Tron Price Analysis: TRX unaffected by Justin Sun's mysterious project announcement

TRON's founder Justin Sun tries to pump the coin with another announcement.
TRX/USD is locked in the range as the recovery is limited by $0.0150.

Tanya Abrosimova Independent Analyst

TRON (TRX) hit $0.0150 during early Asian hours and retreated to $0.0147 by the time of writing. Now the 11th largest digital asset with the current market value of $983 million has stayed mostly unchanged on a day-to-day basis and lost over 1.5% since the beginning of Monday. Despite the retreat, the coin is still 12% higher from the beginning of the year.

Another mysterious project

Meanwhile, the founder of TRON's blockchain platform announced the plans to launch a secret project that would bring hundreds of millions of new users and create benefits for BTT and TRX users. The project will be realized in partnership with BitTorrent and DLive

Will start a secret project for @BitTorrent & @OfficialDLive. Based on conservative forecast, this project will create at least multibillion benefits for $BTT & $TRX ecosystem and attract at least 100 million new users. Details to be released! #TRON #BitTorrent

As always with Sun's sensational announcements, no further details were provided.

Meanwhile, DLive plans to join BitTorrent ecosystem and move from Lino blockchain to TRON is not actually the news as it was announced back in December. However, it is expected that the platform for sharing video content will be integrated with the streaming services of BLive from BitTorrent. Also, it will use the distributed system of storing and sharing files, BitTorrent File-Sharing System (BTFS). Currently, DLive has 5 million active users per month.

Notably, the community was skeptical, about Sun's announcement. Many commentators recalled his overhyped lunch with Warren Buffet that never happened.

TRX/USD: technical picture

From the technical point of view, TRX/USD recovery is capped by $0.0150. This area is reinforced by the upper line of the daily Bollinger Band at $0.0149. Once it is out of the way, the upside is likely to gain traction with the next focus on SMA100 daily currently at $0.0158. The coin has been trading below this MA since the end of November. A sustainable move above this barrier will bring new buyers to the market and push the price towards a critical $0.0160.

On the downside, the initial support awaits us at $0.0141 (SMA50) and psychological $0.0140. If the price breaks below this area, the bearish pressure may increase with the next focus on the middle line of the daily Bollinger Band at $0.0138 and January 10 low at $0.0136.