TON’s 10% rise in 24 hours allows it to flip Dogecoin, but the race isn’t over

• TON was up by more than 29% in the last seven days. 
• Market indicators looked bearish on TON and bullish on DOGE.

Toncoin [TON] has been surprising investors for quite some time now, as despite the market crash, its price charts have remained green.

This bullish performance also allowed the token to climb up a spot on the top 10 list, flipping Dogecoin [DOGE] in the process.

Toncoin flips Dogecoin

While most cryptos bled last week, TON chose to move the other way as the token’s price surged by more than 29% in the past seven days.

According to CoinMarketCap, in the last 24 hours alone, the token’s value increased by nearly 10%. At press time, it was trading at $7.11 with a market capitalization of over $24.6 billion.

DOGE’s bore the brunt of TON’s fortune, however, as its value plummeted by nearly 20% last week. This divergence allowed TON to flip DOGE and become the eighth-largest crypto by market cap at press time.

To see whether Toncoin would be able to sustain this lead, AMBCrypto checked the altcoin’s on-chain metrics.

We found that TON’s NVT Ratio, after a sharp drop, had started to rise, indicating that it was getting overvalued. Another bearish metric was the MVRV ratio, which declined slightly.

Moreover, selling pressure on TON was increasing, which was evident from the rise in its Supply on Exchanges. The supply held by top addresses fell as well, suggesting that whales were selling their holdings.

Source: Santiment

Will DOGE reclaim its spot?

To see whether Toncoin would witness a price correction in the coming days, AMBCrypto analyzed its daily chart.

Notably, the altcoin’s Relative Strength Index (RSI) was about to enter the overbought zone at the time of writing.

If the graph enters the overbought zone, selling pressure on TON might surge further, which in turn would put an end to its bull rally.

The token’s price also touched the upper limit of the Bollinger Bands, which hinted at a price correction in the short term. 

Source: TradingView

DOGE also turned bullish during the last day, as its value increased by more than 4% in the last 24 hours. At press time, it was trading at $0.165 with a market capitalization of over $23.7 billion.

The meme coin’s price touched the lower limit of the Bollinger Bands, indicating that the chances of a price uptick were high. The Relative Strength Index (RSI) also looked bullish. 

Read Toncoin’s [TON] Price Prediction 2024-25

If DOGE’s price remains bullish and Toncoin falls victim to a price correction, then the meme coin might be able to reclaim its 8th spot on the list of top cryptos in the coming days.

Nonetheless, Dogecoin’s MACD displayed a bearish advantage in the market, which can restrict its price from moving up further. 

Source: TradingView