Justin Sun, the creator of Tron, or as he prefers to call it, '<a href="https://www.cryptoknowmics.com/crypto/john-mcafee-slams-on-bitcoin-stating-it-as-shitcoin/">shitcoin</a>', might be in deep trouble as the cryptocurrency community bands together in a fit of rage. About 15 to 20 hours ago, rumours started emerging on Twitter about an attack on Steemit. The rumour was such that the centralized exchanges jumped on a bandwagon and utilized the users Steem tokens to attack the DPOS.

Looking at the Tweets, this hostile takeover has definitely angered the community. Additionally, Binance was also caught up in the middle of it. Justin Sun has already put out a statement regarding this, however, the token, TRX, seems to be holding up, but for how long?.

At the time of writing, the price of TRX was at $0.017 per coin and had a market cap of $1.1 billion. Even with a bullish pattern being formed, the price is moving sideways and it might not be long if the price collapses even more, especially due to this fiasco.
<ul>
 	<li style="font-weight: 400">The price rise for TRX includes a 5% surge, at which point, the token will face a huge resistance.</li>
 	<li style="font-weight: 400">The decline for the coin from here looks more favourable. A drop would shed the price by 10% putting TRX at $0.0158.</li>
</ul>
<h2>Four Hour Tron Chart</h2>
<img class="wp-image-160880 size-full" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2020/03/download1.png" alt="" width="1805" /> Source: <a href="https://www.tradingview.com/symbols/BCHUSD/" target="_blank" rel="noopener">Trading View</a>.

With the formation of a falling wedge, the price of TRX looks familiarly bullish, however, more seems to be going on the inside. So, breaking down the possibilities for TRX into two categories makes sense.

The bullish breakout for Tron would be for the price to push through to $0.01820 by surging 5% from its current price of $0.017. This would mean that the RSI should breach its previous peak (23 February), which it failed, very clearly. However, if the token rides higher, the next level of consolidation would be at $0.01992.

Hence the bearish scenario here would be for the price to breach to its current support at $0.0158. This would mean a price decrease by 8%. Since RSI is already looking bearish, there are chances of it retracing to the oversold zone, ie., 30-level. A further drop would result in the token visiting $0.0151.

Has Sun's 'alleged actions' put Tron in harm's way? 10% dip or 5% surge?

The decline for the Tron coin from here looks more favourable. A drop would shed the price by 10% putting TRX at $0.0158.

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. 
Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.

Has Sun's 'alleged actions' put Tron in harm's way? 10% dip or 5% surge?

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