- Tron (TRX) prices ranging
- Justin Sun postpones USDT rewards in light of USDT troubles
Technically, Tron (TRX) is in an uptrend, but before 4 cents, bulls must clear 3.1 cents. Spurring that may be fundamentals, but with Justin Sun postponing USDT rewards, it may be a while before TRX demand rise.
Tron Price Analysis
Fundamentals
The circus around iFinex promise to be disastrous for BitFinex—a trusted exchange laden with scandals, and Tether Limited—caught lying about reserves backing USDT. Note that this will also be consequential for company leaders who despite all this may not be extradited to the US to face justice because it is USDT fraud, not USD. It is also contagious, with reverberations beginning to permeate through the crypto ecosystem.
If anything, it is about USDT and less than a month after minting $300 million, Tron’s Justin Sun is backing off from his plan of rewarding the community. In their game plan, USDT would launch in Tron as a TRC-20 token allowing smooth transaction with Tron-based dApps.
Besides, USDT as a TRC-20 token would make it easy for institutional investors to choose the network over competitors. However, with this melee, Justin Sun is postponing his plans saying:
“Given the recent news about both BitFinex and Tether, I will be postponing our planned USDT rewards program until more information becomes available. It was by no means an easy decision. My team and I have been focused for months on bringing stability and liquidity to the TRON community. We are still committed to doing what’s best for the network and will examine our options after hearing how events unfold with BitFinex and Tether.”
Candlestick Arrangement
Overly, Tron (TRX) prices are ranging inside a 1 cent zone. With primary support at 2.1 cents or Jan 14 lows, bulls are struggling to close above 3.1 cents despite a bullish trend. Unless otherwise there is a spike in participation forcing TRX to rally above immediate resistance at 2.7 cents, yesterday’s bull bar off 2.5 cents would be null in our analysis.
Since TRX/USD is ranging, patience is all-important. Moving on, we recommend taking a neutral stance until TRX rally past 2.7 cents triggering short-term buys aiming at 4 cents. If not and there is a meltdown, TRX could retest 2.1 cents. However, any drop below that mark invalidates our bull plan.
Technical Indicators
Reversing losses of Apr-25 is essential. With higher highs in the last few days as prices move towards equilibrium, break above 2.7 cents must be with high volumes exceeding 13 million. That will confirm buyers of Jan 14 and Mar 23.
Chart courtesy of Trading View