As the crypto market has seen its sentiment shift positive during the final weeks of September, Toncoin is eyeing a potential surge above $6 as TON approaches a crucial turning point. Indeed, it could be set to enjoy a 20% surge as October fast approaches.
The crypto market is anxiously awaiting what ‘Uptober’ could have in store. With Bitcoin predicted to surge to $70,000 heights it hasn’t seen in several months, a plethora of tokens could also be set to benefit. Among them is TON, who is currently in a rather unique position.
Also Read: TON-Based Wallet to Support Crypto Assets on TRON
Toncoin to Surge 20%? Critical 50-Day SMA Could Have a TON Rally Imminent
Few cryptocurrencies have had the kind of 2024 surge that Toncoin has. The asset has thrived early in the year due to its Telegram integration. However, things have not been so positive over the last several weeks. Indeed, TON has fallen more than 5% in the last 30 days, according to CoinMarketCap.
Those declines could be shaping up to be a thing of the past. Indeed, Toncoin is eyeing a $7 target based on some interesting data that could have TON surging in early October. Nearing its 50-day simple moving average (SMA), the token could be set to increase by 20%.
That figure has created a resistance at the $5.76 level. To this point, traders have been unable to push the asset above it, with key support now forming at the 20-day exponential moving average (EMA) at $5.47.
Also Read: Toncoin (TON) Defies Market Trend, Predicted To Hit All-Time High
IntoTheBlock data shows that Toncoin has seen an increase in daily active addresses in the last week. Specifically, that figure has increased 29% during that seven-day period, while demand has surged 78%. Therefore, optimism surrounding its price performance has increased.
In the near term, Toncoin reaching a $6.82 price is certainly realistic. For this to take place, buying pressure will have to continue to increase along with its positive metrics. However, the inability to conquer the 50-da SMA could have TON falling to its support. If it did decline back below $5.50, it would most likely shift back to a bearish projection.
