Prominent altcoin Toncoin (TON) experienced a notable decline recently, reflecting the broader trend in the crypto market. According to data from CoinMarketCap, Toncoin’s price dropped by 14.71% in just one week, settling from a consolidation range of $6.2-$6.5.
Despite this downturn, many experts maintain a bullish outlook on TON, especially with altseason on the horizon—a time when altcoins typically experience price surges outpacing Bitcoin.
In a recent post on X, well-regarded crypto analyst Burak Kesmeci presented several ambitious price targets for Toncoin during this altcoin bull run. He highlighted that Toncoin’s 365-day moving average, currently at $5.14, has historically indicated a point where price movements tend to plateau. Importantly, Toncoin has only seen prices dip below this average during bear markets. Kesmeci suggests that currently, in a bull cycle, this average might signal a potential local bottom for TON.
Using this price point, in conjunction with various levels of standard deviation (σ), Kesmeci provides estimates for Toncoin’s potential price trajectory. The analysis indicates that Toncoin could initially rise to $8.74 as altseason gains momentum. This projection reflects a potential increase of 60.6% from its current price.
Furthermore, the higher price target based on one-year SMA + 6σ points to $15.93, while the most ambitious goal based on one-year SMA + 8σ is set at $19.53. If these forecasts hold true, the crypto analyst believes Toncoin could witness an impressive 280% increase in the early phase of altseason. That said, it’s crucial for investors to remain aware that these targets may shift in response to market fluctuations, as they are rooted in the simple moving average technique.
Following a recent market decline, Toncoin established a local bottom at $4.71 and is now undergoing a gradual recovery, currently trading around $5.40. To reach Kesmeci’s price expectations, TON will need to surpass minor resistance at the $6.5 mark and tackle a more significant barrier at $7.0.
In other noteworthy developments, Toncoin’s daily trading volume has risen by 3.61%, reaching $619.19 million. With a market capitalization of $13.91 billion, this digital asset proudly holds the title of the ninth-largest cryptocurrency currently available.
As the crypto landscape evolves, Toncoin enthusiasts are keeping a close watch on these projections, eager for potential gains in this vibrant market.
