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TRON price analysis 4 June 2019; hit by another bear market

Opera TRON

Yet another bear market has hit us this week, but it was at least expected this time. It may not be the product of the repeating weekly charts, but it was surely a correction simply waiting to happen.

It all started early in the morning when Bitcoin dipped below $8,000 and nearly dragged the whole market with it. Only a handful of coins such as DOGE and Stellar managed to survive it bit by bit.

When it comes to TRON however, it didn’t survive the blow and managed to be overtaken by XLM over the course of a couple of hours. Even though Justin Sun’s promise was fulfilled and TRX joined the top 10, it only lasted a couple of days at best. TRX is currently $16 million behind Stellar in overall market cap.

However, even though TRON lost some ground, Justing Sun has been busy at work, scoring an official lunch with the famous billionaire investor, Warren Buffet. Although the member of the top 5 richest people in the world has condemned Bitcoin as a terrible investment it seems he will have to listen to Sun’s praise of the technology.

TRX price chart

TRX chart by Trading View

The price dip that happened at midnight June the 3rd, there was no clear indication that Sun had anything in store for the Tron blockchain, but there were anticipations.

It quickly turned out that he had outbid everybody with $4.5 million in order to score the lunch with Buffet. Although the current price push that TRX is having cannot be associated with it, it’s most likely thanks to BTC regaining ground and reaching above $8,000 once again.

TRX has already passed the day’s major resistance level of $0.035 and is well on its way towards the new ones forming at $0.039 and $0.040. If the coin is able to pass it after such a correction, reaching $0.050 is guaranteed by the end of the month.

When it comes to the end of the year, experts expect TRON to finally reach the $0.1 mark, and hopefully $0.5 in the first quarter of 2020.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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