As the crypto market sentiment picks up in September, Toncoin is expected to break through $6 and is expected to usher in a 20% increase. Bitcoin is expected to rise to $70,000 in "Uptober", and Toncoin has gained attention due to its integration with Telegram. Although Toncoin has fallen by more than 5% in the past 30 days, recent data shows a 29% increase in daily active addresses and a sharp increase in demand of 78%. If Toncoin can maintain its upward trend, reaching $6.82 is possible. However, if it fails to break through the 50-day moving average, it may fall to the support level of $5.50, facing bearish risks.
As the cryptocurrency market sentiment improves in the last weeks of September, Toncoin is expected to break through $6 as TON approaches a key turning point. In fact, it could see a 20% surge as October approaches.
The cryptocurrency market is anxiously awaiting what “Uptober” will bring. With Bitcoin expected to surge to highs of $70,000 not seen in months, a slew of tokens are likely to benefit. Among them is TON, which is currently in a rather unique position.
Source – MakeUseOf
Toncoin set to surge 20%? Key 50-day SMA could be on the horizon for a TON rally
Few cryptocurrencies are poised to see as big gains in 2024 as Toncoin. The asset thrived earlier this year thanks to its integration with Telegram. However, the past few weeks have not been so rosy. In fact, according to CoinMarketCap, TON is down more than 5% in the past 30 days.
These dips may soon be a thing of the past. In fact, Toncoin is targeting $7 based on some interesting data that could see TON surge in early October. Approaching its 50-day simple moving average (SMA), the coin could see a 20% rally.
This figure forms resistance at the $5.76 level. So far, traders have been unable to push the asset above this level, with the key support currently located at the 20-day exponential moving average (EMA) at $5.47.
Source: Medium/Redficrypto
IntoTheBlock data shows that Toncoin’s daily active addresses have increased over the last week. Specifically, the number has grown by 29% during the seven-day period, while demand has surged by 78%. As a result, optimism about its price performance has increased.
In the short term, it is certainly realistic for Toncoin to reach a price of $6.82. For this to happen, buying pressure must continue to increase while its indicators must also remain positive. However, failure to conquer the 50-day moving average could cause TON to fall to support levels. If it does fall back below $5.50, it will most likely shift back to a bearish forecast.
