Are TRX Prices Dumping Because “Changpeng Zhao and Justin Sun are Scheming”?

Dalmas Ngetich

1 year ago

2 mins read

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Tron prices slide, drop 9.7 percent in last week
Binance receives a 2-Star Ratings at Trust Pilot
Transactional volumes low, averages at 12 million

BitTorrent, Tron, and Binance are in recent days synonymous. It is because of this that a user thinks Binance and Tron are colluding to defraud users. They are entitled to their opinion, but TRX prices are dropping, down 9.7 percent in the last week.

Tron Price Analysis

Fundamentals

Hours after a successful BitTorrent (BTT) airdrop and TRX prices are sinking. Well, this was not in the script and against everything expected by traders. Although BitTorrent and the Tron Foundations will be distributing 10.1 percent of the 990 billion BTT tokens in six years through airdrops, BTT prices should be readjusting to the extra demand by shrinking while the need for valuable BTT tokens should automatically pump TRX prices.

It is logical, but that is unfortunately not the case. For the second straight day, TRX prices have been dropping and risk reversing gains of late and early this month. TRX inability to pump also coincides with new accusations that Binance and Tron are a letdown when important matters are in play. Case in point is the latest BTT ICO. During this time, keen-eyed would be investors noticed that Binance Launchpad did sell 28.44 percent of all the tokens before the official start.

In a medium post, he claims excuses from Binance and Tron was a complete betrayal while “CZ and Justin Sun whose permanent smile in the profile picture” looks like a mockery to those investors who missed out. He adds that “Binance is quite a young company and its decency is yet to be confirmed by history.” Binance now has a 2-star rating at Trust Pilot.

Candlestick Arrangements

Meanwhile, TRX is dropping like a stone. After a BTT induced pump, TRX is finally finding fair value. Even though we are bullish on TRX expecting prices to rally above 3.1 cents and later 4 cents as users demand for TRX in preparation for free BTTs, any drop below the double bottoms of Jan 20-21 could see prices sink towards 2.1 cents as our previous TRX/USD trade plans are rendered invalid. While aggressive traders can buy on pullbacks in lower time frames as prices correct towards the 2.1—2.4 cents zone, the best course of action is to wait for a full breakout above 3.1 cents as emphasized before.

Technical Indicators

Recent averages stand at around 12 million. That is low and pales in comparison with those of Feb 4—42 million versus 17 million. Since we are bullish, TRX prices must first print and close above 3.1 cents of Jan 27 highs complete with above average volumes above 12 million and even 42 million. Such expansion will signal buyers ushering in bulls aiming for 4 cents and higher.

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.