By Dmitriy Gurkovskiy, author at RoboForex Blog
On Tuesday, May 26th, the TRX demonstrates no clear priorities, generally trading at 0.0146 USD.
On D1, TRX/USD keeps moving sideways inside a horizontal channel. In the nearest future, the quotations may slightly decline to 0.0140 USD. Judging by the instrument’s weak volatility, we should not expect any activity at this stage. The MACD histogram is below zero, indicating a possible decline. The signal lines of the MACD have formed a Black Cross, giving an additional signal of the decline. However, the potential for the decline being so weak, the instrument seems more appealing for long-term trading. A potential bounce off the support level may push the price up to the upper border of the ascending channel.
On H4, TRX/USD is also moving inside the horizontal channel. The Stochastic is currently forming a Black Cross. It may signal a possible decline to the lower border of the horizontal channel. As on D1, the aim of the decline is 0.0140 USD. Later, the quotations may bounce off the support level and grow to the upper border of the channel near 0.0155 USD.
Scandals keep raging around the creator of the TRON Justin Sun. For example, on May 20th, there happened a hardfork in the Steem network, which was a planned action. During the update, it turned out that the former validators of the network pocketed tokens for a substantial sum. This caused a police investigation.
Steem has been causing trouble from the start. Buying the Steemit startup in February, Sun acquired a significant part of Steem coins, thus becoming authorized to influence the voting about the future of the network. Many users were unhappy about it – with the previous owner of the control packet of coins things were much calmer.
It was easy to predict that Sun would react aggressively. To the network rules, a point against promoting other platforms without the consent of the others was added. Moreover, the posts of the users got censored, which was against the very idea of a decentralized blockchain. The hardfork itself was initially meant for blocking the assets of the former validators to exterminate safety hazards.
However, the money from 64 accounts was withdrawn to the Bittrex wallets. The story is not over, however, the crypto world is obviously losing trust in Justin Sun. This may affect the TRON reputation as well.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
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