Justin Sun believes that cryptocurrency prices will go through an adjustment in June and then rally in July and August. Sun’s BitTorrent and Tron prices declined by 40% and 48%, respectively in May alone.
Justin Sun’s views on cryptocurrencies
For starters, Justin Sun is the 31-year old crypto millionaire who founded Tron Network and later acquired BitTorrent in a $180 million deal. Today, the total Tron and BitTorrent tokens in circulation have a market value of $5.3 billion and $2.45 billion, respectively. And Tron is the biggest blockchain based operating system in the world.
In an interview with CNBC last week and with Bloomberg today, Sun was asked his views about the recent volatility in the cryptocurrency industry. He pointed to the fact that Elon Musk’s concerns had an impact in the cryptocurrency industry because of his influence. Furthermore, he has started several companies like Tesla and SpaceX that have made him the second-richest man in the world.
However, Sun was quick to point out that the crypto industry was quickly solving these issues. For example, most of Bitcoin miners have transitioned to clean energy and that many of the modern cryptocurrency projects like Cardano and Polygon were now based on proof-of-stake.
He also pointed to the fact that Tron’s network has already slashed energy consumption by more than 99% even as the number of transactions in the network has jumped. For example, the daily settlement amount in the network is more than $10 billion compared to PayPal’s $2 billion. You can watch his complete interview with Bloomberg here:
Justin Sun is not the only influential individual bullish on cryptocurrencies today. In an interview last week, Cathie Wood, Ark Invest’s CEO, said that she still believes that Bitcoin prices will keep rising. Other investors still bullish on cryptocurrencies are Mike Novogrants and Andrew Pompliano. So, what next for Tron prices?
Tron price prediction
On the weekly chart, we see that the Tron price has been under pressure after it rose to a high of $0.1795 this year. The token is attempting to bounce back after it fell to a low of $0.0495. However, we see that the price is below the neckline of the double-top pattern at $0.0895. The price is also at the 50-week moving average.
Therefore, in my view, I believe that Tron price has more downside to run in the near term based on the double-top pattern. If this happens, the next key level to watch will be the June 24th 2017 high of $0.04, which is 45% below the current level. This will be confirmed if the price manages to move below this month’s high of $0.0512.