Tron (TRX) experiences far not the best period. Recently, it’s lost 20% of price and its position went down from #12 to #14. Meanwhile, Justin Sun makes another loud announcement that sparks tons of anger and sarcasm:
What do Twitter users think about it, and how this reaction can affect TRX price? Read TRX price predictions from TradingView and check out what the crypto community thinks about the current situation.
Sun doesn’t shine anymore
The above-mentioned tweet was met with sarcasm and outrage rather than positive reaction. People don’t believe Justin Sun anymore: all his previous statements were not supported by actions.
Here’s what Twitter users replied:
The list of sarcastic comments is a mile long. And this time, it seems to be justified: TRX continues losing its cost and positions.
Logically, Twitter users started making other negative statements about Tron project:
There’s a serious risk that Tron’s downtrend will go deeper because people are very disappointed. They do not want to invest in TRX – none of Justin Sun’s announcement was proved by true success.
But there’s a silver lining in the cloud
However, despite the wave of hatred overflowing Twitter and Tron account, there is some evidence that Tron may start regaining positions. Check the technical analysis from TradingView users: there are some interesting TRX price predictions.
TRX just needs direction
According to CryptoCurrencyAlerts, it’s too risky to trade now, so we should wait for a clear direction. We must see some momentum or over an EMA. This could create some big moves lower it goes. TRX has a habit of pumping due to hype marketing.
Up to 120% profit is possible
We can see that the price line of TRON / US Dollar has formed a bullish cipher pattern and entered in potential reversal zone. From here, the price action can move up to hit the sell targets soon.
Here you can see the targets generated by using the Fibonacci sequence:
Buy between: 0.02357392 to 0.01776023 (it’s still high time)
Sell between: 0.02815054 to 0.03913925
Downtrend seems to continue
Sometimes trading/investing is difficult, other times it's as simple as one thing on a chart. With Tron right now, it's clearly still in its downtrend so if you're looking for a safe buy time, keep an eye on this! This is also nearly identical to the Ripple situation.
Thus, if you buy TRX now, you have to be patient: the downtrend might continue for long.
Tron (TRX) price charts by TradingView