- Justin Sun teases the TRON community on Twitter.
- TRON CEO posted that there will be big news next week.
- Currently, TRON trades at $0.1137 and gained 18.49% in the last 24 hours.
Today, TRON’s CEO Justin Sun teases the TRON community on Twitter. The TRON CEO posted that there will be big news next week.
Justin Sun tweets,
Over the past weeks, TRON (TRX) has been announcing back-to-back good news. Recently, TRON and BitTorrent shared that they are coming together to release a new project. BitTorrent says in a tweet that the project is called BitTorrent Chain (BTTC).
Not only that, but Justin Sun also announced that TRON DeFi total value locked (TVL) is now over 11 billion USD. Clearly, it is no secret that a boom in DeFi has been at large this year.
On another note, CoinQuora’s analyst shared a price prediction for TRX this 2021. Based on the article, TRX’s price has seen many bullish moves since the start of 2021. These are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, TRX has a competitive market this 2021.
Currently, it trades at $0.1137 with a trading volume of $2,884,875,559 USD. TRON gained 18.49% in the last 24 hours and its currently ranked 24th on CoinMarketCap.
If this bullish trend continues, TRX will reach $0.5 by the end of 2022. The first half of 2022 is going to show fast growth, up to $0.85. This rise may slow down, but no major falls are expected. With upcoming partnerships and developments, reaching $0.5 is plausible.
Looking at its MACD, there is a bullish crossover that will surely keep the trend upwards. In the next coming weeks, it might be interesting to check out TRON with its exciting big news ahead.
Consequently, If TRX holds the support level around 200-MA (the long-term moving average), buyers will then have ample time and stability to forge the next attack mission on the vital level at $1.25. This will keep it from plummeting whilst keeping its consistency.
Cardano and Tron Will Soon Be Removed From eToro
The trading app has cited unspecified regulations as the reason behind the delistings.
- Trading platform eToro has announced that it will delist Cardano (ADA) and Tron (TRX) for American users.
- The company did not explain why those assets were targeted or which regulations influenced its decision.
- The new policy will take effect in late December.
Trading app eToro has announced that it will remove Cardano (ADA) and Tron (TRX) from its listings before the end of the year.
Policy Will Hit eToro Users in December
The new policy means that eToro users will not be able to open positions in those cryptocurrencies beginning on Dec. 26.
Additionally, users will not be able to receive staking rewards for the two cryptocurrencies beginning on Dec. 31.
These restrictions will only apply to users in the United States, according to the policy update posted by eToro on Tuesday.
The company cited “business-related considerations in the evolving regulatory environment” as the reason for the delistings, but did not say which regulations influenced its decision.
Neither TRX nor ADA has been targeted by regulatory action. It is possible that new reporting requirements for crypto brokerages in the U.S. have played a part in eToro’s decision, but this does not explain why TRX and ADA were specifically targeted.
Crypto Market Is Largely Unaffected
Though early reports suggested that each token had seen losses, both had recovered by the time of writing. As of 3:30 PST on Nov. 25, Both ADA and TRX saw gains of roughly 0.5% over 24 hours.
Given that Cardano ranks among the top six tokens, it seems unlikely that other exchanges will follow eToro’s lead and delist it. TRX ranks somewhat lower as the 32nd largest cryptocurrency, but it does not seem to be a target for delistings, either.
In fact, both coins have recently gained new listings elsewhere. Cardano’s ADA token was listed on Bitstamp on Wednesday, while Tron saw a TRX ETN listed on Deutsche Börse in September.
Furthermore, eToro is primarily a stock trading app with crypto features, meaning that its regulatory concerns may not reflect those of dedicated crypto exchanges.
Tron Price Prediction: eToro Limiting Trade To US Users May Pull TRX Below $0.088
Tron price comes under immense pressure with eToro limiting access for U.S. users. Tron price slumped into the red during on Wednesday amid news that eToro, a social trading platform will delist it in the United States. Following the announcement, TRX shed off over 8.83% from $0.1038 to an intraday low of $0.0946 on November 24. Tron (TRX) teeters $1.68 at press time.
eToro To Limit Tron Trading in The U.S.
eToro announced earlier this week that its users in the U.S. will soon not be able to open new positions or receive staking rewards from Tron (TRX) and Cardano (ADA). The announcement that was made of Tuesday November 23 said that the platform “will be limiting ADA and TRX for users in the US.” Citing regulatory concerns, but did not explain why the two cryptos were singled out.
