Tron Price Analysis: TRX May Be a Security, CEO Fuels Rumors
- 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.
Just heard from a SEC insider
Literally, his first comment was:
Stay away from TronI’m not kidding.
— Tom
(@ThomasSchuIz) January 29, 2019
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.
Tron is running a viscous marketing campaign to get tons of people to buy their cryptocurrency
The influence is on their behalf & thus holds them liable
Justin Sun has absolutely zero chill with reporting on where Tron sits on CMC
This isn’t the sign of a fruitful project
— Tom
Candlestick Arrangements
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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by Dalmas Ngetich on January 30, 2019 at 11:30PM