- Toncoin’s dormant circulation is quiet, suggesting a decline in selling pressure
- Performance compared to Bitcoin means TON investors were overjoyed
ton coin [TON] surpassed Bitcoin [BTC] In the last few days. Based on , it has gained 21.36% in the past 7 days and 4.98% in the past 24 hours. coin market cap data.
In comparison, BTC is down 2.84% over the past week and up 2.26% over the past 24 hours.
of social volume TON has been one of the outliers in the cryptocurrency market, rising more than 20% compared to the previous week. Will this trend continue?
One indicator that previously marked the local top has been silent so far.
sauce: Santimento
TON social volume decreased from April 21st to May 1st, but has increased again since then. Prices continued to perform well after May 1st, with the retracement reversing from $7 to $4.6.
During this time, weighted sentiment was positive, but at-press fell into negative territory. This indicates that some unrest may be creeping into the Toncoin market.
The average dollar age invested has been slowly trending upward over the past month. This indicates that the token is gradually starting to become dormant, which indicates that it is heading towards accumulation.
Dormant circulation has also been minimal over the past month. This indicator showed a significant spike on April 10th and has not increased at all since then. This spike matched his TON of local tops.
Therefore, traders and investors can pay attention to the dormant distribution indicator. A rapid and huge spike probably signals the possibility of entry by local top executives.
Relative strength to Bitcoin is valuable and Toncoin has plenty of it
Source: TON/USDT on TradingView
Toncoin’s performance as a top 10 asset by market capitalization in May should encourage buyers. Bitcoin fell below $60,000 and rebounded to $65,500, facing rejection again, but TON is trending higher.
Fibonacci levels showed good potential for further upside.
Is your portfolio green? Check out the TON Profit Calculator
A move above the 78.6% retracement level means the downtrend to $4.6 may not see a new low, but instead the price will rise north of the Fib extension level. It meant it was possible.
The 161.8% and 200% extension levels at $9.61 and $10.8 were technical targets where bulls could realize profits.
