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Toncoin VS Render: Which Ethereum Cryptocurrency Will Reach $10 First?
In the context of the ongoing collapse that is currently witnessing a slow recovery in the global cryptocurrency market, some altcoins are demonstrating growth and resilience in their performance. oncoin (TON), Notcoin (NOT) and Injective Protocol (INJ) are among the cryptocurrencies that have stood out after recovering prices. However, this article will focus on a few altcoins, Toncoin (TON) and Render (RNDR), as we try to determine which Ethereum the cryptocurrency will be the first to reach the $10 mark by 2024.
Toncoin VS Render: Market Performance
Toncoin (TON) seeks to transform itself decentralized finance (DeFi) using the powerful smart contract capabilities of Ethereum. The token enables various decentralized financial services such as lending, borrowing, and decentralized exchanges.
At the price of $7.56, TON has registered an increase of 6.42% in the last 24 hours and has a market value of approximately $18.4 billion, placing it as the ninth largest cryptocurrency. The 24-hour trading volume stood at $517.9 million, or 2.84% of the market capitalization.
TON currently has 2,432,807,553 tokens in circulation, reaching its all-time high of $7.78 on June 5, 2024.
On the other hand, the main goal of creating Render is to improve the decentralization of rendering processes. The goal is to provide content creators and developers with easier and more convenient access to cloud computing and rendering services.
As of this writing, RNDR is trading at $8.68, having lost 1.82% over the past day.
With a market capitalization of $3.37 billion, Render ranks 28th among cryptocurrencies, according to CoinMarketCap. Its 24-hour trading volume stands at $320.2 million, or 9.44% of its market capitalization.
The circulating supply of RNDR is 388,646,672 tokens, with its all-time high of $13.60 reached on March 17, 2024, marking a significant decline of 35.84% from that peak.
Toncoin VS Render: technical analysis
When it comes to technical indicators, Toncoin shows strong buy signals in several parameters, like a cryptocurrency Ethereum, indicating a positive market forecast. All 10 to 200 day EMAs are in a buy zone, signaling a continued uptrend.
The MACD level of 0.27 indicates a bullish crossover, suggesting an uptrend. THE CSR is currently at 63.30, showing that the asset is approaching overbought but is still experiencing significant buying activity. Fibonacci levels indicate major resistance levels at $7.22 and $7.90, and support is seen around $6.13.
Breaking these resistance levels could push TON closer to the $10 price.
Rendering, on the other hand, faces a more challenging technical landscape. The short-term and medium-term EMAs (up to the 100-day EMA) indicate selling signals, reflecting recent bearish trends. However, the 200 days EMA suggests a long-term buy signal, indicating recovery potential.
THE MACD The level at -0.331 signals a bearish trend, but the RSI at 41.036 suggests that the asset is approaching oversold conditions, which could attract buyers. Fibonacci levels identify key resistance at $11.60 and $12.80, with support at $9.63.
For the RNDR to reach $10, it will need to break above these significant resistance levels and shift its short-term momentum.
Verdict: Which Ethereum Cryptocurrency Will Reach $10 First?
In the race to reach $10 in 2024, Toncoin appears to have an edge over Render. Toncoin’s technical indicators are extremely positive, reflecting strong market confidence and continued buying interest. Its solid market performance and technical setup suggest it is well positioned to reach the $10 mark before Render. While Render holds promise with its innovative approach to decentralizing rendering services, it currently faces significant technical challenges and must overcome resistance levels to catch up. Investors will need to carefully monitor market conditions for both Ethereum cryptocurrencies, but at the moment Toncoin appears poised to reach the $10 mark first.