The crypto trading platform stresses that it will not force users to sell their positions yet, however, users will not be able to open new ADA or TRX positions starting on December 26, 2021 while staking for TRX and ADA will end on December 31, 2021.
The news extended Tron’s last week losses clearly defined by an inverted-V chart pattern after losing the 50-day Simple Moving Average (SMA) support.
Tron Price V-Shaped Top Correction Aims For $0.0889
TRX price action has been spelling out a V-shaped top chart pattern after turning down from the November 15 high around $0.13. The losses intensified on Wednesday following the news from eToro, forcing TRX to retest support at $0.0987 embraced by the 100-day SMA. The pattern’s downtrend line has capped the price, with Tron currently exchanging hands at $0.0991.
If this pattern holds, it is expected that TRX will complete the V-shaped top correction to tag the October 28 low at $0.8896, an 11% drop from the current price.
The bearish narrative has been reinforced by downward movement of the Moving Average Convergence Divergence (MACD) indicator and its movement below the zero line into the negative region.
In addition, the position of the RSI at 43.69 close to the oversold region shows that Tron price is firmly in the hands of the bears.
TRX/USD Daily Chart Live Chart
On the flipside, a daily closure above the 50-day SMA at $0.1028 may trigger an upswing. If this happens, Tron price could rise to re-test the resistance at at $0.1084 and the November 15 high at $1.329
Hoskinson on Crypto Exchange eToro’s Upcoming De-Listing of Cardano ($ADA) in the U.S.
Earlier today, eToro announced on its website that due to regulatory concerns, it would be “limiting ADA and TRX” for users based in the U.S. and that these users would “no longer be able to open new positions in, or receive staking rewards for, Cardano (ADA) and TRON (TRX)” but would be “able to close existing positions.”
Here are some important things to be aware of:
- Users based in the U.S. will not be able open new $ADA or $TRX positions starting on 26 December 2021.
- Users based in the U.S. will not be able to enjoy staking rewards for $ADA and $TRX since staking support for these two assets will end on 31 December 2021. Final rewards (in USD) will be paid out on 15 January 2022.
- Users based in the U.S. will still be able to maintain their existing $ADA and $TRX balances on the exchange. They will also be able to close their positions at any time, i.e. sell their $ADA and/or $TRX holdings for USD.
- eToro is trying to make the eToro Money crypto wallet compatible with $ADA and $TRX (hopefully early in 2022).
This unexpected move by eToro forced Hoskinson to take to YouTube to clarify some of the confusion surrounding this news.
In summary, Hoskinson said that (1) neither the Cardano Foundation nor IOHK had been contacted by any financial regulators about $ADA; eToro’s move is the result of lack of regulatory clarity around cryptoassets; and although it is unfortunate that eToro felt it had to take this action, the de-listing of $ADA on the eToro platform in the U.S. will have no meaningful impact on the liquidity of ADA for the following reasons:
- $ADA is one of the most liquid cryptoassets in the market;
- eToro was not handling a huge amount of $ADA trading volume; and
- last Thursday (November 18), Bitstamp, which is one of the largest (if not the largest) crypto exchanges in Europe, announced that it was preparing to list $ADA.
As CryptoGlobe reported, in a blog post published on November 18, Bitstamp explained the listing schedule for $ADA:
- November 23: ““Deposits and withdrawals open but trading is not enabled yet.“
- November 24 (around 11:00 A.M. UTC): “You will be able to place and cancel limit orders, but they will not be matched.“
- November 24 (around 03:00 P.M. UTC): “Order matching will start and trades will be executed normally.“
Then, “once the order books gather sufficient liquidity”, Bitstamp will “enable all order types and card purchases for the new trading pairs as well.”
This means that on November 24, we should see the trading of $ADA to go live on Bitstamp.
According to data by CryptoCompare, $ADA is currently (as of 23:30 UTC on November 23) trading around $1.748, down 1.69% in the past 24-hour period.
One possible reason for this move by eToro is that they are concerned that by offering staking support for $ADA and $TRX, it could give these these two cryptoassets security-like attributes, which could mean eToro US getting into trouble with the U.S. SEC. It is worth bearing in mind that currently eToro offering staking support for only three cryptoassets: $ADA, $TRX, and $ETH 2.0.