Tron and BitTorrent are down nearly 10% as Tron creator Justin Sun responds to regulatory moves in China and the US. TRX and BTT are now trading near important support levels, apprehensive of their future move.
Tron and BitTorrent prices are plummeting as investors panic. Justin Sun, a Chinese entrepreneur and Tron founder, responded to investors’ concerns earlier today with a tweet.
Sun described it as “baseless assertions… by third parties,” and said investors should not be concerned. A regulatory procedure in China or the US has not been received by Tron or its subsidiaries including BitTorrent, he noted through Twitter.
History
A promising bull run led to a $4.56 million charity meal with Warren Buffett in 2019. The former is unconnected to Justin Sun, but the latter is. Sun isn’t one to shy away from a marketing gimmick. In 2019, his $4.56 million charitable donations earned him lunch with the Oracle of Omaha, Warren Buffett.
According to numerous Chinese sources, Sun has been prevented from leaving the country because of his views about Bitcoin.
As a result of this incident, the Tron price fell by more than 55%. However, new regulatory process speculation among investors has already harmed Tron and Bit Torrent.
Will the Trouble Continue?
TRX plummeted 16% in three hours starting January 04, 06:00 UTC due to rumors and investor panic. A 16 percent increase followed this in the next 14 hours.
Tron is currently trying to gain ground by transforming vital support of $0.02808 to $0.0283 into opposition. If the price closes above this level, TRX will benefit immediately.
The Moving-Average Convergence Divergence [MACD] Indicator, which shows the 12- and 26-period converging averages moving closer together, supports this bullish scenario.
If the price does not successfully flip the $0.028 support, Tron may fall sideways or, worst, downward.
Despite Justin Sun’s guarantees to investors, SuperTrend’s consistent sell signal indicates a price fall.
Trx (TRX) may fall below the range’s Point of Control (PoC), which is also strong support at $0.027.
Will BTT Follow TRX’s Lead?
Following in the footsteps of Tron, BitTorrent’s price plunged 13 percent in 4 hours beginning January 4, 06:00 UTC. Unlike TRX, though, BTT appears to have reached the POC for the observable range around $0.00029 and is now bouncing higher.
The converging MACD’s 12 and 26-period moving averages support and lend confidence to this bounce, indicating a likely bullish crossover soon.
While it appears positive on the surface, now is not the time to go long on BTT, especially given the SuperTrend, which shows a continuation of the sell signal. Furthermore, the price has yet to create a higher or lower high.
The overall trend will remain bearish unless any of these conditions occur.
