Over the past 24 hours, the majority of the crypto market has been moving slowly, with the premier cryptocurrency Bitcoin falling below the $26,000 mark again. Toncoin, on the other hand, continues to defy the current market conditions, registering a significant price climb in the past day.
The TON price experienced a substantial increase on the first day of September, which is consistent with its overall trend in August.
TON Soars By 11% In A Single Day
Toncoin currently leads the altcoin market as one of the top gainers following an 11% price rise in the past 24 hours. In the same period, altcoins such as ETH and XRP appear to have succumbed to general market sentiment, suffering a 1% and 2% price dip, respectively.
Interestingly, TON’s latest price spike only underscores its impressive performance in the past few weeks. According to data from CoinGecko, the value of the cryptocurrency has swelled by more than 35% in the last seven days.
A broader look at Toncoin’s price history shows that the token has been on an ascent since the start of August. After plunging to a year-to-date (YTD) low of $1.18 on the 4th of August, TON is currently on a nearly 64% price rally.
The TON token is currently valued at $1.93, according to CoinGecko data. If this bullish momentum and the buying pressure continue to build, investors could see Toncoin return to the $2 mark.
However, technical indicators do not seem to be in favor of the bullish momentum continuing. The daily Relative Strength Index (RSI), an indicator that tracks the balance between the buying and selling pressure of a token, is currently in the oversold region.
The daily RSI in the oversold zone can be an indication of a potential trend reversal. In this situation, this means that investors could see Toncoin reverse all its gains and embark on a downward trend.
Can Toncoin Break Into The Top 10 Crypto Ranking?
This recent positive performance has catapulted Toncoin onto the verge of becoming one of the top 101 largest cryptocurrencies by market cap. According to CoinGecko data, TON is the 12th-largest cryptocurrency with a market cap of roughly $6.64 billion.
This puts it ahead of Polkadot, Polygon, and Litecoin, who occupy the 13th, 14th, and 15th positions, respectively. If TON continues its current price rally in this existing market condition, breaking into the top 10 ranking might be a possibility.
Interestingly, a significant 92% increase in the token’s daily trading volume adds further optimism to this scenario. An increase in trading volume can be a signal that investors are still dabbling into an asset.
With this, it would only be short-sighted to rule out more gains for the altcoin in the coming weeks.
TON's daily Relative Strength Index in the oversold zone | Source: TONUSDT chart on TradingView
Featured image from iStock, chart from TradingView