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Telegram-Linked Altcoin Arrives at Historic Buy Location: Where Can Price Turn? - Coin Newsletter
**As the altcoin linked to Telegram reaches a historical buying zone, analysts shared their targets for this potential turnaround, suggesting that this could be the bottom.
According to the CryptoQuant analyst, Telegram-connected Toncoin (TON), provided important clues about market trends with the analysis of the 250-day moving average and gave a strong recovery signal by reaching historical buying zones. The Mayer Multiple indicator is currently trending in historical accumulation zones, indicating that TON is close to value areas and downside risk is limited.
TON may start to rise from here
As the TON price approaches the 0.6x - 0.8x bands, historical data reveals that long-term investors typically accumulate in these zones. On the other hand, breakage zones near 1.5x - 2.0x levels often indicate periods when speculative enthusiasm peaks.
The CryptoQuant analyst noted that TON recently touched the 0.6x multiple, which is a critical bottom zone based on historical trends. This indicated that the downside move may have been exhausted, and the current price levels could present a strong accumulation opportunity ahead of the next uptrend.
CryptoQuant analyst, indicating that TON could move towards the range of 1.2x - 1.5x if market momentum increases, emphasized that these levels could provide important signals for the next bull wave. He added that investors and traders need to closely monitor these bands.
According to data from CoinGecko, TON is trading at $3.57**, up 5%, unlike Bitcoin's (BTC) at the time of writing.