The native token of Justin Sun’s TRON, known as TRX, will shortly be delisted from the US branch of the crypto exchange Binance.
Binance announced that its decision was the result of a periodic assessment and that its evaluation was influenced by a variety of criteria, including shifts in the risk profile of a token, changes in trading volume and liquidity, the regulatory status of a token in the United States, as well as evidence of fraudulent conduct.
Although the exchange didn’t specify which exact reasons led to the delisting of the token, which will close on April 17 at 10 pm ET, however, withdrawals will remain open. With the US arm of the world’s largest exchange delisting, TRX investors are skeptical as to where TRON’s price will head over the next weeks.
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With this in mind, Finbold has consulted the machine learning algorithms over at the crypto tracking platform PricePredictions to gauge TRX’s potential price at the end of the month.
The algorithms which rely on technical analysis (TA) indicators, such as moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI), average true range (ATR), and others predict that TRON will be trading hands at the price of $0.62779 on April 30, 2023, according to the latest data retrieved on April 30.
TRON price analysis
As things stand, TRON is currently trading at the price of $0.06417, recording a decrease of 3.79% on the day, with a total market cap of $5.8 billion, as recent data indicates.
The TRON sentiment on the one-day gauges at the finance and crypto monitoring website TradingView is bearish. Namely, its summary suggests a ‘sell’ at 12, which is the result of oscillators pointing at a ‘neutral’ at 8 and moving averages in the ‘sell’ zone at 10.
How delisting could impact TRX
Following the announcement, TRX dropped more than 5% to trade at $0.06, although it had recovered around half of that loss by 7:15 am Eastern Time on Wednesday, April 11.
The founder of Tron, Sun, gave the impression that he was unfazed by the decision, he told Reuters that the influence from Binance was minimal. The delisting of the United States would be considered “relatively small.”
He also added that the trading volume of TRX on Binance.US is less than one million dollars per day, whereas the entire trading volume of the token is $400 million.
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