Lately, Toncoin (TON) has seen a significant increase in its market value, outpacing the assets that have previously held spots in the top ten for some time.
The trend is on the rise for Toncoin, as data shows it is following closely behind Dogecoin’s growth.
Toncoin moves close to Dogecoin
Over the past few weeks, Toncoin has climbed up the market cap listings on CoinMarketCap, reaching ninth place and pushing Cardano out of the top ten.
A recent evaluation shows that Dogecoin is the closest competitor to TON with a combined market value surpassing $22 billion on April 17th for both cryptocurrencies.
Currently, TON‘s market capitalization is approximately $21.3 billion when I am writing this, which is lower than DOGE‘s current value of slightly over $22 billion.
Based on the present trends, TON might jump up to become the eighth largest cryptocurrency by market cap if its value rises, while Dogecoin’s price decreases.
Toncoin remains bullish as Dogecoin trends below the neutral line
If Toncoin aspires to match Dogecoin’s market value position, the current pricing pattern might not help achieve this objective.
On the daily chart for TON, there has been a noticeable decrease in price over the past few days, even though it followed the general market direction. This downturn has had a substantial effect on its total market value.
Starting from the beginning of this week, TON has seen a daily decrease of more than 3%. Currently, its price hovers around $6.1, representing a drop greater than 3% compared to earlier in the week.
Based on further examination, the support prices for this asset are approximately $4.7 and $4.9. Furthermore, recent price drops have caused a decline in its Relative Strength Index (RSI) value.
Despite the decrease, TON‘s price chart still indicates an uptrend based on the Relative Strength Index (RSI) which is currently above the halfway mark.
Dogecoin, like Toncoin, has seen a decrease in value lately. But in contrast to Toncoin, Dogecoin’s decline has been less drastic and more of a gradual process.
At the time of writing, Dogecoin was trading around $0.1, reflecting a 1.09% decline.
Based on recent analysis, Dogecoin has dropped by more than 3% just once during the past three days. In contrast, TON has seen multiple declines of over 3% in a row.
Dogecoin’s trend currently shows signs of a bear market as its Relative Strength Index (RSI) sits beneath the neutral mark, suggesting pessimistic investor attitudes.
A “Ton” of difference in volume
Examining the trading volumes of Dogecoin and Toncoin on a daily basis brought to light a noticeable difference in market activity.
Based on information from Santiment, the transaction volume for DOGE approached almost $1.9 billion at the time of reporting, yet recent signs suggest a decrease.
Instead, TON‘s volume was around $531 million, which is more than $500 million less than the other one.
Despite the significant difference, the trading volume for TON still remains noteworthy, given the comparatively smaller number of its holders.
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2024-04-18 06:15