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Lately, Tron (TRX), one of the most approved DeFi tokens, has faced a significant decrease in value following scrutiny from the US Securities and Exchange Commission (SEC) and cryptocurrency exchange, Binance.
Investors are anxious about the future performance of the token and whether it will recover from these setbacks. Despite these speculations, the price of Tron (TRX) has risen by 2% in the past 24 hours, reaching $0.066541, claiming its previous weekly position, while market trading volume has decreased by 3.0%.
Investigations into Tron’s (TRX) practices have been ongoing for a while, and recent allegations of fraud have led to a sharp decline in TRX’s value. After a civil complaint, the SEC laid accusations of gross misconduct by misleading investors and failing to disclose the risks associated with investing in Tron (TRX).
According to CoinDesk market data, immediately after news of these allegations was exposed, the price of the Tron (TRX) coin mildly declined by 6% to $0.06191, representing an 8% fall from recent highs. This dip in price wasn’t unexpected since the sentiments of investors and traders influence the market. Since the ordeal, Tron (TRX) has recovered steadily to regain its position.
The popular cryptocurrency exchange, Binance, has also announced that it will be delisting Tron (TRX) and several other cryptocurrencies due to regulatory compliance concerns. This decision has further affected the token’s price, with experts estimating that Tron (TRX) could fall by 20%.
However, technical analysis suggests that, although TRX is trading sideways, it bounced off the $0.055000 psychological level and is now reacting from the bullish order block below. This could lead Tron’s (TRX) price towards new highs in the coming weeks.
Tron’s (TRX) price is comfortably trading above the level of the 200 Moving Average indicator, which hints at coming bullish intent. In combination with the RSI and MACD, with one showing bullish bias and the other showing bearish intent, they both exhibit convergence, pointing to further bulls.
Tron’s (TRX) price chart indicates potential liquidity pooling above the $0.073093 price point. TRX is bound to at least see the price gravitate toward that resistance level.
Fundamental analysis shows Tron’s expansion into the metaverse with the recent launch of the Dominica Metaverse Bound Token (DMBT) and by facilitating the growth of Web3. Analysts are optimistic that increased adoption of this token would reflect Tron’s (TRX) overall value.
Tron (TRX) Pales When Compared to DigiToads’ (TOADS) Growth Potential
Tron (TRX) has shown promise in the market, but it’s also essential to consider other DeFi tokens. DigiToads (TOADS) is another token that has shown promise in the market. DigiToads (TOADS) aims to provide a platform that offers consistent profits to investors while trading cryptocurrencies.
One of the key advantages of DigiToads (TOADS) over Tron (TRX) is its multiple utilities. The platform is built on an approach that offers several unique features, including NFT staking, trading tournaments, giveaways, and play-to-earn gaming.
DigiToads (TOADS) has developed several unique features that set it apart from other meme coins in the market, which could help to drive adoption and increase its value.
This is evident in the success of the ongoing TOADS presale, which has achieved a whopping $1.5 million in sales. DigiToads (TOADS) is set to draw more investors to the token due to the TOADS price being structured to increase after the conclusion of each subsequent stage.
For more Information on DigiToads visit the website, join the presale or join the community for regular updates.
*This article was paid for Cryptonomist did not write the article or test the platform.
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