Over the past few weeks, China's actions to block the cryptocurrency ecosystem with rumors of the latest announcement will prevent banks and financial institutions from offering cryptocurrency services in the country.
This situation led to a massive fall in prices in some crypto markets. At the same time, TRON is still working on launching several projects to develop and expand the use of TRX coins.
But coins with ties to China such as NEO, Theta, VeChain and TRON are some of the hardest cryptocurrencies to impact price movements after the announcement.
Tron CEO and Founder Justin Sun, recently discussed the prospects of digital currency at Bloomberg Asia in an interview.
#Crypto Bull Run is not over! We are in the period of adjustment of the crypto bull market! #Bullish
Was happy to discuss the prospects for digital currencies and speak with Rishaad Salamat and Haslinda Amin on @BloombergAsia. @business @cryptohttps: //t.co/VbhJgLR4lp
- Justin Sun 🅣🌞 (@justinsuntron) May 31, 2021
He stated that the "bull run is not over" and he also believed that there would be a 'Bull Market' again in July and August.
In the meantime, let's look at the TRX/USDT price movement chart.
TRON exhibited an aggressive uptrend reputation when it made a jump of over 500% starting from the January 2021 market opening to its latest all -time high (ATH) at the $ 0.18 price level.
Following that, the TRX price is expected to make an increase to test the SBR zone (support become resistance) around the price of $ 0.090.
If the TRX price movement manages to break the $ 0.090 resistance, the higher bullish target is seen to test the next SBR zone at the $ 0.12 price level before heading to the $ 0.18 ATH level once recorded on April 17th.
However, if the price continues to decline to a lower price level, the support zone around the price of $ 0.60 will be tested and will be the focus of investors to expect to make a ‘retracement’ or continue to maintain the bearish trend.
At the time of writing, TRX is trading around the $ 0.075 level down 3%.
