The Tron price remains in a consolidation mode as investors wait for the next catalyst. The TRX is trading at $0.073, which is about 60% below its all-time high of $0.1793. It is valued at more than $5.1 billion.
Is Justin Sun right? For starters, Tron is the world’s biggest blockchain operating system. It was developed by Justin Sun, a young Chinese computer scientist. He also acquired BitTorrent for $180 million in 2018. Tron processes billions of dollars every day. It is estimated that the amount of Tether in its platform is significantly higher than that in Ethereum’s blockchain.
In May this year as cryptocurrency prices declined, Sun made a series of interviews with leading television channels like CNBC and Bloomberg. In these interviews, he reiterated cryptocurrency prices will likely see some consolidation in June and then bounce back in July. While it is still early, it seems like Justin Sun was right after all. You can watch the interview below.
The daily chart below shows that things are not looking good for Tron. The chart shows that the coin has formed what looks like a bearish pennant pattern, which is usually a sign that there are not enough buyers in the market. At the same time, the 50-day and 100-day moving averages (MA) are close to a bearish crossover.
Therefore, in my view, we could see a major decline of TRX n the near term. If this happens, the next key level to watch will be $0.05, which is about 32% below the current level. However, a move above $0.09 will invalidate this trend.
Follow Crispus on Twitter.
