The TON Foundation, a nonprofit organization focused on the success of the Toncoin ecosystem, has made an official statement denying rumors regarding the Golden Visa in UAE.
Denial of Golden Visa Rumors
The TON Foundation indicated that there are currently no official agreements with the government of the United Arab Emirates. The foundation supports the joint statement made by the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, confirming that no digital residency or investment visa initiatives have been officially approved or launched in partnership with the UAE government.
> “We fully support the joint statement issued by the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, which confirms that no digital residency or investment visa initiatives have been formally approved or launched in partnership with the UAE government,” the announcement noted.
Market Reaction to the Announcement
Following the announcement that the rumors of the UAE government supporting the TON ecosystem are false, the price of Toncoin dropped over 5 percent in the past 24 hours, trading at about $2.77 on July 7 during the mid-North American session. The large-cap altcoin, with a fully diluted valuation of about $14.2 billion and a 24-hour average trading volume of around $330 million, continues to form a macro and mid-term bullish sentiment.
Future Prospects for Toncoin
In the daily timeframe, the price of Toncoin has established a support level around $2.7, resulting in a double-bottom pattern coupled with bullish divergence of the Relative Strength Index (RSI). To confirm bullish momentum, the price of TON must consistently close above the falling logarithmic resistance level. If the support range between $2.5 and $2.7 is violated in the coming weeks, the price of TON might drop to the next liquidity target around $2.3.
The statement from the TON Foundation clarifies the current situation in the Toncoin ecosystem. Future price dynamics will depend on maintaining key support levels and forming new market trends.
