Tron (TRX) Prices Flat, Did Justin Sun Consider Investing in BitFinex?

Dalmas Ngetich

1 year ago

2 mins read

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Tron (TRX) range bound but up 4.5 percent
Justin Sun could invest in BitFinex IEO

The integrity of any blockchain team lead them to success or failure. Therefore, the decision of Tron’s co-founder Justin Sun to contemplate investing in an IEO of a trusted exchange headed by a questionable team should under ordinary circumstances raise red flags. At spot rates, Tron (TRX) is up 4.5 percent from last week’s close, and bulls are aiming at 4 cents.

Tron Price Analysis

Fundamentals

BitFinex is under siege. Apart from the mess around Tether (USDT) several sources referring to a billionaire’s comment said the exchange, after everything plans to crowd fund through an Initial Exchange Offering.

https://twitter.com/zirui_z/status/1122993005324009472

Well, there are issues with IEOs and BitFinex is, after all, not be a perfect candidate. First, their team is questionable, and according to Artur Boytsov, the Vice President at Priority Token, a top-tier team makes or breaks a project.

Secondly, their entanglement with the NY OAG as well as their “outing” by their lead legal counsel did expose rotten tomatoes that pours cold water on investors, better informing their decisions and forcing them to pull out.

However, that didn’t deter Justin Sun, whom according to Crypto Briefing had ”engaged in discussions with BitFinex about participating in the IEO” but wouldn’t nonetheless confirm the amount even though their discussion did conclude without a deal to invest:

“We had had some discussions with BitFinex in the last month on investing in a BitFinex IEO. Those discussions ended without investment or any agreement to invest. As before, we are closely following events with BitFinex and Tether as they relate to our interest in seeing a viable and vibrant stable coin market.”

Candlestick Arrangement

At spot rates, the coin is up 4.5 percent from last week’s close. Regardless, price action is tepid as the TRX bulls are yet to test resistance levels at 2.7 cents and 3.1 cents. Even so, we are bullish on TRX and expect the coin to close higher against the USD by close of this week.

Notice that TRX is trading within a bullish breakout pattern after sharp upswings of early Jan. However, following BitTorrent IEO, TRX prices slid lower as supply-demand forces kicked in fairly valuing the 11th largest digital asset by market cap.

Presently, any rally towards 4 cents is reliant of buy pressure, satisfactorily reversing losses of Apr-25 that would open up doors for further gains towards 6 cents. On the flip side, any drop below Jan-14 floors of 2.1 cents could see TRX retest 1.8 cents or even 1.1 cents marking Dec 2018 lows.

Technical Indicators

Despite today’s movements, Apr-25 anchors our trade plan. It has above average volumes—13 million against 5 million. Therefore, break above its high low at 2.5 cents and 2.2 cents must be with equally high volumes exceeding 13 million or 30 million of Apr-3 confirming or nullifying our TRX/USD trade plan.

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.
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.