Toncoin VS Render: Which Ethereum Cryptocurrency Will Hit $10 First?

Amid the ongoing crash that is currently witnessing a slow recovery in the global crypto market, some altcoins are demonstrating growth and resiliened in their performances. oncoin (TON), Notcoin (NOT), and Injective Protocol (INJ), are among the cryptocurrencies standing out after making price recovers. However, this article will focus on Some altcoins, Toncoin (TON) and Render (RNDR), as we try to determine which Ethereum cryptocurrency will reach the $10 milestone first by 2024.

Toncoin VS Render: Market Performance

Toncoin (TON) seeks to transform decentralized finance (DeFi) by utilizing the powerful smart contract features of Ethereum. The token enables various decentralized financial services such as lending, borrowing, and decentralized exchanges.

Priced at $7.56 at the moment, TON has experienced a 6.42% rise in the last 24 hours and has a market value of around $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 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 press time, RNDR is trading at $8.68, having dropped in value by1.82% over the past day.

With a market cap of $3.37 billion, Render ranks 28th among cryptocurrencies, according to CoinMarketCap. Its 24-hour trading volume is $320.2 million, which is 9.44% of its market cap.

The circulating supply of RNDR is 388,646,672 tokens, with its all-time high of $13.60 achieved 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 different metrics, as an Ethereum cryptocurrency, indicating a positive market forecast. All EMAs from the 10-day to the 200-day are showing as being in a buy zone, signaling a continuous upward trend.

The MACD level of 0.27 indicates a bullish crossover, suggesting an upward trend. The RSI is currently at 63.30, showing the asset is getting close to being overbought but is still experiencing significant buying activity. The Fibonacci levels indicate important resistance levels at $7.22 and $7.90, and support is seen at around $6.13.

Breaking through these resistance levels may push TON closer to the $10 price point.

Render, on the other hand, faces a more challenging technical landscape. Short-term and mid-term EMAs (up to the 100-day EMA) indicate sell signals, reflecting recent bearish trends. However, the 200-day EMA suggests a long-term buy signal, indicating potential for recovery.

The MACD level at -0.331 signals a bearish trend, but the RSI at 41.036 suggests the asset is nearing oversold conditions, which could 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 shift 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 overwhelmingly positive, reflecting strong market confidence and sustained buying interest. Its robust market performance and technical setup suggest that it is well-positioned to reach the $10 milestone before Render. While Render holds promise with its innovative approach to decentralizing rendering services, it currently faces significant technical challenges and needs to overcome resistance levels to catch up. Investors will need to monitor market conditions closely for both Ethereum cryptocurrencies, but as of now, Toncoin looks poised to hit the $10 mark first.