Tron (TRX) Blow, Tether (USDT) Reason for Reward Postponement

Dalmas Ngetich

1 year ago

2 mins read

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Tron (TRX) prices ranging
Justin Sun postpones USDT rewards in light of USDT troubles

Technically, Tron (TRX) is in an uptrend, but before 4 cents, bulls must clear 3.1 cents. Spurring that may be fundamentals, but with Justin Sun postponing USDT rewards, it may be a while before TRX demand rise.

Tron Price Analysis

Fundamentals

The circus around iFinex promise to be disastrous for BitFinex—a trusted exchange laden with scandals, and Tether Limited—caught lying about reserves backing USDT. Note that this will also be consequential for company leaders who despite all this may not be extradited to the US to face justice because it is USDT fraud, not USD. It is also contagious, with reverberations beginning to permeate through the crypto ecosystem.

If anything, it is about USDT and less than a month after minting $300 million, Tron’s Justin Sun is backing off from his plan of rewarding the community. In their game plan, USDT would launch in Tron as a TRC-20 token allowing smooth transaction with Tron-based dApps.

Besides, USDT as a TRC-20 token would make it easy for institutional investors to choose the network over competitors. However, with this melee, Justin Sun is postponing his plans saying:

“Given the recent news about both BitFinex and Tether, I will be postponing our planned USDT rewards program until more information becomes available. It was by no means an easy decision. My team and I have been focused for months on bringing stability and liquidity to the TRON community. We are still committed to doing what’s best for the network and will examine our options after hearing how events unfold with BitFinex and Tether.”

Candlestick Arrangement

Overly, Tron (TRX) prices are ranging inside a 1 cent zone. With primary support at 2.1 cents or Jan 14 lows, bulls are struggling to close above 3.1 cents despite a bullish trend. Unless otherwise there is a spike in participation forcing TRX to rally above immediate resistance at 2.7 cents, yesterday’s bull bar off 2.5 cents would be null in our analysis.

Since TRX/USD is ranging, patience is all-important. Moving on, we recommend taking a neutral stance until TRX rally past 2.7 cents triggering short-term buys aiming at 4 cents. If not and there is a meltdown, TRX could retest 2.1 cents. However, any drop below that mark invalidates our bull plan.

Technical Indicators

Reversing losses of Apr-25 is essential. With higher highs in the last few days as prices move towards equilibrium, break above 2.7 cents must be with high volumes exceeding 13 million. That will confirm buyers of Jan 14 and Mar 23.

Chart courtesy of Trading View

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.

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.
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