- Tron price is struggling to clear a couple of important resistances near $0.0160 against the US Dollar.
- TRX price is currently trading above the $0.0152 and $0.0150 support levels.
- There is a key bearish trend line forming with resistance near $0.0160 on the 4-hours chart (data feed via Bitfinex).
- The price could start a fresh decline if it fails to surpass $0.0160 and $0.0614.
TRON price is currently consolidating below key resistances against the US Dollar and bitcoin. TRX price must break the $0.0160 resistance area to climb towards $0.0184 and $0.0200.
Tron Price Analysis
After a strong decline, TRON price found support near the $0.0132 level against the US Dollar. Later, TRX price started an upside correction and traded above the $0.0148 resistance area.
Moreover, there was a break above the $0.0155 resistance and the 55 simple moving average (4-hours). Finally, the price traded above the $0.0160 and $0.0162 resistance levels.
However, the bulls struggled to clear the $0.0165 resistance area. A high was formed near $0.0165 and the price is currently trimming gains. It traded below the 23.6% Fibonacci retracement level of the upward move from the $0.0131 low to $0.0165 high.
Tron price is currently trading
The main support is near the $0.0148 level. Additionally, the 50% Fibonacci retracement level of the upward move from the $0.0131 low to $0.0165 high is also near $0.0148.
Therefore, a downside break below the $0.0148 support area could start a strong decline. The next support is near the $0.0140 level, below which the doors could open for a test of the $0.0132 swing low.
On the upside, there are many resistances, starting with the $0.0160 level. Besides, there is a key bearish trend line forming with resistance near $0.0160 on the 4-hours chart.
If there is an upside break above the trend line resistance, the price could test the $0.0165 resistance area. Any further gains will most likely lead the price towards the $0.0185 resistance area.
The chart indicates that TRX price is losing pace below the $0.0160 resistance area. Thus, there is a risk of a downside break below the $0.0150 and $0.0148 support levels. Conversely, a close above $0.0160 is needed for a push above $0.0165 in the near term.
4 hours MACD – The MACD for TRX/USD is losing momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is currently rising and heading towards the 50 level.
Key Support Levels – $0.0150 and $0.0148.
Key Resistance Levels – $0.0160, $0.0165 and $0.0185.
TRON’s founder account on Weibo blocked, TRX/USD feels the pain
- The “Chinese Twitter” blocked the account of Justin Sun.
- TRX/USD has been on retreat following the news.
Chinese social media network Weibo, which is often called “Twitter for China,” blocked the account of TRON’s founder Justin Sun.
Dovey Wan, a founding partner of Primitive Ventures, wrote on Twitter:
BREAKING and FINALLY … @justinsuntron ‘s Weibo (Chinese Twitter) account is now officially SHUT DOWN. totally not surprised given how loud he has been on Weibo even after the Buffet Lunch/kidney stone drama…
Notably, Sun is known for his controversial marketing tactics that are often criticized both in China and around the globe.
Sun stayed calm and encouraged TRX holders todo the same. He assured TRON users that he would resolve the issue with Weibo via a “direct communication channel.”
TRON is super safu! Just follow me on @justinsuntron. We have a direct channel to Weibo and will get this resolved asap.
TRON feels the pain
Meanwhile, TRON (TRX) has been losing ground following the news. The 14th largest coin with the current market value of $915 million, has lost over 2.6% on a day-to-day basis to trade at $0.0137 at the time of writing. TRX/USD is also down 6% on a weekly basis and over 31% on a month-to-month basis.
Looking technically, TTRX/USD is moving within the downside channel. The initial support is created by $0.0133. This barrier is reinforced by the lower line of the daily Bollinger Band and the lowest level of
On the upside, the initial resistance awaits us on approach to $0.0148. This area limited the recovery at the beginning of December; also, it is reinforced by the middle line of the daily Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on the confluence of SMA100 (Simple Moving Average) daily and the upper line of the Bollinger Band (currently at $0.0163).
Considering the downward-looking RSI (Relative Strength Index), the bearish scenario looks more likely in the short run.
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DigiByte Founder Slates TRON As A ‘Chinese Government Scam’
- According to Jared Tate, the popular TRON cryptocurrency is actually just a government scam.
- He adds that the token’s listing on Binance.US threatens to undermine faith in American regulatory bodies.
- Tate was very clear in his opinion of both TRON and the Binance platform.
According to the DigiByte (DGB) founder Jared Tate, the popular TRON Chinese cryptocurrency is actually just a government scam. On top of this, he adds that the token’s listing on Binance.US threatens to undermine faith in American regulatory bodies. Tate reacted this way to recent news that Binance.US would be giving TRON a listing as well as 17 other altcoins.
Tate was very clear in his opinion of both TRON and the Binance platform. The founder has claimed that these projects are equally making fools of the American public.
Taking to Twitter this week, Tate said:
“If American regulators allow @BinanceAmerica to continue operating let alone list the biggest scam in crypto history fronted by the Chinese government to dupe unknowing American citizens there will be an unprecedentedloss of faith in our law makers.”
It’s safe to say that both Tate and TRON have a bit of a messy situation now.
As per CCN, Tate’s move to call TRON a Chinese government scam could come from Justin Sun’s willingness to “humble himself” before the Chinese leadership in the past.
Part of the Binance.US announcement reads:
“Our priority to continue exploring more digital asset listings for our users runs in parallel to our efforts to deliver a mobile application and more access to new states we currently do not operate. Binance.US recognizes that the ease of issuing blockchain tokens and the perceived lack of regulation could make these tokens targets for abuse. Binance.US has both legal obligations and moral duties to shield our users from fraudulent blockchain projects and combat financial crimes.”
Justin Sun’s Weibo account closed as TRX continues to underperfrom
Weibo, one of China’s major microblogging platforms, is in the news after it blocked the accounts of TRON Founder, Justin Sun, and Binance Co-founder, Yi He, earlier this week.
The move, in turn, has had a direct impact on the price of TRX, TRON’s native token. The cryptocurrency depreciated slightly over the course of 24 hours and was ranked 13th on CoinMarketCap, at the time of this writing.
Post the account closure yesterday, Justin Sun took to Twitter and assured the crypto-community that he would resolve the situation so
“Tron is super safu! Just follow me on @justinsuntron. We have a direct channel to Weibo and will get this resolved asap.”
At the time of writing, Sun had already attempted to register a new Weibo account. However, the same was later shut down by Weibo too. Following the episode, TRON’s CEO urged his Chinese followers to interact with him on Twitter instead.
The same was first broken by Dovey Wan, Founding Partner at Primitive Ventures, who took to Twitter earlier today and said,
“SUN registered a new Weibo account right after the shutdown, and got banned too. He’s been registering new accounts and people have no idea which one is the REAL SUN on Weibo”
However, this isn’t the first time a crypto-oriented account has been banned by Weibo. In mid-November, Binance’s channel was also blocked for debatable reasons. However, contrary to what happened with Justin Sun, Binance went on to create another Weibo account later, one that has been operational since.
It is also being rumored that Weibo might take many other influential crypto-people and crypto-companies off its platform in the next few days.
The microblogging platform, however, has released no official statement in response to the account closure. Nonetheless, some investors and crypto-enthusiasts online are already speculating that Sun’s very vocal political positions may have contributed to the account closures.