TON Price Soars, Exceeds LINK In The Cryptocurrency Market

TON Price Soars, Exceeds LINK In The Cryptocurrency Market

Toncoin (TON) has surpassed the Chainlink (LINK) in terms of market momentum, emerging as a rising star in the cryptocurrency space. The cryptocurrency community is taking note of the sudden increase in Toncoin’s value against the backdrop of volatile market movements, which has caused some to reassess the relative merits of these two digital assets.

Chainlink has been doing well lately—growing by 5.59% over the same period—Toncoin has surpassed its rival and seen a significant increase in value over the last 24 hours. The spike has driven Toncoin’s price to $2.35, further demonstrating the cryptocurrency’s potential to market changes. Chainlink has long been regarded as a crypto industry mainstay, offering decentralized oracle solutions for smart contracts, with a market valuation of $7.91 billion.

According to the Directional Movement Index (DMI), buyers lead the sellers by a wide margin. As of press time, the +DMI shows green and stands at 24.222, while  -DMI, which indicates red, stands at 18.90. The present DMI may not encourage a bullish scenario regarding TIN.

Toncoin Officially Becomes A Strong Competitor, DMI Report Released

Toncoin has been formerly termed a strong competitor, drawing interest from both experienced and inexperienced investors due to its significant price increase. Technical analysis shows that the Moving Average Convergence Divergence (MACD) indicates a positive trend, which coincides with Toncoin’s surge.

The 12-day Exponential Moving Average (EMA) in blue indicates impending bullishness, surpassing the 26-day EMA in orange. According to this technical indicator, its positive momentum may sustain Toncoin’s upward trajectory shortly.

TON is believed to be influenced by Average Directional Index (ADX). As of the time of writing, ADX is at  11.41. To validate TON’s upward movement, ADX must endeavor to reach at least 25 or more. The technical reason behind the TON’s sudden upward trend was linked to its already established $2.26 support.

TON trades for $2.38, with a similar resistance level revolving around its $2.34 decline. The moving average convergence divergence (MACD) for TON is suspected to be triggered by a slight decline that will be experienced before TON’s recovery. The said MACD was previously 0.0097.

TON Experience A Drop In Market Performance, Ranks #116

The spike in Toncoin’s value coincides with heightened activity and competition among digital assets in the cryptocurrency market. Established players like Chainlink find it challenging to hold onto their positions in a market that is changing quickly as new initiatives keeps gaining traction.

Another factor affecting TON’s price growth is linked to it’s increase in TON’s market value, and not the market price fluctuation or it’s supply, as commonly assumed by most traders. The reversal in LINK’s market position on TON has further proved its strong position in the market.

TON’s market capitalization was recorded at $8.06 billion as of press time. TON’s market analysis in the last 24 hours shows it trades at $2.36, with a slight drop of 0.14%.  The market capitalization also saw a 0.26% decline to reach $8,081,482,774 after trading $27,976,015, another 40.85% decrease in the last 24 hours.

The total circulating supply, according to data from CoinMarketCap, is 3,431,892,088 TON, hence, ranking #116 on the CoinMarketCap most performing cryptocurrency radar. Meanwhile, TON’s 12-day Exponential Moving Average (EMA) has exceeded the 26-day EMA, as earlier emphasized by the MACD.

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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