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TON Foundation confirms no official deal with UAE: TON token price fell more than 5% today
- Rumors have created optimism around Toncoin in the last 48 hours.
the #TON Foundation has clarified that engagement with the UAE is in its early stages.
The TON price needs to bounce off the support zone around $ 2.7 - $ 2.5 to avoid further declines.
The Open Network (TON), a non-profit organization aimed at developing the #Toncoin (TON) ecosystem, clarified that there is no official agreement with the United Arab Emirates (UAE) authorities. The TON Foundation stressed that previous rumors about a golden visa program for Toncoin holders are untrue.
However, TON Foundation pointed out that the cooperation is in its early stages.
We fully support the joint statement issued by the Federal Identity, Citizenship, Customs and Port Authority (ICP), Securities and Commodities Authority (SCA) and Virtual Asset Regulatory Authority (VARA) confirming that no digital residency or investment visa initiatives have been officially approved or launched in partnership with the UAE government, the statement said.
After it became clear that rumors of UAE government support for the TON ecosystem were untrue, the price of Toncoin fell more than 5 percent over the past 24 hours to trade around $ 2.77 on Monday, July 7, during the U. S. trading session.
A large altcoin with a fully diluted valuation of about $ 14.2 billion and an average daily trading volume of about $ 330 million is creating #optimism in the medium and long term.
On the daily chart, the TON price found support around $ 2.7, forming a double bottom in combination with a bullish divergence of the Relative Strength Index (RSI).
