TON Foundation Confirms No Official Deal With UAE: Toncoin Down Over 5% Today

The Open Network (TON) Foundation, a nonprofit organization dedicated to the long-term success of the Toncoin (TON) ecosystem, has clarified that there is no official deal with the government of the United Arab Emirates (UAE). The TON Foundation has highlighted that the previous rumors that a Golden Visa program for the Toncoin holders is not true.

However, the TON Foundation indicated that such a collaboration is in the early stages of development.

“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.

TON Price Tumbles on the Announcement

Following the announcement that the rumors of the UAE government supporting the TON ecosystem are false, the Toncoin price dropped over 5 percent in the past 24 hours to trade at about $2.77 on Monday, 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, has been forming a macro and mid-term bullish sentiment.

In the daily timeframe, TON price has established a support level around $2.7, which has resulted in 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. 

In case the support range between $2.5 and $2.7 is violated in the coming weeks, the TON price could likely drop to the next liquidity target of around $2.3.