So, the Open Network (TON) Foundation, a nonprofit that’s supposedly all about the long-term success of the Toncoin (TON) ecosystem, just had to go and clarify something. Surprise, surprise, there’s no official deal with the government of the United Arab Emirates (UAE). And you thought they were gonna give us all Golden Visas or something. Ha! Not a chance.
But wait, it’s not all bad. They say a collaboration is in the early stages. Early stages, my foot. We’ll see about that.
“We fully support the joint statement issued by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA), 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. Like I needed to hear that.
And just like that, the Toncoin price took a nosedive, dropping over 5 percent in the past 24 hours to trade at about $2.77 on Monday, July 7 during the mid-North American session. Because, you know, nothing says “invest with confidence” like a bunch of rumors being debunked.
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, has been forming a macro and mid-term bullish sentiment. Or so they say. I’m just here for the popcorn. 🍿
In the daily timeframe, TON price has established a support level around $2.7, which has resulted in a double-bottom coupled with bullish divergence of the Relative Strength Index (RSI). For the bullish momentum to be confirmed, TON price must consistently close above the falling logarithmic resistance level established year to date. Or, you know, it could just keep doing whatever it wants. 🤷♂️
In case the support range between $2.5 and $2.7 is violated in the coming weeks, TON price could likely drop to the next liquidity target around $2.3. But hey, who’s counting? Not me. I’m just here for the ride. 🚀
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2025-07-07 22:42