Bitcoin
Toncoin VS Render: Which Ethereum Cryptocurrency Will Hit $10 First?
Amidst the ongoing crisis that is currently witnessing a slow recovery in the global crypto market, some altcoins are demonstrating growth and resilience in their performances. oncoin (TON), Notcoin (NOT) and Injective Protocol (INJ) are among the cryptocurrencies that stand out after price recovery. However, this article will focus on a few altcoins, Toncoin (TON) and Render (RNDR), as we try to determine which Ethereum the cryptocurrency will reach the $10 mark first in 2024.
Toncoin VS Rendering: Market Performance
Toncoin (TON) seeks to transform decentralized finance (DeFi) utilizing Ethereum’s powerful smart contract capabilities. The token enables various decentralized financial services such as lending, lending, and decentralized exchanges.
Priced at $7.56 at the moment, TON has seen an increase of 6.42% in the last 24 hours and has a market value of around US$18.4 billion, placing it as the ninth largest cryptocurrency. The 24-hour trading volume is $517.9 million, representing 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 objective of creating Render is to enhance the decentralization of rendering processes. The goal is to provide content creators and developers with easier and more affordable access to cloud computing and rendering services.
At the moment, RNDR is trading at US$8.68, having fallen by 1.82% in the last day.
With a market value of US$3.37 billion, Render ranks 28th among cryptocurrencies, according to CoinMarketCap. Its 24-hour trading volume is $320.2 million, which represents 9.44% of its market value.
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 Rendering: Technical Analysis
When it comes to technical indicators, Toncoin shows strong buy signals on different metrics like a cryptocurrency Ethereum, indicating a positive market forecast. All 10-200 day EMAs are in a buy zone, signaling a continued upward trend.
The MACD level of 0.27 indicates a bullish crossover, suggesting an upward trend. O RSI is currently at 63.30, showing that the asset is close to being overbought but is still experiencing significant buying activity. Fibonacci levels indicate important resistance levels at $7.22 and $7.90, and support is seen around $6.13.
Breaking these resistance levels could take TON closer to the $10 price.
Rendering, on the other hand, faces a more challenging technical scenario. The short- and medium-term EMAs (up to the 100-day EMA) indicate sell signals, reflecting recent downtrends. However, the 200 days EMA suggests a long-term buy signal, indicating recovery potential.
O MACD the level at -0.331 signals a downtrend, but the RSI at 41.036 suggests that the asset is approaching oversold conditions, which may attract buyers. Fibonacci levels identify key resistance at $11.60 and $12.80, with support at $9.63.
For RNDR to reach $10, it will need to overcome these significant resistance levels and change its short-term momentum.
Verdict: Which Ethereum Cryptocurrency Will Hit $10 First?
In the race to reach $10 first in 2024, Toncoin appears to have the edge over Render. Toncoin’s technical indicators are extremely positive, reflecting strong market confidence and sustained buying interest. Its robust market performance and technical setup suggest it is well positioned to reach the $10 mark before the Render. While Render shows promise with its innovative approach to decentralizing service delivery, it currently faces significant technical challenges and needs to overcome levels of resistance to catch up. Investors will need to closely monitor market conditions for both Ethereum cryptocurrencies, but as of now, Toncoin appears poised to hit the $10 mark first.