Time is running out for Tron (TRX): Is potential move imminent?

Tron (TRX) continues to maintain its price stability these days, with its founder Justin Sun drawing his arrows.

While the cryptocurrency market was waiting for the approval of Bitcoin spot ETFs, the sanctions imposed on Binance by the USA changed the balances. Many opinions were positive about Binance admitting to money laundering charges and being sanctioned. Following the investigation in which Binance and Changpeng Zhao were found guilty, all eyes turned to other crypto actors. Many people started talking about Justin Sun being the next name.

Over the past week, Sun has denied Reuters’ Hamas allegations. Reuters claimed that organizations such as Hamas used the Tron network to transfer money. Following the allegations, Circle also targeted Sun. Circle stated that they did not provide any banking or brokerage services to Sun.

All eyes on Justin Sun and Tron (TRX)

The sanctioning of Binance and Changpeng Zhao by the US Department of Justice (DOJ) turned eyes on Tron founder Justin Sun. Sun, who is also a member of Huobi management, was on Reuters’ radar.

Reuters claimed that the Tron network was used as an active transfer network by Hamas and similar organizations. Sun responded quickly to this claim, which was mentioned by Reuters a few days ago. “TRON is a decentralized protocol similar to Bitcoin and Ethereum, with nodes operating around the world,” Sun said. said. Tron founder stated that they are ready to fight against the financing of terrorism, but will also try to protect the decentralization system.

Following the allegations against Sun, another blow came from Circle. Stablecoin issuer Circle has denied allegations that it was involved in illegal financing. Additionally, Circle stated that it does not provide banking services to Sun, Tron and Huobi Global.

After all these claims and discussions, all eyes turned to Tron. The decentralized smart contracts platform managed to maintain its stable structure, especially with the positive course of the market.

TRX price has increased by 8 percent since November 7, 2023. TRX has moved from $0.095 to $0.11. During this period, TRX also experienced an increase in trading volume. Specifically, in the last 24 hours, TRX’s trading volume was 14 percent.

Looking at the TRX chart, stability remains firmly maintained amidst the allegations and accusations. TRX maintained persistence above $0.103. Especially the buying appetite in the $ 0.10 region pushed TRX to break the $ 0.103 resistance. The popular cryptocurrency may continue its rise as long as it remains above $0.103. TRX might test the resistance near the $0.108 area. If this zone is exceeded, the price may rise to $0.11302 in a short time.

On the other hand, TRX may decline as FUDs and bets increase. If the market encounters possible selling pressure, it may drag TRX into difficult days. TRX will want to gain strength at $0.103 in a possible bearish scenario. If this zone is lost, TRX could retreat to the buy box at $0.10. If the bulls fail to buy from this area, the price could drop to $0.096.