- Tron price staged a comeback on Thursday.
- Justin Sun said that he was working to save the collapsing FTX.
Tron price staged a slow recovery after the latest announcements by Justin Sun on the future of FTX. The TRX coin was trading at $0.057, which was about 12% above the lowest level this week. It remains about 13% below the highest level this month.
Will Justin Sun acquire FTX?
The biggest catalyst for cryptocurrencies is the ongoing collapse of FTX, one of the biggest exchanges in the world. The exchange crashed as it suffered a major bank run as most investors sold their assets. As a result, it has now suspended withdrawals as management ponders on the next actions.
On Wednesday, Binance announced that it would not save FTX. In a tweet, Changpeng Zhao said that his due dilligence had established glaring holes in the company. This means that its revenues were probably not as big as what most analysts were expecting.
He also cited the ongoing investigation by America’s authorities and cases of fraud within the company. Now, it seems like Tron’s Justin Sun is working to save the company.
Here’s how to buy Tron.
In a statement, Sun said he was assessing some of the ways of protecting all FTX users. In a separate tweet, he said that Tron was building its ark, implying that he was considering placing a bid for the company.
It is unclear whether Sun has the resources to save FTX. One way this could happen is by him partnering with other investors to save the company. Recently, he partnered with About Capital, a Hong Kong fund to buy Huobi Global, one of the biggest exchanges in the world.
Justin Sun also said that TRX and other coins in its ecosystem had restarted trading on FTX. Still, Tron and its ecosystem are also struggling considering that coins like TRX, SUN, and BTT have crashed hard this week.
Tron price prediction
The 4H chart shows that the TRX price crashed hard this week as FTX unraveled. As it dropped, it managed to move below the important support level at $0.058, which was the lowest level in September.
Tron has moved below the 25-day and 50-day moving averages while the Stochastic Oscillator has moved slightly above the oversold level. The Average True Range (ATR) has also risen, in a sign that volatility has risen.
Therefore, there is a likelihood that Tron price will resume the downward trend as sellers target the lowest level this week at $0.055.
