- Toncoin (TON) has been outperforming Bitcoin (BTC) in recent days, gaining 21.36% in the past week and 4.98% in the past 24 hours, according to CoinMarketCap data.
- Despite a fall in social volume from April 21st to May 1st, TON has been resurging, with its price also showing strong performance.
- However, the dormant circulation of TON has been minimal, indicating reduced selling pressure and potential accumulation.
Toncoin (TON) is showing promising signs of outperforming Bitcoin (BTC), with a significant rise in value and reduced selling pressure. Is this the start of a new trend for TON?
TON’s Social Volume and Price Performance
Toncoin’s social volume fell from April 21st to May 1st but has been on the rise since then. The price of TON has also been performing well since May 1st, reversing a retracement from $7 to $4.6. The Weighted Sentiment has been positive, though it has recently fallen into negative territory, indicating some fear may be entering the Toncoin market.
Dormant Circulation and Accumulation
The mean dollar invested age for TON has been slowly trending upward over the past month, indicating that the tokens are gradually becoming more dormant. This could point towards accumulation. The dormant circulation of TON has been minimal in the past month, with a large spike on April 10th coinciding with a local top for TON. Traders and investors should keep an eye on this dormant circulation metric, as a rapid, large spike could hint at a local top.
TON’s Strength Against Bitcoin
Toncoin’s performance in May as a top 10 asset by market capitalization should invigorate buyers. While Bitcoin fell below $60k, bounced to $65.5k and faced another rejection, TON has been trending higher. The Fibonacci levels indicate the likelihood of further gains is good. The move past the 78.6% retracement level suggests that the downtrend to $4.6 might not see newer lows, but instead the price could trend towards the Fib extension levels northward.
Conclusion
Overall, Toncoin is showing promising signs of outperforming Bitcoin, with a significant rise in value and reduced selling pressure. This could be the start of a new trend for TON, but traders and investors should keep a close eye on the dormant circulation metric for any signs of a local top.
