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Tron Price Analysis: TRX Trades Below $0.03 after Bears Show-up

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Now that Tron/USD is following a bearish sentiment, at the same time, it’s important to consider a potential reversal for this pair.

  • Price actions may remain in the channel boundary if the bulls show strong interest
  • MACD indicator attempts to break low as more bleeding lies ahead for the market
  • TRX is now trading below the $0.03 following a bearish break

Following a rising channel formation, Tron’s price has dramatically dropped to the low of $0.028 after plunging from the $0.045 high on June 26. However, the price drop is estimated by 45% over the past 15 days of trading and by 12.5% over the past 24-hours of trading as a result of selling control in the market. A bullish regroup might set a rebound in the market. As of now, the bears are dominant.

Tron’s Current Statistics

Trading Price: $0.02805

Market Capitalization: $1,871,665,658

Trading Volume: $701,954,750

Key Resistance Levels: $0.03, $0.035, $0.04

Key Support Levels: $0.025, $0.02, $0.0178

Tron Price Analysis

The current surge in volatility in the market has brought the TRX trading below the psychological support turned resistance of $0.03 as the token now trades at around $0.028 as of the time of writing.

Despite the bearish action, Tron has now met a price rejection at the channel support boundary. However, the sellers are now pretty active as they take charge of the price action.

If the sellers continue to reinforce pressure, below the channel boundary, we can then expect selling pressure to near-by support at $0.025. A break on this support may significantly floor price at the $0.02 – another critical level for the bears to see the April low of $0.0178.

Now that Tron/USD is following a bearish sentiment, at the same time, it’s essential to consider a potential reversal for this pair. The psychological resistance of $0.03 could provide a level for a retracement. From this resistance level, a bullish surge might escalate the price of TRX up to $0.035 and $0.04, near the channel resistance boundary.

Additionally, the token’s volume is decreasing on the price chart due to the current decline in the market. Therefore, we can expect more selling if Bitcoin’s price continues to drop.

Conclusively:

The price of Tron will continue to fall until the bears exhaust momentum; by then, the bulls can regroup and show a strong commitment to power the market in an uptrend. However, TRX trading is positioned in a downtrend. It is vital to keep the trend for now.

Technical Indicator Reading

MACD reveals that the TRX market is still in a positive zone after a significant downward movement. Now, it’s attempting to cross under the zero level. A successful breach will send the token to a more severe bearish condition.

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Crypto Firm Chief Accepts Invitation to Warren Buffett Lunch With Tron’s Justin Sun

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Jeremy Allaire, chief executive officer of crypto-powered finance firm Circle, has just accepted an invitation to join Tron and BitTorrent CEO Justin Sun for a lunch date with legendary investor Warren Buffett. Allaire, who founded the Goldman Sachs-backed Circle in  2013, will attend the event along with Charlie Lee, the creator of Litecoin, the world’s fourth-largest cryptocurrency, who has also confirmed his attendance as one of Sun’s guests.

The high-profile lunch comes on the heels of a series of intense debates about the caliber and integrity of the cryptocurrency industry with critics calling it everything from a scam to a cesspool, and supporters calling it revolutionary.

The topic was a key focus among G7 finance ministers who gathered in Chantilly, France on Wednesday. While regulators have reached no clear consensus on a regulatory framework, Facebook’s entry into the space – and the reality of its 2.5 billion users – have driven tremendous attention and a sense of urgency for lawmakers to act swiftly.

In the US, the ongoing controversy over crypto sparked two consecutive congressional hearings this week with politicians debating Libra while grilling Facebook’s David Marcus. The tech giant’s plans to launch a digital coin on a new global payments platform sparked even deeper discussions about Bitcoin and cryptocurrencies in general, evoking a critical tweet from President Donald Trump and warnings from Treasury Secretary Steven Mnuchin.

