Tron (TRX) Blow, Tether (USDT) Reason for Reward Postponement

Tron (TRX) prices ranging
Justin Sun postpones USDT rewards in light of USDT troubles

Chances Are, Bitcoin Will Soon Explode 20% Higher to $8,000: Here’s Why
Friday March 27, 2020

Despite the brutal crash seen earlier this month, Bitcoin has performed extremely well over the past few days, rallying from the $5,000s to a price as high as $7,000 just the other day. The...

The post Chances Are, Bitcoin Will Soon Explode 20% Higher to $8,000: Here’s Why appeared first on 12bitplay - Bitcoin Play.

Technically, Tron (TRX) is in an uptrend, but before 4 cents, bulls must clear 3.1 cents. Spurring that may be fundamentals, but with Justin Sun postponing USDT rewards, it may be a while before TRX demand rise.
Tron Price Analysis
Fundamentals
The circus around iFinex promise to be disastrous for BitFinex—a trusted exchange laden with scandals, and Tether Limited—caught lying about reserves backing USDT. Note that this will also be consequential for company leaders who despite all this may not be extradited to the US to face justice because it is USDT fraud, not USD. It is also contagious, with reverberations beginning to permeate through the crypto ecosystem.
If anything, it is about USDT and less than a month after minting $300 million, Tron’s Justin Sun is backing off from his plan of rewarding the community. In their game plan, USDT would launch in Tron as a TRC-20 token allowing smooth transaction with Tron-based dApps.
Besides, USDT as a TRC-20 token would make it easy for institutional investors to choose the network over competitors. However, with this melee, Justin Sun is postponing his plans saying:
“Given the recent news about both BitFinex and Tether, I will be postponing our planned USDT rewards program until more information becomes available. It was by no means an easy decision. My team and I have been focused for months on bringing stability and liquidity to the TRON community. We are still committed to doing what’s best for the network and will examine our options after hearing how events unfold with BitFinex and Tether.”
Candlestick Arrangement

After Bitcoin Plunged 7.5% in Minutes, Traders Fear the Worst Is Yet to Come
Saturday March 28, 2020

An hour ago, the price of Bitcoin suddenly faltered after days of non-action, crashing from the $6,700 base where it had traded at for much of Friday to $6,250 within a few minutes’ time....

The post After Bitcoin Plunged 7.5% in Minutes, Traders Fear the Worst Is Yet to Come appeared first on 12bitplay - Bitcoin Play.

Overly, Tron (TRX) prices are ranging inside a 1 cent zone. With primary support at 2.1 cents or Jan 14 lows, bulls are struggling to close above 3.1 cents despite a bullish trend. Unless otherwise there is a spike in participation forcing TRX to rally above immediate resistance at 2.7 cents, yesterday’s bull bar off 2.5 cents would be null in our analysis.
Since TRX/USD is ranging, patience is all-important. Moving on, we recommend taking a neutral stance until TRX rally past 2.7 cents triggering short-term buys aiming at 4 cents. If not and there is a meltdown, TRX could retest 2.1 cents. However, any drop below that mark invalidates our bull plan.
Technical Indicators
Reversing losses of Apr-25 is essential. With higher highs in the last few days as prices move towards equilibrium, break above 2.7 cents must be with high volumes exceeding 13 million. That will confirm buyers of Jan 14 and Mar 23.
Chart courtesy of Trading View
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Bitcoin Recovering After a Sharp Decline: Here’s Why Bulls Could Fail
Monday March 30, 2020

Bitcoin declined sharply below the $6,200 support against the US Dollar. BTC price found support near $5,850 and it is currently recovering towards a couple of key hurdles. Bitcoin is correcting higher from the...

The post Bitcoin Recovering After a Sharp Decline: Here’s Why Bulls Could Fail appeared first on 12bitplay - Bitcoin Play.

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