The crypto world’s recovery from last year’s bear market continues to progress, and TRON, in particular, has recently recorded a small boost, at least when compared to last week. However, another interesting rumor appeared among crypto enthusiasts, claiming that TRON CEO, Justin Sun, may have considered investing in Bitfinex IEO.
Justin Sun’s unusual investment plans
Bitfinex has had a rough time ever since a new scandal involving stablecoin Tether (USDT) was brought to light. Even so, several sources have confirmed that the exchange might go through with its plans to hold an IEO (Initial Exchange Offering). The most unusual part, however, is a new rumor that TRON (TRX) CEO, Justin Sun, may decide to invest in it.
Considering all that has happened with Bitfinex recently, many have found this to be an extremely odd choice to even contemplate. There are still issues with IEOs, as with other models before it, while Bitfinex’s recent decisions were questionable, to say the least.
The exchange’s team is what decides whether or not the project will succeed, and Bitfinex’s team does not currently hold the industry’s trust. A lot of investors’ plans were spoiled by the recent outing, and they had to quickly distance themselves from the platform. With all of that in mind, many are finding Justin Sun’s decision to discuss participation in Bitfinex’s IEO an intriguing decision. The investment amount still remains undisclosed, despite the fact that the two did not reach a deal.
TRON grows 4.5% since last week’s close
As for TRON, the coin has seen a minor boost from the end of the previous week, going up by around 4.5%. While TRX remains as unsteady as ever, the price did not move particularly drastically, and it has yet to try to breach resistance levels at $2.7 and $3.1, as well as several minor levels.
While the price has not seen nearly as much action as in the rest of April, many professional investors remain bullish on TRX, hoping to see another surge. For now, TRX follows steady growth, albeit a small one, with the coin only experiencing 0.23% gains in the past 24 hours.
The interesting thing about TRON’s current situation is that it is trading within a bullish breakout pattern, meaning that the price can go either way. The coin saw a significant growth in early January, which came as a surprise, considering that the crypto winter was still rather strong at the time. However, the price dropped back down after the launch of the BitTorrent token (BTT). The drop was noticeable, but the price did not sink below $0.0200, which has served as its greatest support level in the past year.
In TRON’s recent history, the price’s biggest resistance was $0.022500, while $0.0300 acted as the biggest resistance — one which was tested during the early April surge, but not fully broken. With the price as it is right now, however, TRON’s first major obstacle sits at $0.025. Breaching it might allow the coin to continue going up.