Tron Finally Hits $0.07 Profit Target, Falls Back To $0.06 - Forex News by FX Leaders
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Tron Finally Hits $0.07 Profit Target, Falls Back To $0.06

Posted Tuesday, August 3, 2021 by
Shain Vernier • 2 min read

In a Live Market Update from 1 July, we talked about the importance of the $0.05 handle for Tron (TRX). Now, this psychological barrier appears to have stood tall. Prices hit a high of $0.07 yesterday evening, closing out a successful $0.05 buy worth 40% ($0.02). Although the plan took about a month to cash in, better late than never! If you missed the schematic, feel free to check it out here.

On the aggregate crypto front, prices are beginning to lag across the asset class. As of this writing, Bitcoin BTC (-3.7%), Ethereum ETH (-5.5%), Ripple XRP (-5.51%), Tron (-2.27%) and Polkadot (-6.96%) are all in the red. Here are several key numbers capable of generating heavy two way action for the major coins:

Coin                                          Key Number

Bitcoin                                          $40,000

Ethereum                                      $2,500

Ripple                                            $0.75

Polkadot                                        $17.50

Dogecoin                                       $0.20

A great deal of today’s bearish sentiment may be credited to an interview between Bloomberg and SEC Chairman Gary Gensler. If nothing else, Gensler appears committed to a sweeping cryptocurrency regulatory overhaul. Here are two key quotes from Gensler released in the interview:

  • “While I’m neutral on the technology, even intrigued, I’m not neutral about investor protection.”
  • “If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.”

Ultimately, Gensler looks to be in favor of extensively regulating the U.S. crypto markets. Only time will tell if the SEC follows through on a collection of industry-transforming initiatives facing everything from Bitcoin to Tron.

Tron Holds The Line Above $0.05

As we kick off August’s trade, Tron has closed in the green 12 of the past 13 sessions. This is a pretty solid run, with consistent bidding driving prices higher.

TRX/USD

Overview: Realistically, the Gensler-led SEC is unlikely to launch any crypto regulatory offensive until 2022 at the earliest. Currently, the SEC has 49 action items on its schedule for the remainder of 2021 ― that doesn’t leave a whole lot of time for crypto regulation. 

So, the likes of Tron, Bitcoin, and Ethereum are safe for now. However, make no mistake, formidable new cryptocurrency regulations are on the way in the next 12 months.

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