- TON has risen over 29% in the past 7 days.
- Market indicators were bearish on TON and bullish on DOGE.
ton coin [TON] Despite the market crash, its price chart has remained green and has been surprising investors for quite some time.
This bullish performance allowed the token to move up and reverse its position in the top 10 list. dogecoin [DOGE] in the process.
Toncoin reverses Dogecoin
While most cryptocurrencies crashed last week, TON chose to move in a different direction as the token's price soared more than 29% in the past seven days.
according to coin market cap, the value of the token has increased by nearly 10% in the past 24 hours alone. At the time of writing, it was trading at $7.11, with a market capitalization of over $24.6 billion.
However, DOGE bore the brunt of TON's fortunes as its value plummeted by nearly 20% last week. This divergence has caused TON to reverse his DOGE and make him the 8th largest cryptocurrency by market capitalization at the time of writing.
To see if Toncoin can maintain this lead, AMBCrypto checked the altcoin’s on-chain metrics.
We find that TON's NVT ratio has started to rise after falling sharply, indicating that it is overvalued. Another bearish indicator is the MVRV ratio, which has declined slightly.
Additionally, there was increasing selling pressure on TON, which was evident from the increase in supply on exchanges. The supply held by top addresses has decreased as well, suggesting that whales are selling their holdings.
Source: Santimento
Will DOGE be able to regain its position?
To see if Toncoin will witness a price correction in the coming days, AMBCrypto analyzed its daily chart.
Notably, at the time of writing this article, the altcoin Relative Strength Index (RSI) was about to enter the overbought zone.
Once the graph enters the overbought zone, selling pressure on TON may increase further, which will result in an end to the bull market.
The token price also touched the upper bound of the Bollinger Bands, suggesting a short-term price correction.
Source: TradingView
DOGE also turned bullish the previous day as its value rose over 4% in the past 24 hours. At the time of writing, it was trading at $0.165, with a market capitalization of over $23.7 billion.
Memecoin’s price is touching the lower bound of the Bollinger Bands, indicating a high probability of price appreciation. The Relative Strength Index (RSI) also looks bullish.
read Toncoins [TON] price prediction 2024-25
If DOGE price remains bullish and Toncoin falls victim to a price correction, Memecoin may be able to regain the 8th spot on the top cryptocurrencies list within a few days.
Nevertheless, Dogecoin’s MACD is showing a bearish advantage in the market, which could limit further price gains.
Source: TradingView
