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Tron Price Prediction: eToro Limiting Trade To US Users May Pull TRX Below $0.088

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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.

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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.

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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

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Tron price

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

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Tron

Tron Price Analysis: The TRX Coin Preparing For The Recovery Phase With Eyes On The $0.123 Mark

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The second half of November month eliminated all the gains the TRX coin gathered during October. With this recent price fall, the coin lost around 33% and plunged to the previous higher low of $0.081. However, the coin price is trying to bounce back from this support, aiming at the overhead resistance of $0.123

Key technical points:

  • The TRX price obtains dynamic resistance from the 20-EMA line
  • The intraday trading volume in the TRX coin is $1.68 Billion, indicating a 6.44% loss
TradingView Chart

Source- TRX/USD chart by Tradingview

The last time when we covered the TRX/USD, the coin price was trying to retest the previous swing high resistance of $0.123. However, the price couldn’t give a proper breakout from the overhead resistance and instead faced intense pressure and initiated another retracement phase. 

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With this bearish reversal, the coin price started dropping lower and ended up losing 33% in almost one month. Anyway, the price was plunged to the $0.082 mark and is currently trying to obtain proper support from this level.

The crucial EMA levels(20, 50, 100, and 200) states a bearish sentiment of this TRX since its price is trading below the trend defining 100 and 200 EMA. Moreover, the 20 EMA provides dynamic resistance to this coin and provides a bearish crossover with the 200 EMA.

The Relative Strength Index(45) indicates a slight neutral or bearish sentiment as its line moves below the neutral zone.

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TRX/USD 4-hour Time Frame Chart

TradingView Chart

Source- TRX/USD chart by Tradingview

The TRX coin initiates a bullish reversal from its $0.08 support and is currently trying to reclaim the nearest horizontal resistance level of $0.09 and the 200 EMA. However, As mentioned, the coin has another barrier of dynamic resistance of 20 EMA, and the price has to knockout this level as well to better confirm a rally.

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Justin Sun of TRON (TRX) bought 100 Coins at An Average USD price of 47,627.03 Bitcoin

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Justin Sun is optimistic that active and new accounts hit new ATH today. TRON network is very stable in the extreme market condition and attracting more users every day.

Also stated, To match the CEO of El Salvador Nayib Bukelee’s offer, I just bought the dip – 100 coins at an average USD price of 47,627.03 Bitcoin.

Tron community member was like:  What about your own coin tron trx? How about buying that? That’s down too. Try to do something about that, that hasn’t done anything for a long time. All the hype but never any movement in it.

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Otherwise activities in the TRON foundation are progressing.

Tron Foundation expressed:  Dear TRONICS, Our API function update has been completed. Our data on Coin Market Cap and other platforms have been updated and synchronised in real-time.

The circulating supply seems to increase suddenly on Coin Market Cap due to the update delay rather than caused by sudden transactions.

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Coin Market Cap is one of the top crypto tracker websites globally, and we will cooperate more closely to ensure to provide all TRONICS with more timely and accurate data information.

Community Response:  Still a TRONIC, but very disappointed. I can’t believe more people are not. This has cut the gains possibilities to a fraction. TRON usually makes things right so I’m looking forward to that, but one foots out the door.

It looks correct Chris I never relied on CMC always monitored Tron Scan data supply circulation and it is correct. CMC had old data.

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So now max supply is unknown? We have an additional 30 billion circulating no warning nothing.

How do you say this? And what is the interpretation of 40% + market for TRX?

Otherwise, The TRX and NFT Holders Airdrop event has been extended to 6th Dec.  Thus, it is never too late to join.

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Right after the TRX and NFT Holders Airdrop event was launched, more and more attention were drawn. But many users were too late to join or felt hard to figure out our rules. So, we decide to extend the end of the event to 6th Dec, 2021.

Community was like, what is the fun of having NFT if it’s value is near to zero?

TRON SCAN stated, the average daily transfer volume of stable coins on TRON network reached $9,677,999,233 (11.26-12.02) this week.  Relying on the strong alliance of 4 TRON -based stable coins USDT, USDJ, TUSD and USDC.  TRON’s ecosystem is continuously increasing.

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Tron Builds First-Ever Ecological Complex in Cryptovoxels Metaverse

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An ecosystem of three buildings and a temple has been built in Cryptovoxels metaverse.

In collaboration with MetaEstate, a leading digital real estate platform, Tron Foundation develops an ecological complex that includes the foundation’s headquarters, digital art museum and convention club.

Tron raises bets on metaverses, builds ecological complex in Cryptovoxels

According to the official announcement shared by the Tron Foundation, it released the first-ever ecological complex in the digital metaverse of Cryptovoxels.

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As such, TRON becomes the third company after SuperRare and SpaceX to announce the creation of its complex in the metaverse. The TRON complex refers to three adjacent buildings that are located on the east coast of Miami. It includes Tron Headquarters, the BT Convention Club and APENFT Digital Art Museum.

Also, the complex includes the SUN temple situated on the opposite side of the coastal landscape. TRON headquarters acts as both a conceptual art museum and displays hard capabilities together with a soft artistic comprehensive output.

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Tron Headquarters (TRON ECO HQ) has three floors, including an atrium with an eco-brand display of the Tron Network, a public office area with meeting rooms, and independent offices with large outdoor terraces.

APENFT art museum is a pioneering digital art exhibition in the metaverse

BT Convention club has two levels. The first one has a reception area and large conference hall. On the second floor is a large open office and theatre-like display space for meetings and conferences.

APENFT art museum is the first-ever cultural institution that exists in the metaverse only. It is dedicated to digital art and non-fungible tokens as its technical basis.

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APENFT demonstrates the artwork of prominent digital artists alongside the paintings of winners of the “Second Life” public contest.

The museum also has two floors: the first floor is a reception area accompanied by an open concert hall and artwork display area. The displays on the first floor are adjustable: they can be customized according to different needs.

Also, the second floor has a painting atrium as a symbol of Tron’s ability to onboard new-gen digital artists and their paintings. The second floor also has indoor and outdoor exhibition halls for early-stage artists.

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APENFT is among the largest and most influential players on the NFTs market. Associated with Tron Foundation, it performed an unmatched token burn event in July.

Its investing strategy is curated by digital art veteran Barrett Wissman, who joined APENFT as Chief Investment Advisor.

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