Prominent altcoin Toncoin (TON) was not left out of the widespread crypto decline in the last week. According to data from CoinMarketCap, the price of Toncoin dipped by 14.71% over the past seven days falling from a consolidation range between $6.2-$6.5. However, this market downturn does not deter market experts’ bullishness on TON especially with the altseason yet to go into full effect.
Toncoin To Gain At Least 280% In Altseason, Analyst Says
In a recent X post, popular crypto analyst Burak Kesmeci revealed multiple price targets for Toncoin in the current altcoin bull run/altseason, a period where altcoins generally outperform Bitcoin in price appreciation indicated by a decline in Bitcoin’s market dominance.
Firstly, the analyst notes that Toncoin’s 365-day moving average currently at $5.14 has historically represented a region where price activity significantly slows down. Notably, Toncoin has only experienced a prolonged price dip below this level in a bear market. However, with the crypto market in a bull cycle, Kesmeci postulates that a one-year SMA could represent the potential local bottom for TON.
Therefore, using this price point with multiple levels of standard deviation (σ), the analyst predicts possible price targets of Toncoin that are statistically compared to historical data.
From the chart below, Toncoin is expected to hit an initial price of $8.74 as the altseason takes off based on the price level revealed by the one-year SMA + 2σ. This indicates a potential 60.6% gain on the altcoin’s current market price. Thereafter, a higher price band of one-year SMA + 6σ indicates a price target of $15.93. The final price goal for Toncoin by Burak Kesmeci is based on the one-year SMA + 8σ and set at $19.53.
Going by this prediction, the crypto analyst states that Toncoin could have gained by 280% in the first phase of the altseason. However, investors should note that price targets are likely to change with moving prices as the projection is based on the simple moving average.
What Now For Toncoin?
Following the crypto market decline this week, Toncoin found a local price bottom at $4.71 and is currently undergoing a modest price recovery as it hovers around the $5.40 price zone. In attaining any of Kesmeci’s price predictions, the altcoin will need to break past a minor resistance at the $6.5 price region and also overcome a major price opposition at $7.0.
In other developments, Toncoin’s daily trading volume has grown by 3.61% attaining a value of $619.19 million. With a market cap of $13.91 billion, the digital asset remains the ninth-largest cryptocurrency in the market.
