The TRON-Tesla tryst is one that has arrested the attention of the cryptocurrency community on Twitter. Following a botched marketing ploy by Justin Sun in March 2019, the Tron spearhead finally made amends on his Tesla promise. However, Sun failed to go all in on his promise.
On March 12, to celebrate the success of BTT, USDT, and Tron, Sun had announced a “$20, free cash airdrop.” In addition to the same, he stated that he will “randomly pick” a winner to receive a Tesla.
According to John Galt, the first draw went to a bot account and the 87 winners were the same person. The Tesla winner, @uzgaroth, was asked to provide his contact details by Sun, followed by the CEO promptly deleting the tweet and all mentions of the winner.
Following @uzgaroth’s tweet asking the crypto-community if he’d been scammed, Sun short-changed the user with a trip to the niTROn 2020 conference, instead of the Tesla, triggering a calamity of Twitter memes to the effect.
However, nearly one and a half months after the episode, Sun revealed another winner, Lee Huynh. Funnily enough, Huynh would not receive the electric car, but a USD-equivalent of the same, or close enough. Sun’s tweet read,
Picking up where the Tesla controversy left off in March, crypto-Twitter resumed its criticism of Sun. Many online not only questioned the lax sidelining of @uzgaroth and the announcement of a new winner, some also speculated on the price of the Tesla and its USD equivalent
According to The Verge, the cheapest variant of Tesla’s Model 3 is priced at $35,000, $7,000 more than what Sun is offering as the “#USD that is equivalent to #Tesla price.”
Regardless of the conversion and the USD price of the car, Huynh does not plan on purchasing a Tesla. Instead, “the winner,” stated that he converted his reward into TRX. Leo Huynh tweeted, tagging the former “winner” as well,
A few minutes after revealing Leo Huynh to be the “winner,” Justin Sun made good on his earlier promise to @uzgaroth, stating that the latter would be the “2nd winner” and that a sum of “28,000 $USD value of
#TRX” would be awarded to him as well. Sun tweeted,
Tron (TRX) Still Struggling Despite Key Development Updates, Properly Bullish Above $0.03
The Tron project has risen to be one of the most popular projects in the industry in recent years. Much of its success has come from vigorous development and the project’s active team led by Justin Sun.
Though the project has not slowed down in its effort in recent months, its representation in terms of TRX prices has been on a drag. In the last couple of weeks, the coin has been trading on a tight range and has hardly responded to recent project developments.
At the time of press, Tron is nudging at the $0.030 position after a bearish couple of days. In the last couple of weeks, Tron has been stuck in the $0.025 and $0.030 price range. Today the market is seeing some fresh green and Tron is one of the cryptocurrencies seeing significant gains of over 4%.
Recent Developments Around The Tron Project
Just a couple of days ago, the Tron project announced that their token would be available to Opera web browser users. The Opera web browser will now support TRX in its built-in crypto wallet. The platform already has more than 300 million users from around the world and supports Ethereum and ERC-20 compatible tokens and Bitcoin.
The Tron project continues to dominate in dApps. DApps are growing fast due to their speed and cheapness taking away a lot of developers from popular projects such as Ethereum and EOS.
However, although Tron has had much to celebrate this year, the project has not had faults. In recent days there seems to have been trouble from within the project. The project’s CTO, Lucien Chen, has recently resigned from the project citing several problems with the project, this ranged from lack of “decentralization” to it being a gambling and funding project.
Following the resignation and allegation, the Tron project fired back saying that the CTO was fired early in the year for bribery and theft. However, the project failed to announce his departure at the time.
It still remains unclear who is telling the truth but whatever the case, this is attracting the wrong kind of attention for the project.
TRX Price Prediction
It is currently clear that the Tron project despite having issues with its management is on the right track when it comes to development and clearly has no issue when it comes to adoption. TRX prices will soon catch up with these developments and with key resistance positions dealt with such as $0.032 and $0.035, we can see TRX soar to new highs soon.
TRON users, stay alert! Read more on the BTC Bonus
Because the TRON (TRX) futures trading market has been launched, a giveaway involving BTC bonus has been announced a short while back.
A promotion period of three days has been given, between May 21st and May 24th, within which the users have to open 10/100/500/1,000 contracts in TRX futures trading market in tiered maintenance margin ratio mode. This will lead to a bonus amount of BTC (which may go up to 4 times).
Up to 1000 USDT can be won. 5 days following the completion of the promotion is when the prize will be awarded. It users are caught controlling multiple accounts, a ban will be placed on their IP
Know more here:
Win a BTC bonus by opening TRON (TRX) futures positions. The more the positions you open, the larger the prize you will win.
— OKEx (@OKEx) May 21, 2019
Tron (TRX) Price Positioning For Bullish Break Above $0.0300
- Tron price started a sharp downside correction from the $0.0331 high against the US Dollar.
- TRX price found support near the $0.0245 level and it is currently moving higher towards $0.0300.
- There is an ascending channel forming with support near the $0.0270 level on the 4-hours chart (data feed via Bitfinex).
- The price remains well supported on the downside and it could soon climb above $0.0290 and $0.0300.
TRON price is slowly gaining bullish momentum against the US Dollar, but struggling vs bitcoin. TRX could start a strong upward move if there is an upside break above $0.0300.
Tron Price Analysis
This past week, there was a strong rally in TRON price above the $0.0250 and $0.0280 resistances against the US Dollar. The TRX/USD pair even broke the $0.0300 level and settled above the 55 simple moving average (4-hours). Finally, there was a push above the $0.0320 level and the price traded to a new monthly high at $0.0331. Later, there was a sharp downside correction below the $0.0320 and $0.0300 levels. The price even declined below the $0.0280 level, but it found support near the 55 simple moving average (4-hours).
A swing low was formed at $0.0247 and the price is currently moving higher. It climbed above the $0.0265 level and the 23.6% Fibonacci retracement level of the last decline from the $0.0331 high to $0.0247 low. However, the $0.0285 and $0.0290 levels are currently acting as hurdles. The 50% Fibonacci retracement level of the last decline from the $0.0331 high to $0.0247 low is also acting as a resistance for the bulls. A clear break above the $0.0290 level is likely to open the doors for more gains in the near term.
On the downside, there are many supports near the $0.0270 and $0.0265 levels. There is also an ascending channel forming with support near the $0.0270 level on the 4-hours chart. A downside break below the $0.0265 support level may open the doors for more losses in the near term. The next key supports are near $0.0250 and $0.0245.
The chart indicates that TRX price is following a decent bullish path above the $0.0265 support. Therefore, there are chances of more gains above the $0.0290 and $0.0300 levels. The next main resistance is near the $0.0330 level, above which the price could trade towards the $0.0360 level.
4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone, with positive signs.
4 hours RSI – The RSI for TRX/USD is currently above the 50 level, and it could continue to rise towards the 65 level.
Key Support Levels – $0.0265 and $0.0270.
Key Resistance Levels – $0.0290, $0.0300 and $0.0312.