The Emirates News Agency has officially denied circulating claims that Toncoin (TON) stakers are eligible for the UAE’s 10-year Golden Visa program.
The clarification comes after a post made on Sunday by an X (formerly Twitter) user under the alias “Ash Crypto” alleged that The Open Network (TON) had partnered with the UAE to offer Golden Visas to individuals who stake $100,000 worth of TON for three years, along with a government fee of $35,000.
Authorities have refuted these claims, confirming that no such partnership or visa offer currently exists. On the news agency’s website, it read, “The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) have issued a joint statement denying reports circulating on certain websites and social media platforms that claim the UAE grants golden visas to investors in digital currencies.”
However, the false announcement aroused excitement in the TON community, and the price of the coin spiked from $2.7- $3.03. Although this short-lived excitement helped the token rise above its weekly opening market price of $2.88, it could not be sustained for long. At the time of publication, TON is trading at $2.8, after losing 2.2% in the last 7 days. The trading volume has increased by 900%+ in 24 hours to $786.2 million.
Descending broadening wedge
There is a bullish descending broadening wedge pattern taking shape on the TON/USDT 4-hour chart. When the descending broadening wedge forms, it shows that the bulls are taking over the market after a long downtrend.
Although at first, the bears present in the market crash the prices by making lower highs and lower lows, however, with each lower high and lower low, the range of motion, or the volatility, increases. You could think of it like a tug of war between the bulls and bears, where the rope slips violently between the two, but eventually the bulls start to pull harder.
As TON has slipped below the 50-day EMA support level heading downwards, there could be another lower low below $2.7 oncoming for TON. That’s if it doesn’t recover and get above the 50-day EMA support. Once TON makes the lower low, it may rebound a few times to the upper and lower trendlines before breaking out.
Long position holders trump short positions
In the fundamental analysis, many traders are taking long positions. The TON OI (open interest) funding rate reads a positive value of 0.0065%. When the funding rate is positive, it means that those who are going long are paying shorts. In the perpetual contracts markets, a funding rate is a payment made by long and short positions to keep the derivatives prices close to the spot market price.
So, when the OI is positive, there are more long positions than shorts; therefore, the long position holders are paying the short position holders. In addition, the long/short ratio is positive, and it further confirms that more traders are going long on TON. As such, TON could be set for a massive breakout from the descending broadening wedge.
