Hello, tron is one of the few coins which are still up in btc terms and i think if btc breaks down soon it should be one of the worst performers. TRX is trading still relatively high (compared to other alts) because of the USDD (Luna/UST copy) mechanism which burns Tron. And we all know how that went.
Im short with a small ammount on Trx as i think it will go down most % from here in comparison to other alts. Generaly i believe we will see 10-14k Btc/Usd (or worse) in this bearmarket.
Do your own research and only invest money you can afford to loose in crypto.
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Potential Triangle at TRXUSD pair:
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Currently the USDD system is only going one way. This means that Trx can get burned for USDD but not minted for USDD. I read that minting Tron gets implemented until November, so i dont expect a sharp drop to Trx to 0 in few Days like Luna did as of now.
Still Justing Sun is straight up scamming with USDD which will make TRX price drop on itself when the market recognises that. And when the TRX mint gets enabled until November we will propably see the similar results with Trx like we did with Luna.
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already wrote this in the comments:
30% apy on a stablecoin is too good to be true. Justin Sun isnt giving out free money. While people are buying tron to get usdd he is likely selling alot of his TRX. If you are a whale like him you need to get the masses to buy else he would single handedly crash the TRX price.
This whole USDD scheme is likely for his TRX exit liquidity.
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Eth/btc (alts in general, including Trx/Btc) look like they will fall off a cliff soon. Not sure if btc will fall too or just go sideway from here but alts should drop some more.
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shorting usd pairs here seems risky tho as we are already pretty deep down without a bigger correction but shorting btc pairs seems reasonable.
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Alot of People seem to be shorting TRX at the moment as fundingrate is near all time high for shorts, be careful as we may see shorttermed shortsqueezes.
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To be Clear:
TRX wont go down -99.999% in Days like Luna did. Atleast not until the TRX minting is enabled which is 30. November according to the Whitepaper.
Currently USDD is collateralised with BTC and USDC mainly. (USDD is currently depegged so Justin Sun is doing a bad Job or not deploying that capital on purpose)
In November USDD peg is "collateralised" with TRX minting, and when this happens then TRX will go down -99.99% like Luna did. Im sorry if i didnt make that clear enough above.
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Justing Sun was and is massively trying to get people to buy TRX on his Twitter and he kind of had success as trxbtc is pretty high currently. Nonetheless TRX is a good short for the coming month´s. If btc finds local bottom at 20k and has a correction there should come better TRX short entry then current levels. eyeing .067 to .071 in case btc bounces from 20k.
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By the way: USDT is depegged since weeks and we may see a bankrun on Tether in the coming month´s. I would advice to not use tether whenever you can as in the worst case it is not backed 1:1
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red line seem good entry to short with low leverage. 30th November Trx minting will be enabled and i think market will start to price that in in the coming weeks. eyeing sub 0.03 to close short tho this will likely go way lower like Luna did.
agreed. been waiting to short this one since they anounced the algo stable coin
N0ST0PL0SS
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Decided to take another look at it, and paired with TRX performance relative to the market along w the fundamentals behind USDD and the free lunch @ 30%.
Tron actually looks like the prettiest short rn. Send this shit down at least -30% lmao. Thanks for showing your perspective.
Gameonanon23
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Justin Sun is a grifter/scammer and it is amazing trx has lasted this long. Rug pull incoming.
chrisinbanff
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this coin is used heavily in transfers across Asia. It's a fraction of the cost as eth and fast. This is why the price is staying up
Blakberi
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Celcius and Luna ruined the crypto image and the macro is bad for crypto
Symbio_X
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@Blakberi, Its sadly full of Ponzi and pump and dumps...4 out of the top 10 coins had their all time high at meme targets. i personaly wouldnt be surprised if btc´s 69k was the ath forever as we may be in a bubble.