Toncoin explodes 12% in 2 hours on the back of UAE’s Golden Visa rules
The post Toncoin explodes 12% in 2 hours on the back of UAE’s Golden Visa rules appeared on BitcoinEthereumNews.com. Toncoin’s price action has lacked a trend over the past two weeks. The lack of strong selling in recent weeks showed there was potential for a recovery. The Open Network [TON], the open-source decentralized L1 blockchain, saw increased demand for its native cryptocurrency Toncoin on the 8th of July. The token surged 12.1% in two hours, experiencing a high trading volume. Source: TON/USDT on TradingView Despite the short-term gains, the 12-hour chart showed bearishness reigned. The token has been unable to breach the local highs at $3 and $2.92, marked in green. The recent rally was also forced to retrace below the $2.92 mark at the time of writing. The CMF recovered to -0.01, but it did not exhibit sustained, high demand for Toncoin. Similarly, the A/D indicator has also been falling over the past week. Together, the volume indicators suggested that demand needed to be consistent before TON could reclaim the $3 resistance. Traders looking to go long can enter positions once the $3 level is flipped to support. Why is TON surging in value? The Open Network announced a new pathway to UAE residency. It offered 10-year Golden Visas to applicants who staked $100k in TON for three years, and also paid a $35k one-time processing fee. The applicants would retain control of their assets. The program also promised an annual yield of 3%-4% on the staked assets. In a post on X, Coingecko co-founder Bobby Ong observed that the crypto pathway was an amazing partnership story. “The entry is 5x lower than an equivalent real estate / FD investment and will certainly get the attention of whales to take a look at TON and consider this as an option.” The $2.7-$2.8 area has been a significant support since April. Further south, the $2.5 level was another psychological…
The post Toncoin explodes 12% in 2 hours on the back of UAE’s Golden Visa rules appeared on BitcoinEthereumNews.com.
Toncoin’s price action has lacked a trend over the past two weeks. The lack of strong selling in recent weeks showed there was potential for a recovery. The Open Network [TON], the open-source decentralized L1 blockchain, saw increased demand for its native cryptocurrency Toncoin on the 8th of July. The token surged 12.1% in two hours, experiencing a high trading volume. Source: TON/USDT on TradingView Despite the short-term gains, the 12-hour chart showed bearishness reigned. The token has been unable to breach the local highs at $3 and $2.92, marked in green. The recent rally was also forced to retrace below the $2.92 mark at the time of writing. The CMF recovered to -0.01, but it did not exhibit sustained, high demand for Toncoin. Similarly, the A/D indicator has also been falling over the past week. Together, the volume indicators suggested that demand needed to be consistent before TON could reclaim the $3 resistance. Traders looking to go long can enter positions once the $3 level is flipped to support. Why is TON surging in value? The Open Network announced a new pathway to UAE residency. It offered 10-year Golden Visas to applicants who staked $100k in TON for three years, and also paid a $35k one-time processing fee. The applicants would retain control of their assets. The program also promised an annual yield of 3%-4% on the staked assets. In a post on X, Coingecko co-founder Bobby Ong observed that the crypto pathway was an amazing partnership story. “The entry is 5x lower than an equivalent real estate / FD investment and will certainly get the attention of whales to take a look at TON and consider this as an option.” The $2.7-$2.8 area has been a significant support since April. Further south, the $2.5 level was another psychological…
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