Toncoin Surpassed Dogecoin by Market Capitalization
Toncoin continues its climb to Olympus, overtaking memecoin Dogecoin in terms of market capitalization and ranking as the 8th best cryptocurrency.
Toncoin has been on an active upward trajectory over the past 24 hours, rising 9% to $7.20. This recent rise has made Toncoin the eighth largest cryptocurrency by market capitalization, overtaking Dogecoin (DOGE). Given the relatively small gap between these coins, it remains to be seen whether the current balance of power will remain in place.
Toncoin's growth is due to Toncoin's partnership with HasKey. Since the beginning of March, Toncoin has shown a steady growth of more than 180%. Moreover, Toncoin's trading volume has increased markedly over the past seven days, rising by 300% on average per day. Its growth over the past year amounted to 205%, far outpacing Bitcoin, which grew by 57% over the same period.
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Meanwhile, on the technical chart, Toncoin's price is climbing in an upward channel, indicating that the bulls continue to buy dips. The bears managed to push the price lower over the weekend, but the bulls' activity is still strong. Now traders are trying to direct the asset to the resistance line at $7.50, a move above which could lead to further growth to $10 in the near term.
RSI index and moving averages growth also indicates high buying power at the moment, which also points to further price growth. However, if the bulls fail to overcome the nearest resistance level, the price could fall towards the 50-day SMA at $4.28.
