The recent announcement by Pavel Valeryevich Durov, the CEO of Telegram, regarding its upcoming feature has caused a massive price surge in Toncoin (TON). On February 28, 2024, the CEO of Telegram announced that broadcast channel owners on Telegram can start receiving financial rewards for their work. However, this announcement comes on his channel named Durov’s Channel.
Why Toncoin (TON) price is increasing?
According to the post that Durov shared on his Telegram channel, currently, the Telegram broadcast channel generates nearly 1 trillion views every month. Out of this massive viewership, only 10% is monetized with Telegram Ads.
Additionally, Pavel Durov added that starting in March 2024, the Telegram Ad Platform will open its doors to advertisers across nearly a hundred new countries. Channel owners in these regions will enjoy a 50% share of the revenue generated from ads displayed in their channels.
To ensure swift and secure transactions, the platform will use the TON blockchain. With Telegram’s innovative approach, ad sales and revenue sharing with channel owners will be conducted using Toncoin. This strategy forms a symbiotic relationship, allowing content creators the flexibility to either convert their Toncoins to traditional currency or reinvest them in the promotion and enhancement of their channels.
Toncoin (TON) technical analysis and key levels
However, following this announcement, Toncoin experienced a massive price surge of over 23% and also made an intraday high of about $2.9. Currently, Toncoin (TON) is trading near $2.68, and in the last 24 hours, it experienced over 23% upside momentum. If we look at the performance of TON over a longer period, in the last 7 days, it experienced over 25% upside momentum, whereas in the last 30 days, it experienced over 27% upside momentum. However, a major price surge is observed just after the announcement.
According to technical analysis, the recent price surge caused the TON token to reach its strong resistance level near $2.7. If TON on the weekly time frame gives closing above this strong resistance level, then in the coming days, we may see a massive price surge. However, if we look at the TON chart on a weekly time frame, this massive price surge causes the formation of a bullish inverted head and shoulder pattern.
