Binance US, the esteemed digital currency exchange, announced its decision to delist two cryptocurrencies, SPELL and TRX, on April 12. This declaration has resulted in a significant decline of over 5% in the value of these alternative coins. The exchange has made it clear that these tokens will be eliminated from its platform after a thorough periodic assessment.
Reason Behind this Move
Binance US has made this decision after taking several factors into account, including trading volume, liquidity, risk profile, regulatory status in the US, and more. As a result, the TRON (TRX) staking service will be disabled on April 13, 2023, at 11 AM GMT, and the cryptocurrency will be delisted at 12 AM GMT.
It’s worth noting that Binance’s announcement came shortly after rumors of TRON founder Justin Sun’s arrest began circulating. In response to the rumors, Sun simply replied with the numeral “4,” which is often used to suggest that the rumors are unfounded and baseless.
Possible Scenarios of TRON
Regrettably, the announcement of TRON’s delisting overrides any reassurances from its founder, resulting in a significant 6.53% decline within the last three hours. If this downward trend persist, TRON’s value may plummet by up to 24%, triggering a sell-off at the $0.0460 level. In an extreme scenario, if TRX loses its support at $0.0460 and it becomes a resistance level, the price could fall by 31% before finding stability at $0.0315.
Conversely, a public statement by Justin Sun offering reassurance to TRX holders could spark a surge in buying activity. In this event, a daily candlestick close above the $0.0707 level would disprove the bearish hypothesis and propel TRON’s value by 16% to $0.0827.