- Toncoin’s dormant circulation was quiet, indicating that selling pressure has subsided
- Its performance compared to Bitcoin had TON investors cheering
Tonmint [TON] outperformed Bitcoin [BTC] in recent days. It is up 21.36% over the past seven days and 4.98% over the past 24 hours, based on CoinMarketCap facts.
In comparison, BTC is down 2.84% over the past week and up 2.26% over the past 24 hours.
The social volume of TON was one of the outliers in the crypto market, rising by more than 20% compared to the previous week. Could this trend continue?
One metric that marked the previous local summit remained silent until now
TON’s social volume dropped from April 21 to May 1, but has been on the rise again since then. The price has also performed well since May 1, reversing the retracement from $7 to $4.6.
During this period, weighted sentiment was positive, but in the press it turned negative. This indicated that some fear could be creeping into the Toncoin market.
The average age invested in dollars has slowly increased over the past month. It indicated that the tokens were gradually becoming inactive, indicating accumulation.
Dormant circulation was also minimal last month. The metric had a big spike on April 10 and nothing since. That peak coincided with the local top for TON.
Therefore, traders and investors can keep an eye on the dormant circulation metric. A quick, massive spike would likely indicate a local top is approaching.
Relative strength against Bitcoin is valuable, and Toncoin has plenty of it
Source: TON/USDT on TradingView
Toncoin’s May performance as a top 10 asset by market cap should encourage buyers. While Bitcoin fell below $60,000, rose to $65.5,000 and was rejected again, TON has risen higher.
The Fibonacci levels showed that the chances of further gains were good.
Is your portfolio green? View the TON Profit Calculator
The move past the 78.6% retracement level meant that the downtrend to $4.6 might not see newer lows, but instead the price might move north towards the Fib extension levels.
The 161.8% and 200% extension levels at $9.61 and $10.8 were technical targets where bulls could realize gains.