Cryptocurrency GRAM, formerly known as Toncoin, has experienced a 4.5% price increase over the last 24 hours. The surge in price occurred following the official rebranding completion from Toncoin to GRAM, which was supported by Binance.

In mid-June, Binance confirmed its backing for this transition, and on July 3rd, the exchange initiated a GRAM spot trading tournament. This announcement helped to enhance visibility and trading volume, positively influencing market sentiment.

Market Performance and Price Correction

At the time of reporting, GRAM had reached a local high of $1.84 but was showing signs of retracement. The longer-term price trends suggest that the altcoin may present a buying opportunity, independent of the volume increase stemming from Binance’s announcement.

Since a peak of $2.90 marked on May 7, GRAM has seen significant price correction, plummeting by 50.3% to a low of $1.44 within 30 days. Currently, the token has consolidated in the range of $1.50 to $1.81 over the past month.

Technical Indicators and Future Outlook

Despite GRAM's recent consolidation, signs of strong buying pressure remain absent. The Chaikin Money Flow (CMF) index is positioned at +0.04, failing to surpass the +0.05 level since late May, indicating a lack of consistent buying momentum.

Nevertheless, GRAM's current consolidation sits within the favorable Fibonacci retracement golden pocket of 61.8% to 78.6%, providing a buy signal based on swing structure analysis.

However, the price action raises questions. The local supply zone at $1.80 has resisted upward movements for the second time since mid-June, with the latest rejection being particularly sharp. If this trend continues, GRAM might correct towards the $1.50 support zone.

Trading Strategy Recommendations

For swing traders and investors, it may be prudent to wait for a retest of the $1.50 support level before entering the market. Alternatively, a bullish breakout above the $1.80 supply zone, followed by a successful retest, could also signal a potential buying opportunity.

The rebranding of Toncoin to GRAM and the promotional trading tournament on Binance have contributed to a temporary lift in market sentiment, but the overall price correction has yet to conclude as it continues to strive towards a bullish long-term trend.