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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Tron Price Analysis: TRX May Be a Security, CEO Fuels Rumors

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis tron TRX

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  • Tron prices bullish, up four percent from last week’s close
  • Thomas Schultz of ChaChing wallet warned to “stay away” from Tron
  • Transaction volumes low, price bullish

Hours after BTT ICO, Thomas Schultz now claims he has been warned by an “SEC Insider” to wade clear off Tron. Unless verified, this will be another attempt of FUD in an otherwise robust asset. Our TRX/USD trade plan is valid as long as TRX prices trend above 2.5 cents.

Tron Price Analysis

Fundamentals

Nothing has been substantiated, but rumor has it that TRX may, after all, be a security. That means the US SEC might be prepping to crackdown on TRX holders,   the Tron Foundation, and specifically Justin Sun. Citing advice from credible sources within the commission, the CEO and co-founder of the ChaChing Wallet Thomas Schultz doubts Tron’s future.

https://twitter.com/ThomasSchuIz/status/1090316615688876032

In a series of tweets, the CEO argues that TRX is indeed security and the SEC Insider told him to “stay away from TRON.” However, the source didn’t expound more leading to speculation. Although he didn’t say anything that would otherwise send jitters across the market besides insisting that some TRX owners are from the US, he somehow blames Tron of running a vicious marketing campaign.

https://twitter.com/ThomasSchuIz/status/1090338127686832129

Candlestick Arrangements

Tron

FUD aside and TRX is resilient and absorbing sell shocks of Jan 28. As visible from the chart, TRX is up four percent in the last week but pretty stable in the previous day. All the same, the simple fact that prices are trending above the primary support and breakout level at 2.5 cents is bullish for TRX.

Moving on, conservative traders should stay on the sidelines. However, aggressive traders should be searching for entry opportunities in lower time frames. Since TRX prices are oscillating inside Jan 28 high low, every dip should technically be a buying opportunity with first targets at 4 cents and later 6 cents.

Because caution prevails, risk-averse traders should wait until bulls reverse losses of Jan 28. That means waiting until bulls drive prices above Jan 27 inverted hammer at 3 cents. Ideally, this break above should be cushioned by high trade volumes exceeding current averages of 16 million.

Technical Indicators

As aforementioned, bulls are in control. Even so, sellers seem to have the upper hand from an effort versus effort point of view. That is why we recommend risk-averse traders to take neutral stands until prices race above 3 cents. Thrusting prices above this level should be above average volumes exceeding recent averages of 16 million.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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