Tron Price Analysis: TRX Gains 3.5% As CEO Justin Sun Hides Out In San Francisco
Today’s Tron (TRX) News
There are concerns that Justin Sun, the co-founder of Tron, is ill. Ailing from kidney stones, a cause of great discomfort, the wunderkind is allegedly grounded-like so, it seems. Inundated by a bevy of truths and falsehood, ordinary citizens are experiencing a Netflix moment, enjoying the reel of this real-time movie.
As it is, Justin may have negotiated a deal with the Oracle of Omaha that saw his lunch with the Wall Street titan postponed to a later date due to health complications, which is acceptable. However, if the reason of his cancellation was because of being withheld by Chinese authorities thanks to floating of directives from 2017 crowd funding, then it would be an uphill task to convince Warren, a high level critic of cryptocurrencies and Bitcoin.
Accustomed to transparency and oversight, Warren could end up converting cryptocurrency leaders as Jeremy Allaire of Circle or Chris Lee of Huobi for example. It would be worse if the streams of news that Justin Sun’s start-up, Peiwo is advancing pornography and that Tron is a playing field for Chinese gamblers.
All these are serious allegations. Negative as they are, it has far reaching consequences on the integrity of Tron supporters more so when it comes to breaking serious announcements. If anything, this is typical Tron.
Justin Sun is known for baiting and then disappointing users during critical moments. This, unfortunately, may be one of them-and probably more to come, all in a bid to prop TRX prices which literally imploded, sinking more than 20 percent once the news of his postponement became public.
TRX/USD Price Analysis
1 TRX/USD =$0.0627 change ~ -3.47%
Luckily, TRX is recovering and back to green after the chaos of the last 36 hours. Despite the steep flash declines of the past two days, TRX is technically bullish against the USD. Trending within a bullish breakout pattern, TRX is largely in range mode against the USD with caps at 4 cents.
Similarly, floors are at 2 cents and behind bullish expectations are recovering BTC prices combined with the CFTC threats to BitMex forcing diversification into altcoins. Most likely, this would cause a price pump and realignment now that TRX is lagging BTC. From the chart, there is opportunity for risk-off traders.
Given the spark of demand in the last week-prices are up 3.5 percent, aggressive traders can buy the dips while aiming at 4 cents. On a more conservative approach, risk-on traders can wait for a high-volume break and close above 3.1 cents before buying the dips with targets at 4 cents and later 6 cents.
Because of this, June 27 bear candlestick with high trading volumes of 32 million lead this trade plan. Any breakout above 3.1 cents will ideally be at the back of high participation, opening doors for 4 cents and later 6 cents. Conversely, losses below 2 cents with similar level of trading volumes could see TRX tumble to 1 cent.
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.