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Toncoin Price Nears All-Time High as TON Launches $40M Venture Fund

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Insha Zia

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. 

 

TON
TONUSD | Credit: Nikola Lazic/Tradingview

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. 

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
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