As progress heats up and blockchain developers continue to build new products and services, Sun says that both Trump and Buffett, who have made strident remarks condemning cryptocurrencies, are ill-informed about the tech, its benefits and its important use cases around the world. He hopes the face-to-face meeting will allow him and his colleagues to give Buffett a broad overview and a better understanding of the digital economy, shattering the old tropes and stereotypes about Bitcoin as a vehicle for crooks.

Sun also made one of his customary announcements via Twitter about an upcoming announcement, indicating that something significant is in store for his two platforms, Tron and BitTorrent

Sun won the upcoming lunch date on July 25th with the Berkshire Hathaway CEO by placing the winning bid of $4.56 million last month at Buffett’s annual charity auction for the GLIDE Foundation, a non-profit organization that provides services for the homeless in San Francisco.

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Tron back in the limelight after Ledger integrated with TronLink to boost mainstream adoption

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Tron, the Justin Sun-led cryptocurrency, has been in the news multiple times this year, on the back of several updates and developments. The cryptocurrency is in the limelight again after its latest partnership with Ledger, the popular hardware wallet. On July 18, it was revealed that Ledger will be integrated with TronLink, Tron’s very own Google Chrome extension.

TronLink announced the same on Twitter and tweeted,

“We are pleased to announce that @Ledger, the global leading hardware wallets, has been functionally integrated to #TronLink. Ledger users can manage and transfer their #TRON-based assets through TronLink now.”

The official press release from TronLink informed users that they can install the Tron application on the Ledger Nano S or the Ledger Blue, in order to manage their respective TRX tokens on the TronLink plug-in. The movement into the hardware market was seen by the community as a step by Tron to boost mainstream adoption, not just in the software sector, but also in an area where rival cryptocurrencies have gained a foothold.

The partnership with TronLink is one of several that Ledger has participated in and aligns with the words reiterated by Ledger CEO Pascal Gauthier a few weeks ago. He had said,

“It’s time that the market stop making promises and starts delivering first.” Following the remarks “we not here to promote currencies. Crypto winters bring innovation; it forces you to ask the right question. But like all weathers, this winter must also come to an end.”

Tron was also in the news recently after the Foundation revealed plans for its previously postponed TRC20-USDT incentive plan. The updated TRC20-USDT Incentive Plan 2.0 will allow users to tap into a reward pool of 200 million Yuan. Tron had said,

“We hope to encourage users to exchange the USDT in their balance with TRC20 USDT. The campaign is set to run till mid-August. Holders of TRC20 USDT can get token airdrop as returns on a daily basis, and the annualized return date can be as high as 100 percent.”

Source:ambcrypto

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Tron CEO Justin Sun Teases ‘Huge’ Announcement While Preparing for Lunch with Warren Buffett

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Justin Sun keeps the Tron community in suspense, but its members are seemingly not impressed

Tron CEO Justin Sun has just spilled the beans about some sort of ‘huge’ announcement that is coming next week.

Currently, the twitterati is preparing for his highly anticipated lunch with Warren Buffett, asking his armada of followers to suggest some good questions.

An announcement of an announcement  

Sun is known for acting coy with Tron’s huge user base, thus amplifying the hype around his project. However, the impact of this marketing trick on the price of TRX is rather dubious. For example, he made a similarly obscure tweet on Jun 1 that generated thousands of likes, but the coin remained in the red.

Judging by the reception of his most recent tweet, it seems clear that this tactic has become tired, and many of Sun’s followers are simply ridiculing him. In fact, it was hard to find at least one user who would be genuinely excited about this.

Ask Warren Buffett 

Whatever the announcement is, it will be most definitely overshadowed by Sun’s lunch with billionaire Warren Buffett that will also take place next week. As reported by U.Today, the Tron CEO forked out a whopping $4.5 mln to win this year’s charity lunch with the Oracle of Omaha.

Despite skepticism, Sun is certain that he could win over the stubborn crypto hater. In the interim, he asked his followers to come up with some questions for Buffett.

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