- TRX and ADA prices dipped over 5% on the day, with both network founders showing support for the new SEC targets, Binance and its CEO.
- Tron's Justin Sun has assured support for Changpeng Zhao, lauding his dedication and integrity as an industry leader.
- Cardano's Charles Hoskinson has urged the crypto industry to unite and work together toward a brighter future for crypto.
- Both executives penned several paragraphs of long messages in light of the SEC complaint.
Tron (TRX) and Cardano (ADA) prices are down by more than 5% each as the two altcoins follow in the footsteps of Binance Coin (BNB), which fell 10% after the US Securities and Exchange Commission (SEC) filed a civil complaint against Binance and CEO Changpeng Zhao (CZ).
Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law. https://t.co/E06hVOaYby— Gary Gensler (@GaryGensler) June 5, 2023
Tron founder stands with Binance, CZ at the time of need
Tron (TRX) price is down 5% on the day, a slump that has become apparent after the network's founder reacted to the US SEC's charge against the largest cryptocurrency exchange,Binance, by trading volume. Based on a recent tween, the Tron executive has assured his support for Binance CEO Changpeng Zhao, lauding the executive's dedication and integrity as an industry leader.
I wanted to take a moment to express my unwavering support for you. As one of my friends, I trust you and believe in your integrity. We are here for you!— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 5, 2023
I am fully aware of your dedication to advancing the cryptocurrency industry, and your abilities and ethics are beyond… https://t.co/kCRJHpULPU
Notably, the show of support comes barely two months after Binance declared plans to delist Tron amid rumors of Justin Sun's arrest. As reported, the announcement caused TRX to drop by more than 5%, with the exchange noting that it would be removing these tokens after its periodic review. At the time, Binance attributed the move to its commitment to ensuring the platform meets the standard of excellence.
In a dramatic turn of events, Sun is among the few crypto executives who publicly demonstrated support for CZ, articulating his willingness to help in whatever and whichever capacity.
As your friends, we will always be by your side, offering unwavering support and encouragement.
Sun's show of good-faith has appealed to the crypto community, inspiring creatives to develop memes on the Tron founder. Nevertheless, the admiration has not extended to Tron price. TRX is on course to break below the immediate support at $0.074. A daily candlestick close below this level will see the altcoin lose all the ground covered on June 2.
Further south, Tron price could breach the 50-day Exponential Moving Average (EMA) at $0.072 before tagging the 100-day EMA at $0.069, thereby invalidating its overall bullish outlook by breaking below its uptrend line.
Such an outcome is plausible, considering the Relative Strength Index (RSI) was tipping south, suggesting a possible FUD-inspired fall in momentum.
TRX/USDT 1-day Chart
On the flipside, the Awesome Oscillators (AO) and the Moving Average Convergence Divergence (MACD) were both in the positive territory, suggesting the presence of bulls that could scale a resurgence to elevate Tron price. This could see the altcoin retest the $0.082 resistance level before targeting the psychological $0.085 level.
Cardano founder urges the crypto industry to unite and work together
Meanwhile, Cardano (ADA) founder Charles Hoskinson has called on the crypto community to work together. According to the crypto executive, while there are different players, the latest move by the SEC is a typical fight between freedom and authoritarianism leveraging technology and words.
With respect to Binance, I'm reading through the SEC complaint. It's over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control…— Charles Hoskinson (@IOHK_Charles) June 5, 2023
Nevertheless, Hoskinson assures users that everything will be fine, speculating a brighter future for the crypto industry. Unfortunately, this optimism is not reflected in the network's ticker, ADA, as Cardano price is down a staggering 7%, slightly less than BNB's 10% loss.
Cardano price shows signs of a continued dip as buying pressure wanes among ADA holders. This is shown by the falling Relative Strength Index (RSI) as the momentum indicator heads toward the oversold region.
Notably, as Cardano price has lost critical support at $0.354, the ensuing selling pressure could see ADA revisit the $0.298 swing low before a recovery. Such a move would denote a 15% decline from the current price of $0.348.
ADA/USDT 1-Day Chart
Nevertheless, the Awesome Oscillators (AO) suggested bulls were putting in a fight, as the momentum indicator fought to rise above the midline. If bulls prevail, Cardano price could recover above the 100-, 50-day, and 200-day Exponential Moving Averages (EMA) at $0.374, $0.375, and $0.390 respectively, and extend north to the $0.419 resistance level. In a highly bullish case, the altcoin could tag the supply zone marked in blue before selling pressure from this cluster rejected the ADA south.
In the latest development, however, Binance CEO Changpeng Zhao has called on SEC Chair Gary Gensler to make it a habit of reading the comments under his posts from the very people he is supposed to be protecting.
Wonder if he ever reads the comments under his post, from the consumers he is suppose to protect. https://t.co/xQjC872GsD— CZ Binance (@cz_binance) June 5, 2023
The crypto community has hailed the show of unit, saying, "All we want is every crypto project's founders should unite together to fight against SEC."
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