Toncoin (TON) experienced a decline from April 21st to May 1st, but has since been on the rise, along with its price. In recent days, Toncoin has outperformed Bitcoin, showing gains of 21.36% over the past seven days and 4.98% in the last 24 hours, according to CoinMarketCap.
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In contrast, Bitcoin has seen a 2.84% drop in the past week and a 2.26% increase in the last 24 hours. Toncoin’s social volume also stood out in the crypto market, surging by more than 20% compared to the previous week. The question now is whether this trend will continue.
Analyzing Toncoin’s Market Trends
The social volume of Toncoin (TON) experienced a decline from April 21st to May 1st but has since seen a resurgence. Similarly, the price has performed well since May 1st, reversing its retracement from $7 to $4.6.
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During this period of price recovery, the Weighted Sentiment has generally been positive. However, it has recently fallen into negative territory, suggesting the emergence of fear in the Toncoin market among investors.
Over the past month, the mean dollar invested age has gradually trended upward. This indicates that Toncoin tokens are becoming more dormant over time, potentially signaling accumulation by investors. Conversely, dormant circulation has remained minimal in the past month, with a significant spike occurring on April 10th, coinciding with a local top for TON.
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Traders and investors are advised to monitor the dormant circulation metric closely. A rapid, substantial spike in this metric would likely indicate a local top in Toncoin’s price, providing valuable insights for market analysis and decision-making.
Also Read: Why XRP Could Reach $5 by the End of the Year
Toncoin’s Performance and Potential for Further Growth
Invigorating Performance in May: Toncoin’s performance in May, particularly as a top 10 asset by market capitalization, is expected to excite buyers. While Bitcoin experienced fluctuations, dropping below $60k, bouncing back to $65.5k, and facing rejection, Toncoin has exhibited a rising trend.
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Source: TON/USDT on TradingView
Positive Signs from Fibonacci Levels: Analysis of Fibonacci levels indicates a promising outlook for Toncoin’s price. Breaking past the 78.6% retracement level suggests that the previous downtrend to $4.6 may not result in newer lows. Instead, the price could trend upwards towards Fibonacci extension levels.
Technical Targets for Bulls: The 161.8% and 200% extension levels, situated at $9.61 and $10.8 respectively, serve as technical targets where bulls may realize profits. This indicates the potential for Toncoin’s price to continue its upward trajectory in the near term.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.