The TON Foundation asserts that there is no official agreement regarding the Golden Visa program with the UAE government.
Rumors about TON collaborating with the UAE to grant investment visas to Toncoin holders are inaccurate; however, the possibility of collaboration is still in the exploratory development phase.
MAIN CONTENT
The TON Foundation denies Golden Visa agreements with the UAE.
The price of Toncoin dropped more than 5% after the denial news, currently trading around $2.77.
TON maintains the important support area, recovery prospects need to break through the logarithmic resistance.
Why did the TON Foundation deny the Golden Visa agreement with the UAE?
The TON Foundation is a non-profit organization managing the Toncoin ecosystem, confirming that no investment visa program has been approved with the UAE government, based on the joint statement from UAE regulatory authorities such as ICP, SCA, and VARA.
This conclusion is based on the official announcement from the TON Foundation along with the transparent cooperation of UAE authorities, stating that there has been no official initiative regarding digital residency or investment visas implemented.
We fully support the joint statement from UAE authorities, which states that no digital residency or investment visa initiatives have been officially approved or implemented in any form of cooperation with the UAE government.
Official statement from the TON Foundation, July 2024
How does the price of Toncoin fluctuate after the denial of rumors?
The price of Toncoin has dropped more than 5% immediately after the denial news was published, falling to around $2.77 during midday trading in the Northern US on July 7, 2024.
Toncoin currently has a diluted market capitalization of approximately $14.2 billion and an average 24-hour trading volume of about $330 million, maintaining a medium-term upward trend thanks to positive technical signals such as a double bottom pattern and bullish divergence of the RSI.
What is the technical outlook for Toncoin?
On the daily timeframe, Toncoin has established a support area around $2.7, reinforced by a double bottom pattern and bullish divergence of the RSI, indicating that demand is gradually returning.
To confirm a sustainable upward trend, the price of Toncoin needs to break through and close steadily above the logarithmic resistance level that has been decreasing since the beginning of the year.
Conversely, if the support area from $2.5 to $2.7 is broken, the price of Toncoin could drop significantly to the next liquidity level near $2.3.
Maintaining the important support area of Toncoin shows the strength of long-term investors, but a breakthrough through the logarithmic resistance area will be a clear signal to confirm the upward trend.
Technical analysis insights from financial expert John Mayer, Q2 2024
Does Toncoin have recovery potential or will it continue to decline?
On-chain data and technical analysis show that Toncoin still retains its appeal among cryptocurrency investors with potential recovery prospects, especially if the price surpasses the challenging resistance area currently on the logarithmic chart.
In addition, information from the TON Foundation helps dispel false rumors, contributing to building sustainable trust among investors as the ecosystem continues to develop and expand.
Frequently Asked Questions
Does the TON Foundation have an official collaboration with the UAE? No, according to the official announcement, there is no official agreement regarding the Golden Visa or investment program between the TON Foundation and the UAE government. Why has the price of Toncoin recently dropped sharply? The price fell more than 5% due to the information denying the collaboration rumors with the UAE being published, affecting short-term investor sentiment. Can Toncoin maintain the important support area? Toncoin has established a solid support area around $2.7 with several positive technical signals from the double bottom and RSI. What confirms the upward trend of Toncoin? The price needs to close steadily above the logarithmic resistance level to confirm the medium and long-term upward momentum. How far will Toncoin drop if support is broken? If the $2.5-$2.7 support fails, the price could continue to decrease to around $2.3.
Source: https://tintucbitcoin.com/toncoin-giam-tren-5-hom-nay/
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