decrease indicates a reduction in trading activity and investor interest in TON futures, which may suggest waning market confidence or a diversion of investments to other assets. ​​
Thus, a potential breakdown from the triangle will intensify the selling pressure and may plunge the Toncoin price to $0.6.
<h2 id="span-style-font-weight-400-key-takeaway-span">Key Takeaway</h2>
The near-term trendline in Toncoin remains sideways amid the development of the triangle pattern. With the declining Open interest, the sellers may attempt to breach the lower trendline and spark fresh correction.
The post <a href="https://coingape.com/markets/toncoin-price-analysis-dwindling-open-interest-puts-6-support-level-at-risk/" rel="noopener noreferrer nofollow">Toncoin Price Analysis: Dwindling Open Interest Puts $6 Support Level at Risk</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Toncoin Price Analysis: Dwindling Open Interest Puts $6 Support Level at Risk

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