Prominent altcoin Toncoin (TON) was not left out of the widespread decline in cryptocurrencies in the last week. According to data from CoinMarketCap, the price of Toncoin fell by 14.71% in the last seven days, falling from a the consolidation range is between $6.2 and $6.5. However, this market decline does not deter market experts’ optimism about TON, especially with the peak season has not yet come into full effect.
Toncoin to gain at least 280% in alt season, analyst says
in a recent X postPopular crypto analyst Burak Kesmeci revealed multiple price targets for Toncoin in the current bull run/altcoin season, a period in which altcoins generally outperform Bitcoin in price appreciation indicated by a decline in market dominance. Bitcoin.
Firstly, the analyst notes that Toncoin’s 365-day moving average currently at $5.14 has historically represented a region where price activity slows down significantly. Notably, Toncoin has only experienced a prolonged price drop below this level in a bear market. However, with the cryptocurrency market in a bullish cycle, Kesmeci posits that a one-year SMA could represent the possible local bottom for TON.
Therefore, using this price point with multiple levels of standard deviation (σ), the analyst predicts possible Toncoin price targets that are statistically compared to historical data.
Based on the chart below, Toncoin is expected to reach an initial price of $8.74 as the alt-season takes off based on the price level revealed by the one-year SMA+2σ. This indicates a potential gain of 60.6% on the altcoin’s current market price. Thereafter, a higher price band of 1-year SMA + 6σ indicates a price target of $15.93. The final price target for Toncoin from Burak Kesmeci is based on the one-year SMA+8σ and is set at $19.53.
Following this prediction, the crypto analyst claims that Toncoin could have gained 280% in the first phase of the alt season. However, investors should note that the price targets are likely to change with price developments as the projection is based on the simple moving average.
And now what happens with Toncoin?
Following the cryptocurrency market crash this week, Toncoin found a local price low of $4.71 and is currently experiencing a modest price recovery as it hovers around the $5.40 price zone. To achieve any of Kesmeci’s price predictions, the altcoin will need to overcome minor resistance in the $6.5 price region and also overcome major price opposition at $7.0.
In other developments, Toncoin’s daily trading volume has grown by 3.61% reaching a value of $619.19 million. With a market capitalization of $13.91 billion, the digital asset remains the ninth largest cryptocurrency on the market.
Fountain: NewsBTC.com
