- TON was up by more than 29% in the last seven days.
Market indicators looked bearish on TON and bullish on DOGE.
TON, the cryptocurrency known as Toncoin, has left investors in awe with its resilience during market downturns. Instead of following the general trend of declining prices, TON‘s charts have stayed positive, displaying an uncommon green hue.
The strong surge in this token’s value enabled it to move ahead of Dogecoin [DOGE] and take its place among the top 10 cryptocurrencies.
Toncoin flips Dogecoin
Last week, while the prices of most cryptocurrencies dropped, TON‘s token bucked the trend and experienced a significant increase. In fact, its price went up by over 29% during this seven-day period.
Based on data from CoinMarketCap, the token’s value has risen by approximately 9.5% in just the previous 24 hours. Currently, its price is at around $7.11, and its market capitalization exceeds $24.6 billion.
Last week, DOGE‘s value took a significant hit, dropping by almost 20%, while TON experienced better fortune. As a result, TON surpassed DOGE in rankings, becoming the eighth largest cryptocurrency by market capitalization as of now.
To find out if Toncoin could maintain its advantage, AMBCrypto examined its on-chain statistics.
The NVT Ratio for TON showed an uptick following a significant decrease, implying it was becoming overpriced according to this metric. Additionally, there was a slight decrease in the MVRV ratio, another warning sign for potential bears.
In addition, there was growing demand to sell TON, indicated by the uptick in tokens being held on exchanges. Furthermore, a decline in the amount of TON controlled by large wallets implied that major investors were offloading their stashes.
Will DOGE reclaim its spot?
To find out if Toncoin might experience a price adjustment soon, AMBCrypto examined its day-to-day price trend.
At the current moment, the RSI for this altcoin was approaching an overbought level.
If the graph indicates that TON has entered the overbought region, there may be increased selling activity due to this condition. This selling pressure could potentially halt the ongoing bull market for TON.
When the price of a token reached the maximum level set by the Bollinger Bands, it signaled that a minor price adjustment might occur in the near future.
Doge’s value surged by over 4% within the past day, making it bullish, and at the current moment, it is being exchanged for $0.165 while boasting a market cap above $23.7 billion.
A meme coin’s price reached the bottom boundary of its Bollinger Bands, suggesting a potential increase in value was likely based on past market trends. Meanwhile, the RSI showed positive signs of an upturn.
Read Toncoin’s [TON] Price Prediction 2024-25
If the price of Dogecoin continues to rise while Toncoin experiences a price decrease, Dogecoin could potentially regain its position among the top 8 cryptocurrencies within the next few days.
Despite a bearish signal shown by Dogecoin’s Moving Average Convergence Divergence (MACD) indicator in the market, its price may not advance much more.
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2024-04-15 15:03