Gram (GRAM), formerly Toncoin, has gained 4.5% in 24 hours. It saw a short period of strength after the transition from Toncoin to Gram was completed.
Binance announced its support for Toncoin back to Gram in mid-June. On July 3, the crypto exchange announced the launch of the GRAM space trading competition.
This increased visibility and reach and helped with marketing. The average profit of $1.84 started to come back at the time of writing.
A long-term valuation project suggested that the altcoin offered a buying opportunity that was different from the increased volume and exposure that came as part of Binance’s announcement.
GRAM buying opportunity after major price correction
The 1 day price chart showed the biggest price correction since May. Back then, the altcoin had peaked at $2.90. Measured from this high, made on May 7, the GRAM rebounded by 50.3% in 30 days to reach a low of $1.44.
The altcoin has spent the last month combining between $1.50 and $1.81 levels. There was no pressure to buy more or higher promotions at this time.
The CMF was only at +0.04 and did not go above +0.05 at the beginning of the end of May. This shows the lack of sustained buying pressure behind the altcoin.
However, his inclusion was encouraging. It was in the gold pocket between the 61.8% and 78.6% Fibonacci retracement levels. As things stand, based on the swing structure, the indicator gave a buy signal.
Should GRAM traders buy now?
Although the technical indicators at this time were in favor of the bull, the price did not intervene. The $1.80 local market has resisted a second attempt since mid-June. The recent resistance was strong, and it was possible that the GRAM would be forced back to the support area of $1.50.
Swing traders and investors can wait for a retest of this support to buy. Alternatively, a strong breakout above the $1.80 trading zone and a subsequent retest may also provide a buying opportunity.
Brief Summary
- Toncoin-Gram’s recovery was complete, and competition from Binance’s token trading platform has helped boost market sentiment for a while.
- The improvement of GRAM from $ 2.9 to $ 1.4 in May and early June did not completely end and resume its long-term trend.
