In brief:
- Tron’s JustSwap will be launched today at 22:00 UTC + 8.
- Justin Sun will be hosting a Livestream event to introduce JustSwap.
- Tron (TRX) has had an impressive rally from the 13th of August, gaining by 62.5%.
- However, its value has dropped by 12% a few hours before the Livestream event.
- TRX has a history of taking a dip hours before a Livestream event launching a Tron product/service.
Justin Sun and the Tron Foundation will be launching JustSwap today at 22:00 UTC + 8 which is only moments away. Justin Sun will be hosting a livestream event to introduce JustSwap to users of JUST (JST) and the Tron ecosystem.
🚀Tonight!
Catch @justinsuntron in a livestream at 22:00 (SGT) to introduce the latest addition to the #JUST ecosystem: #JUSTSWAP! 🎉#JUST and beyond 🚀
👉DLive: https://t.co/Qr9yaAMMfh
👉Periscope: https://t.co/0Yxy0QWkyp
👉YouTube: https://t.co/WCL42IJ3Hw pic.twitter.com/MZvaFfP08P— JUST Foundation (@DeFi_JUST) August 18, 2020
Tron (TRX) Pumps by 62.5% Since the 13th of August
Due to the pending launch of JustSwap, the digital asset of Tron has had an impressive run in the crypto markets as shall be elaborated.
On the 13th of August, Tron (TRX) opened the day at an average value of $0.020. Since then, TRX has bulldozed several resistance levels to post a local peak value of $0.03250 earlier today. This is an impressive 62.5% increment in value in less than a week.
History Repeats itself as TRX Dips Before Livestream Event
After printing the local peak value, Tron dropped to as low as $0.0286. This is a 12% drop in value and a few hours before the Livestream event meant to introduce JustSwap.
TRX’s dip hours before a major Tron Livestream event follows a pattern that has been observed by savvy traders over time. Going back a few years to the launch of the Tron testnet and mainnet (Tron’s Independence day), TRX experienced similar dips prior to the Livestream events launching each.
On the 31st of March 2018, the testnet Tron network was launched via a Livestream event. Prior to the Livestream, TRX was trading at approximately $0.053 only to drop to as low as $0.027 the following day. Additionally, when the mainnet was launched on the 25th of June 2018, the value of TRX fell from around $0.044 to $0.0366 the following day.
Can TRX Maintain its Momentum Despite a Parabolic Daily Chart?
Further checking the daily TRX/USDT chart courtesy of Tradingview, it can be observed that Tron’s price has followed a clear parabolic path. Its daily trade volume is in the green indicating continual buying interest for Tron.
However, the daily MACD and MFI point towards an overbought situation giving the impression that TRX/USDT will most likely experience a correction after JustSwap is launched by Justin Sun.
As with all analyses of Tron, traders and investors are advised to use stop losses and low leverage when trading TRX on the various derivatives platforms.