Tron Price Analysis: Is Revival Of WETH By Justin Sun Going To Help Trx?

• Justin sun the founder of Tron has recently tweeted that he and Vitalik will be investing $2 Billion in wrapped Ethereum foundations
• Tron is currently looking to move for a new high. TRX/BTC pair has seen a drop of 0.31% in the intraday session

On November 27th a developer of Ethereum went on twitter and said that the Weth will be insolvent soon. Joining the tweet Justin sun has said that he discussed with Vitalik and will be investing $2 Billion in WEF to help to recover the funds. Meanwhile Justin Sun also came to the news in regards for the acquisition of FTX. In an interview with Bloomberg he said that he is doing his due diligence and is trying to revive the crypto community as whole. FTX CEO is looking to raise over $9 Billion from the investors.

Tron is currently ranked 16th in the CMC and has a market cap of over $5Billion. The current circulating supply of the Tron is over 92 Billion. The volume of the asset price has seen a decline of over 23% in the past 24 hours. Volume to market cap ratio of the Tron suggests a downside trend in price for the future.

Technical Indicators Favors The Upside Trend

Source: TradingView

The weekly technical chart of the Tron suggests a consolidated trend. On coming to the daily chart the asset price has seen a drop of over 0.35% in the intraday session and is trading near $0.0564. Meanwhile the upside momentum of the asset price can be seen near $0.085. Meanwhile the support of the coin price can be seen near $0.02. The asset price is currently trading below the 50 and 100 DMA. There can be a positive crossover in the future which can push the price to a new high.

Conclusion

Justin sun is looking to invest $2Billion with Vitalik Buterin on Wrapped Ethereum Foundation. Tron is currently looking for an upside momentum and can move to a new high.

Technical Levels

Major Support: $0.025

Major Resistance: $0.085

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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