The Toncoin (TON) token has experienced a notable month of bullish activity, with its price demonstrating high volatility across weekly and daily timeframes. Data from CoinStats reveals an impressive 87.23% surge in the TON token's value over the past 30 days, achieving a monthly high of $5.69 and a low of $2.6.
TON/USD 1-Day Chart (Source: CoinStats)
Despite this month-long upward trajectory, the weekly chart shows a slight downturn of 2.82% at the current moment, with the token reaching a weekly high of $5.51 and a low of $5.00.
On Monday, the price fell to $5 before stabilizing at $5.28. Despite this retracement, TON's token has still recorded a 2.08% increase in the last 24 hrs.. Additionally, the market capitalization of the token has grown by 0.87%, reaching $18.11 billion, alongside an 11.17% rise in intraday trading volume, surpassing $198 million.
Toncoin (TON) experienced a sharp increase in price following Telegram's announcement of a new ad revenue-sharing program. This announcement, made on Sunday, outlines that Telegram will share 50% of ad revenue with owners of public channels that have at least 1,000 subscribers.
The introduction of this program is anticipated to transform advertising dynamics on the platform, allowing purchases of ads with Toncoin. Consequently, this flexibility means that promoting bots or channels could be done with just a few Toncoins, as stated on Telegram's official website.
The price surge of Toncoin succeeded in a prosperous March, during which the value of digital currency more than doubled. It jumped from $2.48 at the start of the month to a record high of $5.69 by March 25. This increase was not solely due to the increasing excitement over the newly announced TON ad revenue program.
It was also influenced by preliminary hints of the initiative provided by Telegram CEO Pavel Durov. Additionally, the launch of the Toncoin community reward initiative, known as The Open League, contributed to the positive momentum, according to market analysts at CoinGecko.
On the 4-hour chart, the TON token demonstrates a bullish trajectory, maintaining its price above the $5 mark. However, the last 8 hours have witnessed a bearish influence, with attempts to drive the price below the 50% Fibonacci retracement level.
Should the bears succeed, the TON token might face a short-term decline toward the swing low of $4.77, currently serving as its immediate support. Conversely, should the bearish momentum subside and the price ascend, a short-term uptick toward the 78.6% Fibonacci resistance level at $5.47 could be observed.
TON/USD 4-Hour Chart (Source: TradingView)
The MACD (Moving Average Convergence Divergence) Indicator signals a potential shift in market dynamics as the MACD line nears a crossover with the signal line, positioned at 0.08. This proximity suggests an increasing bearish presence in the market. Furthermore, the MACD histogram bars, moving towards the zero line, corroborate the expanding influence of bearish sentiment.
Simultaneously, the RSI (Relative Strength Index) indicator points towards a market in flux, with a reading of 53.68 indicating a neutral stance between buying and selling pressures. The RSI's position below the signal line hints at a short-term bearish control. However, this could presage a potential market reversal if bullish forces re-emerge with vig
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