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Tron (TRX) has been in a negative mood since February 28, 2024, falling from $0.14 to a low of $0.10. The current price of TRX stands at $0.12, and for now, bears continue to control the price movement. However, the positive fact for the cryptocurrency market is that Bitcoin has experienced a notable resurgence in its bullish momentum after it experienced a 20% drop to $56,000 on Wednesday.

According to the latest data, crypto whales accumulated a significant amount of Bitcoin in the last two days and this increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price. As the bullish momentum returns, the possibility of reclaiming previously lost price levels grows stronger which is certainly positive for Tron (TRX) and many other cryptocurrencies.

But where is the price of Tron (TRX) going next, and what can we expect from May 2024?

Today, Crypto Lists will discuss Tron (TRX) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Content-sharing platform

Tron is a blockchain-based entertainment content-sharing platform that has gained incredible traction in recent years, with millions of users and upwards of a billion transactions. Tron allows users to create content and applications without having to rely on centralized services, and it is important to note that Tron represents a direct challenge to the media industry, including web-based giants like Netflix and Amazon.

Tron also enables creators to sell their work directly to consumers, representing a benefit for both sides. Tron was founded by Justin Sun in 2017, and it is important to mention that Tron has been involved in various acquisitions and partnerships, including the acquisition of BitTorrent, a popular peer-to-peer file-sharing protocol. This acquisition was seen as a strategic move to enhance Tron’s capabilities in content sharing and distribution.

Celebrity endorsements abound

However, negative information is that the US Securities and Exchange Commission (SEC) accused Justin Sun and the Tron Foundation for selling unregistered securities through their TRX token Initial Coin Offering (ICO) in 2017. Additionally, the SEC mentioned that Justin Sun created a TRX promotional campaign using several public figures. Names like Lindsay Lohan, Jake Paul, and Austin Mahone are included in the list of those public figures.

Tron, its founder Justin Sun, and associated entity Rainberry have formally requested the dismissal of a lawsuit filed by the SEC and Justin Sun said that there needs to be more clarity for digital asset entities to comply with regulations. Justin Sun added:

“Without a clear regulatory regime that details when a token is a security, how token creators can comply if they offer securities, and how foreign actors in the space fit in the picture, the SEC’s regulatory expansion risks destabilizing the entire global digital asset market.”

The SEC reiterated claims from its initial lawsuit

The SEC reiterated claims from its initial lawsuit last month, stating that Sun and his businesses sold unregistered securities through TRX and BitTorrent (BTT) tokens and that Sun was involved in “manipulative wash trading.” The SEC reported that TRX and BTT were promoted, offered, and sold to “consumers and investors in the United States.” It also noted that “Sun frequently traveled to the United States during the period when TRX and BTT were being promoted, offered, and sold.”

According to the US Securities and Exchange Commission (SEC), Sun spent more than 380 days in the U.S. between 2017 and 2019 on business trips to New York City, Boston and San Francisco. Justin Sun requested the dismissal of the lawsuit, contending that the SEC applied U.S. securities laws to “primarily foreign activities” and lacked jurisdiction over him or the Singapore-based Tron Foundation.

Justin Sun said that the TRX and BTT tokens were sold “entirely overseas,” and the sales took steps to avoid the U.S. market. He also pointed out that the SEC did not allege the tokens “were offered or sold initially to any U.S. residents.” Sun’s lawyers did not write a response for the public yet and in the weeks ahead comments from the US Securities and Exchange Commission (SEC) and the general situation on the cryptocurrency market will have a major influence on the price of TRX.

Technical analysis for Tron (TRX)

TRX has weakened from $0.145 to $0.104 since February 28, 2024, and the current price stands above $0.12. TRX might have a hard time holding above the $0.12 level in the upcoming weeks, and a break below this level would indicate that TRX could probably test again the price level at $0.11.

Technical analysis for Tron (TRX)

Important support & resistance levels for Tron (TRX)

Important support & resistance levels for Tron (TRX)

On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. Tron (TRX) is trading currently below its recent highs, but if the price jumps above the resistance that stands at $0.130, the next target could be the resistance that stands at $0.140.

The current support level is $0.120 and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.115. If the price drops below $0.110, which represents an important support level, the next target could be $0.100.

What speaks for the rise in the Tron (TRX) price

Tron is a promising player in the blockchain space, with a robust ecosystem and a growing community of developers and users, but there are also some negative rumors about Tron currently. Increasing network activity could be a positive signal for TRX, potentially paving the way for future expansion but it’s crucial to consider that the broader sentiment prevailing in the cryptocurrency market can significantly impact TRX’s price direction.

TRX’s ability to maintain above $0.120 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $0.130 would be beneficial for the bulls to take control of price movement.

What indicates the downfall of Tron (TRX)

The downfall of TRX can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends. The highly volatile nature of the cryptocurrencies may scare investors again to sell TRX if some negative news happens in the cryptocurrency market and because of this, investing in TRX involves a significant degree of unpredictability and substantial risk.

What do analysts and experts say?

Tron is a promising player in the blockchain space, with a robust ecosystem and a growing community of developers and users, but the cryptocurrency market’s regulatory landscape holds considerable significance for TRX’s future trajectory.

The US Securities and Exchange Commission (SEC) reiterated claims from its initial lawsuit last month, stating that the founder of Tron, Justin Sun, and his businesses sold unregistered securities through TRX and BitTorrent (BTT) tokens and that Sun was involved in “manipulative wash trading.”  Many crypto analysts also say that numerous terrorist organizations are inclined towards transferring funds through the Tron protocol due to its faster and more cost-effective nature compared to the Bitcoin network.

In the weeks ahead, market sentiment and regulatory developments will continue to have a major influence in determining the price of TRX. Keep in mind that the cryptocurrency market is highly dynamic; it can experience rapid falls, and it’s essential to conduct thorough research, stay informed about market developments, and be aware of the risks associated with investing in cryptocurrencies.

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