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Should you buy Tron after Justin Sun quits?

 


Tron (TRX / USD) closed nearly 7% lower on Friday after Tron's founder Justin Sun announced he was leaving the Altcoin Foundation and also stated that TRX is now fully decentralized. Tron is based on blockchain technology and can host many decentralized apps. In addition, its future potential to lead the way in Web 3.0, as well as its low cost, make it a solid investment for many investors.

In the past few weeks, however, Tron has fallen nearly 40% from its new all-time high it hit in November. Lots of investors want to invest in Tron right now, but with Justin Sun's exit, it could be a gamble. Investors should be careful as Tron has been weak for the past few weeks and has fallen steadily. However, it is now approaching an important level of support that could be the tipping point. So should you buy the Dip in Tron?

  • After hitting a new all-time high in November, Tron began to fall sharply and has been in a sharp downtrend ever since.

  • A strong support zone can be seen at $ 0.08 and a double bottom may also form, suggesting a reversal may occur soon.

  • After Justin Sun announced his exit on Twitter on Friday, Tron fell over 7% and briefly broke the support zone. It soon recovered, however, and was trading above the zone again on Saturday. This suggests that it was a false breakout and that a rally could start soon.

  • Investors need to be careful and don't get in until a clear reversal is seen. Additionally, investors can also wait for Tron to break the 200-day moving average before entering.

  • A target of $ 0.10 can be set, followed by $ 0.12 and a stop loss of $ 0.078.

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