Toncoin has been surpassing Bitcoin both in price performance and activity. With its inactive circulation staying subdued, there's a noticeable decrease in selling pressure. Investors in TON are celebrating its impressive performance relative to Bitcoin.
Toncoin has shown remarkable performance compared to Bitcoin in recent days. Over the past 7 days, TON has surged by 21.36%, while over the past 24 hours, it's up by 4.98%, according to data from CoinMarketCap. In contrast, BTC has experienced a decrease of 2.84% over the past week but has risen by 2.26% in the last 24 hours.
Toncoin's social volume has also seen a notable increase, exceeding 20% compared to the previous week, which is a significant highlight in the cryptocurrency market. Despite some previous high indexes showing minimal movement, Toncoin's social volume has been on the rise since May 1. Additionally, its price has rebounded from a drop from $7 to $4.6 since that date.
Toncoin has demonstrated significant relative strength compared to Bitcoin, particularly evident in May among the top 10 assets by market capitalization, which is likely to continue attracting buyers. While Bitcoin struggles below $60k and faces potential rejection, Toncoin's upward surge seems promising.
Fibonacci levels suggest a positive potential for further upside. Breaking above the 78.6% retracement level indicates a halt in the downtrend to $4.60, potentially leading the price towards Fibonacci extension levels on the upside. Investors can expect technical targets at the 161.8% and 200% extensions, which are at $9.61 and $10.8 respectively.
