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Trial turbulence delays settlements and market uncertainty. Justin Sun’s trial delay in the Southern District of New York, centered on alleged TRON (TRX) fraud and market manipulation, has been extended for the third time. The reinstatement of the TRON Foundation, dissolved previously, adds complexity to the case. The SEC’s lawsuit implicates Sun, SouljaBoy, and Austin Mahone for accepting undisclosed payments linked to TRON’s manipulation.
🚨Justin Sun Restarts TRON Foundation Ahead Of The SEC Trial
— CRUXX | Crypto News (@Coin_CRUXX) January 16, 2024
In a filing with courts of Southern District of New York, Justin Sun’s legal team has both delayed his upcoming trial for fraud & market manipulation the third delay thus far and brought back to life previously… pic.twitter.com/Ckanb540bD
Mahone settled, SouljaBoy lost by default, and Sun’s responses were delayed twice. The ongoing TRON Foundation discussions and potential SEC settlement contribute to the uncertainty. This legal turbulence may adversely impact TRON’s price, with market participants closely monitoring developments and anticipating further delays or potential negative outcomes until February 16.
Key TRON Levels To Watch – January 16
Following the bounce at the major trendline, TRXUSD began a massive rally. The massive rally continued until the Stochastic Oscillator indicated that the market was overbought in November 2023.
At a $0.11280 swing high, the price retraced notably until after the formation of an order block at $0.10100. The current trend of the market is bullish; however, the surge into the supply zone at $0.11770 is likely to cause a crash toward the major trendline.
TRON Key Levels
Resistance Levels: $0.11770, $0.12410, $0.13140
Support Levels: $0.10780, $0.10050, $0.09430
TRX Metrics
Total Market Capitalization: $1.69T
TRON Market Capitalization: $9.5B
TRON Volume: $352M
Market Rank: #11
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