Toncoin (TON) edges lower on Monday following a 3.31% gain and a daily close at $2.83 on Sunday after momentarily reaching the $3 mark amid the UAE golden visa controversy. The UAE authorities denied any sponsorship deals with the TON Foundation to offer a golden visa for TON holders. As the tables turn, sentiment in the derivatives market declines and the technical outlook maintains a bearish tilt.
Max Crown, CEO of the Toncoin Foundation, announced a partnership with the United Arab Emirates (UAE) government, offering TON holders the chance to win a golden visa. Marketing the move as a step forward in real-world crypto use cases, Max shared the process, which includes a stake of $100,000 worth of TON for three years and a one-time payment of $35,000.
However, the UAE Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) deny such offers in a joint statement released on Sunday.
The sentiments surrounding Toncoin decline as the UAE's official authorities urge investors to exercise caution.
The Taker Buy/Sell Volume indicator tracks the volume of market orders tilting toward the ask or bid side. An increase in taker buy volume pumps the long/short ratio above 1, indicating bullish sentiment as volume from orders that buy at the ask price increases, and vice versa.
CoinGlass’ data indicates a bearish tilt as the taker sell volume accounts for 53.32% of all executed orders in the last four hours, resulting in a long/short ratio of 0.8755.
Toncoin long/short ratio chart. Source: Coinglass
Toncoin ticks lower by nearly 1% at press time on Monday as short-term buying pressure subsides following the golden visa controversy. TON’s bullish spike on Sunday failed to surpass a long-standing resistance trendline formed by connecting the highs of December 4 and June 10 on a logarithmic scale.
The intraday pullback aims to retest the local support at $2.73, marked by the June 22 bearish close. A decisive push below this floor could extend the declining trend towards $2.52, the lowest closing price in 2025.
The Moving Average Convergence/Divergence (MACD) indicator displays mixed signals as the MACD and signal lines remain merged, indicating a neutral trend. However, the average lines are moving in the negative territory, which suggests a bearish bias for the Toncoin price.
The Relative Strength Index at 44 hovers below the halfway line, while room for further correction grows before reaching the oversold condition.
TON/USDT daily price chart.
To reinforce an uptrend, Toncoin must surpass the resistance trendline with a daily close above Sunday’s high at $3.06. In such a scenario, Toncoin could target a close at $3.34 on June 11.