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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Is Tron (TRX) Price Resurgence Linked to Justin Sun’s Possible Presence in the US?

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

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  • Tron (TRX) is recovering, adds 13.2 percent
  • Justin Sun is safe and not restrained from traveling

Justin Sun, the co-founder of Tron, is “safe” as NewsBTC reported. Other sources indicate that he is in San Francisco and not detained by Chinese authorities. Overly, this is bullish for TRX. Already, the coin is up 13.2 percent from last week’s close.

Tron Price Analysis

Fundamentals

Blockchain, as an emerging technology, is broad and global. Touted as a leading innovation in the 21st century, it is the foundation of the current disruption.

Although it is borderless, projects leveraging the technology operate from jurisdictions with different interpretations of blockchain. While some are against its applications, the majority are supportive though skeptical-even apprehensive, of cryptocurrencies.

To that end, the US Senate Banking Committee will hold an open session, the “Examining Regulatory Frameworks for Digital Currencies and Blockchain” on July 30. Even though clarifying information is scarce, the intention, according to reports, is to discuss regulatory framework around cryptocurrencies.

Away from the US, the rumor that Chinese authorities are detaining Justin Sun is false. The Tron co-founder likely landed in San Francisco earlier today as per a CoinDesk report.

Candlestick Arrangement

Tron TRX

Presently, TRX bulls are firm, adding 8.8 percent in 24 hours. Furthermore, the coin is up 13.2 percent from last week’s close. Overly, this is indicative of demand.

From previous TRX/USD trade plan, prices must oscillate above 2 cents. The rationale is that the coin is trading within a bullish breakout pattern against the USD. Besides, the coin is mostly in range mode, trending within a 1.5 cents zone, with caps at 4 cents.

Additionally, there is support for TRX following the undervaluation of July 17, affirmed by the subsequent correction of July 18 through to July 21.

Therefore, as long as prices are trending above 2 cents, aggressive traders can buy the dips with targets at 4 cents as laid out in previous TRX/USD trade plans.

On the flip side, losses below 2 cents will heap pressure on TRX, forcing liquidation as sellers aim at 2018 lows of 1 cent.

Technical Indicators

Bullish, the short-to-medium term trajectory of TRX anchors on July 17 bear candlestick. Indicative of buy pressure because of the long lower wick, the bar has above-average trading volumes.

Although traders can buy the dips as aforementioned, better signals will be present if there is a break out above 3.1 cents. Accompanying this bullish signal ought to be high participation, preferably exceeding 23 million of July 23.

Conversely, losses below 2 cents, ushering in sellers should be with a similar level of participation. In that likelihood, TRX will likely tumble to 1 cent.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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