- TON was up by greater than 29% within the final seven days.
- Market indicators appeared bearish on TON and bullish on DOGE.
Toncoin [TON] has been shocking traders for fairly a while now, as regardless of the market crash, its worth charts have remained inexperienced.
This bullish efficiency additionally allowed the token to climb up a spot on the highest 10 record, flipping Dogecoin [DOGE] within the course of.
Toncoin flips Dogecoin
Whereas most cryptos bled final week, TON selected to maneuver the opposite means because the token’s worth surged by greater than 29% previously seven days.
In line with CoinMarketCap, within the final 24 hours alone, the token’s worth elevated by almost 10%. At press time, it was buying and selling at $7.11 with a market capitalization of over $24.6 billion.
DOGE’s bore the brunt of TON’s fortune, nonetheless, as its worth plummeted by almost 20% final week. This divergence allowed TON to flip DOGE and change into the eighth-largest crypto by market cap at press time.
To see whether or not Toncoin would be capable of maintain this lead, AMBCrypto checked the altcoin’s on-chain metrics.
We discovered that TON’s NVT Ratio, after a pointy drop, had began to rise, indicating that it was getting overvalued. One other bearish metric was the MVRV ratio, which declined barely.
Furthermore, promoting stress on TON was growing, which was evident from the rise in its Provide on Exchanges. The provision held by high addresses fell as effectively, suggesting that whales had been promoting their holdings.
Supply: Santiment
Will DOGE reclaim its spot?
To see whether or not Toncoin would witness a worth correction within the coming days, AMBCrypto analyzed its day by day chart.
Notably, the altcoin’s Relative Power Index (RSI) was about to enter the overbought zone on the time of writing.
If the graph enters the overbought zone, promoting stress on TON may surge additional, which in flip would put an finish to its bull rally.
The token’s worth additionally touched the higher restrict of the Bollinger Bands, which hinted at a worth correction within the quick time period.
Supply: TradingView
DOGE additionally turned bullish over the last day, as its worth elevated by greater than 4% within the final 24 hours. At press time, it was buying and selling at $0.165 with a market capitalization of over $23.7 billion.
The meme coin’s worth touched the decrease restrict of the Bollinger Bands, indicating that the probabilities of a worth uptick had been excessive. The Relative Power Index (RSI) additionally appeared bullish.
Learn Toncoin’s [TON] Value Prediction 2024-25
If DOGE’s worth stays bullish and Toncoin falls sufferer to a worth correction, then the meme coin may be capable of reclaim its eighth spot on the record of high cryptos within the coming days.
Nonetheless, Dogecoin’s MACD displayed a bearish benefit out there, which may prohibit its worth from shifting up additional.
Supply: TradingView