Toncoin [TON] to outperform Bitcoin? Investors wait with bated breath

Toncoin’s dormant circulation was quiet, suggesting reduced selling pressure
The performance compared to Bitcoin meant TON investors were jubilant

As an analyst with a background in market trends and crypto analysis, I find Toncoin’s recent performance against Bitcoin quite intriguing. The dormant circulation of TON, which saw a significant spike during the local top but has been quiet since then, suggests reduced selling pressure. This could be a positive sign for investors as it indicates potential accumulation.

In recent times, Toncoin (TON) has surpassed Bitcoin (BTC) in terms of price growth. According to information from CoinMarketCap, Toncoin has seen a rise of 21.36% over the past week and an additional increase of 4.98% within the last day.

By comparison, BTC has dropped 2.84% in the past week and gained 2.26% in the past 24 hours.

As a crypto investor closely monitoring the market, I’ve noticed an intriguing development with TON. Its social volume experienced a significant surge of over 20%, outpacing most other cryptocurrencies in the past week. Pondering over this trend, I wonder if it may persist and potentially attract even more attention from the crypto community.

One metric that marked the previous local top has been silent, so far

From the 21st of April through the 1st of May, the social activity on TON saw a decrease. However, since the beginning of May, this trend has reversed and social volume has rebounded. Similarly, the price of TON, which had retreated from $7 to $4.6 between those dates, has since risen.

recently, the Weighted Sentiment towards Toncoin has been upbeat. However, media coverage has shifted to a more pessimistic tone, suggesting a growing sense of apprehension among investors in the Toncoin market.

Over the past month, the average investment age for each dollar has been creeping up gradually. This could be a sign that tokens are beginning to amass, suggesting a potential accumulation phase.

In the previous month, circulation activity was relatively low and barely detectable. A significant surge occurred on April 10th, which corresponded with TON‘s local peak, as indicated by a notable increase in our metric. No further noteworthy spikes have been recorded since then.

Traders and investors should monitor the dormant circulation metric closely. A sudden, significant increase could potentially indicate a local market peak is approaching.

Relative strength against Bitcoin is valuable, and Toncoin has plenty of it

Buyers should be encouraged by the strong showing of Toncoin in May, ranking among the top 10 assets by market capitalization despite Bitcoin’s volatility. While Bitcoin dipped below $60k, bounced back to $65.5k, and encountered another setback, Toncoin has consistently moved upward.

The Fibonacci levels showcased the likelihood of further gains was good.

Passing the 78.6% retracement point indicated that the downward trend from $4.6 to that level may not result in fresh lows. Instead, it’s possible that the price would head towards the extended Fibonacci levels lying higher.

At the prices of $9.61 and $10.8, the technical charts indicated potential profit-taking opportunities for bullish investors, with extensions of 161.8% and 200%.

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2024-05-14 04:07