- 1 TRX price might rise, as Justin Sun makes plans for something big.
- 2 Justin Sun placed a bid against UBS to acquire Credit Suisse for $1.5B.
- 3 The volume rose by 21.83% in a single day.
Founder of Tron, Justin Sun took to twitter and placed a bid against UBS to acquire Credit Suisse, which he deems to fall short. He proposes to offer $1.5 billion to take over Credit Suisse and integrate it into the Web3.0 world. He expresses his vision to integrate Credit Suisse with a crypto-friendly institution, to pave the way for a more innovative and decentralized financial system.
Analysts anticipate Tron will witness a boom. The holders of TRX should prepare for a rally, as they expect an upsurge, given the prospects of the Tron network. Justin Sun might be planning big for the Tron network.
The Pictorial
TRX price spiked after a steep fall, forming a bullish flag. The volume displays a volatile market as both buyers and sellers interact in the market. The EMA ribbon shows neutral signs for TRX as it forms no bullish crosses. The rising OBV suggests a favorable situation and may invite bulls. Current price at $0.06680 takes support near $0.06645 which can bolster a run.
The CMF lays close to the zero-mark indicating a neutral market, and it may turn bullish once more details on the proposal are out. The RSI lays flat near the 50-range indicating equal pressure from both buyers and sellers. The MACD forms a positive cross and records suppressed buyer bars. Essentially, per the daily chart, the market looks neutral but can soon turn bullish.
The Peephole
The smaller time frame shows TRX moving sideways. The consolidation shows prices could soon witness an uptrend. The CMF moves in the positive zone showing a weak bullish swing. The MACD converges to record minimal selling and can form a positive cross soon. The RSI lays close to the half line showing neutral forces in TRX price movement.
Conclusion
Tron may witness a bullish momentum riding on the founder’s recent statements and the underlying vision. Justin Sun plans to acquire Credit Suisse for $1.5 billion and integrate it with its blockchain network. He placed a bid against UBS’s bid to take over Credit Suisse. The price rally may take its sweet time, but can only be witnessed after more details regarding the proposal are disclosed. TRX holders can anticipate the support to form near $0.0645.
Technical levels
Support levels: $0.0645 and $0.0575
Resistance levels: $0.0720 and $0.0765
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.