Tron Suffers Bearish Decline Amid VanEck ETN Listing

24 September 2021 | Updated: 24 September 2021

VanEck remains aggressive with pushing its crypto-related exchange-traded products as it advances its Tron ETN further on Euronext in Paris and Amsterdam. VanEck also has ETNs in Europe tracking the performance of Solana and Polkadot on Germany’s Xetra Deutsche Boerse.

The multinational investment manager’s portfolio tracking the performance of various digital assets continues to grow.

Commenting on the development, Tron CEO Justin Sun confirmed that VanEck TRX ETN, with ticker symbol VTRX, will get listed on the Euronext stock exchange in Paris and Amsterdam. Son added that: “TRX ETN continues to be favored and supported by the global mainstream market.”

The billionaire CEO asserts that this is a “crucial” step in line with Tron’s compliance and globalization strategy and that this could allow investors to purchase TRX “without borders and low thresholds.” VTRX will go live today at 9:00 CEST.

While VanEck has recorded significant success launching exchange-traded products abroad, its attempts to release similar products in the US have suffered opposition from regulatory authorities.

The firm has filed several applications with the US Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (BTC ETF).

Key Tron Levels to Watch — September 24

With most of the crypto industry, TRX has witnessed a heavy bearish pressure over the past nine days as bulls continue to suffer liquidation. After a relatively healthy rebound from the $0.0850 area to the $0.1000 psychological resistance on Wednesday, TRX faced intense rejection from the bearish tripwire around the psychological line. This rejection sent the twenty-fifth-largest cryptocurrency into a consolidation pattern between $0.1000 and $0.0950.

TRXUSD – 4-Hour Chart

However, this morning, TRX suffered a sharp drop to the $0.0900 support, following an industry-wide crash triggered by Bitcoin (BTC). That said, we expect a bearish continuation to the lower $0.0800 area, followed by a healthy rebound to the $0.0950 level again.

Meanwhile, our resistance levels are $0.0950, $0.1000, and $0.1050, and our support levels are $0.0900, $0.0850, and $0.0800.

Total Market Capitalization: $1.9 trillion

Tron Market Capitalization: $6.2 billion

Tron Dominance: 0.31%

Market Rank: #26

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.