Toncoin Price Nears All-Time High as TON Launches $40M Venture Fund
TON price recovers significantly from its recent market dip, getting closer to the all-time high. Can we see a new one soon?
Key Takeaways
- Ton Ventures launches $40M fund for early-stage crypto startups.
- TON price nears all-time high, signaling potential new uptrend.
- Bearish divergence hints at a possible minor retracement before the next rally.
Ton Ventures , founded by former Ton Foundation staffers Ian Wittkopp and Inal Kardan, has launched a $40 million fund to support early-stage crypto startups within the TON ecosystem.
With the price of TON already showing signs of recovery from a recent market dip, the question on everyone’s mind is: can it break through to a new all-time high as it trades only 18% shy of its ATH?
Ton Ventures
The fund, backed by private investors, will provide up to $500,000 per project, focusing on innovations in decentralized finance, gaming, and financial products.
Wittkopp and Kardan aim to foster the growth of billion-dollar companies through this initiative, leveraging Ton’s unique integration with the Telegram messaging app, which boasts around 900 million monthly users.
The fund is expected to be fully deployed within a year, and investments will also target later-stage projects joining the Ton ecosystem.
TON Price Analysis
TON reached an all-time high of $8,25 on June 15, which was only 8.7% higher than before on April 11. Despite achieving a higher value, this rise is counted as a corrective wave, and we saw another push to the downside.
On Aug. 5, TON reached its May 1 low of $4.70 and found support. An upturn led the price back to a high of $7.20, where we saw some signs of struggle.
A five-wave pattern was formed, suggesting that we might have seen the beginning of a new bullish phase, especially as the Aug. 5 low could have ended its corrective ABC from April.
The 4-hour chart shows a bearish divergence between the price action and the technical indicators RSI and MACD. Together with the wave analysis, Toncoin could face a minor retracement to the $5.60 area.
If this happens and the asset finds support, making its first higher low, a strong signal of a starting uptrend will be given, and in that case, we can expect a new all-time high on the next advancement.
