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TRON, the price goes down by 6%

The price of TRON is going down: TRX is among the worst cryptocurrencies of a day characterised by red signs for 85% of the cryptocurrency sector. TRON loses 6%, negatively affected by the health condition of founder Justin Sun. 

Tron chart by Tradingview

In fact, the long-awaited lunch between Justin Sun and Warren Buffett seems to have been postponed: Justin Sun tweeted that he had been hospitalised for colitis, which led him to have to postpone the “millionaire” launch with Warren Buffett, which he had won with an auction that took place in June.

This would seem to lead to a drop in the price of TRON: after testing the 3 cents TRX is now back to 2 cents. Justin Sun’s announcement is also reflected in the BitTorrent token, which is also down 6%.

Litecoin chart by Tradingview

Among the worst of the top 10, there is also Litecoin (LTC), with a price drop similar to that of TRON: -6%. Litecoin fails the attempt to recover the 100 dollars and in these last hours, it returns to 90 dollars. 

Source: COIN360.com

The cryptocurrency sector is characterised by uncertainty. The mix of positive and negative news is keeping the values caged in narrow ranges, with a decrease in trading volumes, to the extent that Monday was the lowest level of the last 10 days in terms of daily trading.

The investigation by the CFTC against BitMEX has further increased uncertainty regarding exchanges. In fact, Circle, which has taken over Poloniex, one of the oldest exchanges in the United States, has decided to move its headquarters from the United States to Bermuda precisely because of the regulatory uncertainty that is emerging in recent weeks. The investigation by the State of New York into the Bitfinex and Tether affair is also worth mentioning. 

The weakness of these hours brings the capitalisation back to $286 billion. The dominance of bitcoin remains unchanged above 65%. The market shares of Ethereum and Ripple are also unchanged.

Bitcoin chart by Tradingview

Bitcoin (BTC)

In these last hours, Bitcoin sees prices return to 10,000 dollars. For a few minutes, it even dived under, at $9,960. The structure remains delicate. From the tops of early July, there is now a weak trend that is set downwards. Lows and highs continue to be decreasing. 

Ethereum chart by Tradingview

Ethereum (ETH)

The situation is even more delicate for Ethereum, who in recent hours is back to test the 210 dollars, level that if violated would push prices close to the technical and psychological threshold of 200 dollars. 

Upwards it is necessary for Ethereum to take back the 225 dollars to attack the 235 dollars first and then the most important on a bimonthly basis: 245 dollars.

Ethereum is in a position in line with the closing of the two-month cycle that began in July and will close in the next 10 days. It is a delicate phase, which technically shows weakness.


Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".