Peter Smith
Toncoin (TON) saw a sharp decline on July 7 following a clarification from the United Arab Emirates (UAE) government regarding golden visa qualifications. Crypto staking, including Toncoin’s recent promotion, does not meet the official investment criteria. The market responded swiftly, sending TON price lower.
TON Price Slides to $2.77 Amid Clarification
Toncoin (TON) dropped from an earlier high of approximately $2.93 to $2.77, marking a clear intraday downtrend. The 15-minute candlestick chart reflects a consistent decline throughout July 7, with price struggling below the 30-period and 7-period moving averages at $2.7922 and $2.7826 respectively.
The decline began after the UAE officially denied that staking $100K in TON qualifies applicants for a 10-year golden visa, refuting prior claims that suggested otherwise.
Sentiment Turns Bearish After Misleading Incentive
The news has dampened sentiment around TON, as traders had previously speculated that such a staking offer might drive demand. The 15-minute chart illustrates a steady downtrend, with the most recent low at $2.761, showing no signs of immediate recovery.
If the bearish pressure continues, traders may watch for further breakdowns or a potential test of lower support levels near $2.70. Toncoin (TON) will need renewed bullish momentum or fundamental support to regain investor confidence.
Peter Smith
