- Tron price retested the important resistance level at $0.072.
- Tron chain has overtaken BNB Chain as the second-biggest chain in the world.
- There are regulatory and monetary policy concerns.
Tron price moved sideways on Monday as investors assessed the impact of the recent cryptocurrency news in its ecosystem. TRX token was trading at $0.070, a few points below the important resistance point at $0.0726. This price is about 18% below the highest level in May.
Important TRX news
Like other cryptocurrencies, there are several key things moving Tron prices. First, there is the ongoing concern about regulations in the crypto industry after the Securities and Exchange Commission (SEC) sued the two biggest players in the crypto industry.
Second, other regulators are focusing on Binance, the biggest company in the crypto industry. The company is being investigated in France and the UK. It has also decided to exit the Dutch market, where the regulator has been investigating the company. Therefore, there is a likelihood that other regulators will tighten their screws on the company.
Third, Tron price is also reacting to last week’s decision by the Federal Reserve. In a statement on Wednesday, the Fed decided to leave interest rates unchanged at 5.25%. While this was a welcome move, the bank also hinted that it will continue hiking rates later this year.
Read more: How to buy Tron.
Meanwhile, on a positive sign, there is a likelihood that the crypto industry will receive the first spot exchange-traded fund (ETF) after Blackrock made its application with the Securities and Exchange Commission. This is major news because Blackrock is the biggest asset manager in the world with almost $10 trillion in assets.
Further, internally, Tron has overtaken BNB Chain as the biggest chain in the DeFi industry. The platform has a TVL of over $5.48 billion, which is higher than BNB’s TVL of over $5.17 billion. It also has over $43.5 billion in stables.
Tron price prediction
The daily chart shows that the TRX price has formed an ascending triangle pattern that is shown in green. In price action analysis, this pattern is usually a bullish sign, which explains why it made a bullish breakout on May 22nd.
Tron then erased these gains and moved below the upper side of the triangle pattern. It has moved slightly below the 25-period and 50-period moving averages while the MACD has moved below the neutral point. TRX price has also made a break and retest pattern.
Therefore, there is a likelihood that the coin will have a bearish breakout as sellers target the next key support level at $0.064, the lowest point on June 10th. A break above the resistance at $0.072 will signal that there are more buyers in the market.
