Gram (GRAM), formerly Toncoin, gained 4.5% in value in 24 hours. After the transition from Toncoin to Gram was completed, the short-term upward momentum was seen to increase.
Binance announced its support for the rebranding of Toncoin as Gram in mid-June. On July 3, crypto exchange GRAM announced the launch of its spot trading tournament.
This increased visibility and volume and also helped market sentiment. Gains from the local top of $1.84 had begun to recede at the time of writing.
Long-term price action showed that the altcoin presented a distinct buying opportunity from the increase in volume and visibility that came as part of Binance’s announcement.
Opportunity to buy GRAM after a deep price correction
The 1-day price chart showed a deep price correction since May. At the time, the altcoin had reached a peak of $2.90. Measured against this May 7 high, GRAM has fallen 50.3% in 30 days, reaching a low of $1.44.
The altcoin has spent the past month consolidating between the $1.50 and $1.81 levels. Strong buying pressure or upward momentum was not yet here in this time frame.
CMF was only at +0.04 and has not risen above the +0.05 threshold since late May. This shows that there is no sustained buying pressure behind the altcoin.
But its current consolidation has been encouraging. Gold was in the pocket between the 61.8% and 78.6% Fibonacci retracement levels. Currently, due to the swing structure, the token has presented a buy signal.
Should GRAM investors buy now?
Although technical indicators in this time frame favored the bulls, price action remained neutral. The $1.80 local supply zone rejected bullish efforts for the second time since mid-June. The final rejection was harsh and it was possible that GRAM would be forced to retreat all the way back to the $1.50 support zone.
Swing traders and investors can wait for a retest of this support to buy. Alternatively, a bullish breakout past the $1.80 supply zone and subsequent retest could also present a buying opportunity.
Final Summary
- The Toncoin-Gram rebrand has been completed and the Binance spot trading tournament for the token has helped boost short-term market sentiment.
- The GRAM correction from $2.9 to $1.4 in May and early June has not fully ended and has continued its long-term uptrend.
