Tron (TRX) price nears $0.30 amid controversy as Justin Sun attends Trump dinner. Here’s how market sentiment and derivatives impact TRX price.
Tron (TRX) Fails to Breach $0.30 as Protests Mar Justin Sun’s Appearance at Trump’s Dinner
A high-profile dinner hosted by Donald Trump for holders of his TRUMP memecoin triggered a political and market ripple effect, especially for TRON (TRX). Justin Sun’s appearance at the event, held May 23 at Trump National Golf Club near D.C., became a flashpoint.
Sun, founder of TRON and an early investor in meme tokens, joined a select group of top investors in the official TRUMP Memecoin token launched at inauguration. The Trump Memecoin dinner took a controversial turn as over 100 demonstrators rallied outside, chanting, “America is not for sale.”
According to Bloomberg reports, the protesters decried political grifting and questioned the influence of foreign crypto billionaires in U.S. politics.
During the dinner, Trump reiterated his promise to make America “a crypto leader,” TRX reacted negatively to the surrounding media buzz and ethical debates.
As seen in the chart below, TRON price grazed the $0.27 territory before slipping 0.9% to $0.266 on May 24, according to CoinGecko.
The pullback came after a market capitalization high of over $25 billion, placing TRON back in the top 13 crypto assets globally.
TRX’s inability to break through $0.30 appears linked not just to technical resistance but broader uncertainty over regulatory sentiment and retail confidence.
Market watchers note that political entanglement between Justin Sun and Trump may dampen appeal for institutional investors. Others anticipate TRX could enjoy positive tailwinds as Trump’s administration advances crypto-friendly policies.
TRON Derivatives Data Signals Short-Term Exhaustion as Longs Dominate
Despite bullish positioning from top traders, TRON’s derivatives market paints a picture of declining momentum. Accoding to Coinglass data, Total TRX’s futures market volume dropped 3.74% to $462.27 million in the last 24 hours, while open interest fell sharply by 10.04% to $292.08 million, indicating traders are pulling back exposure.
Also, Long/short ratios remain bullish in sentiment. On Binance, retail account long/short ratios stood at 1.9, while OKX reported a ratio of 1.67, suggesting buyers still dominate. Among top traders, Binance data shows a more aggressive stance: a long/short position ratio of 2.10.
However, liquidation metrics suggest the price action may be stalling. In the past 24 hours, $1.80 million in long positions were liquidated compared to just $21,220 in shorts. This lopsided data shows longs are over-leveraged, setting up potential short squeezes or forced exits if the price continues to stall under $0.27.
Open interest’s rapid decline hints that many traders closed positions following the failed $0.30 breach. Until fresh catalysts emerge, either through protocol upgrades, partnerships or favorable macro tailwinds, TRX price is likely to consolidate in the $0.25–$0.28 range.
Will TRX Recover?
A rebound is possible, but TRON will need strong catalysts, either a breakout announcement from Justin Sun or renewed inflows across altcoin markets.
Until then, resistance at $0.30 remains firm, and derivatives data suggest caution.
Strategic traders will now play close attention to TRX funding rates and potential legal commentary on Sun activities with Trump.
Tron (TRX) Price Forecast: Bully Set Sights on $0.30 despite $0.27 Pullback
Tron (TRX) remains technically buoyant above the $0.265 level, with indicators supporting a cautiously bullish short-term outlook. On the daily chart, TRX is trading at $0.2718, marking a 1.12% uptick on May 24, and is attempting to build a base above the Parabolic SAR dots at $0.2614.
The positioning of the SAR dots below the current price reinforces bullish continuation momentum, suggesting buyers maintain trend control. This structure aligns with a series of higher lows since early May, even as the market wrestles with resistance just under $0.28.
The RCI Ribbon, particularly the 10-period (blue) line, has recovered from oversold levels and is climbing toward the neutral threshold after a sharp dip on May 21. While it currently reads -1.82, the upward slope suggests a reversal attempt is underway.
More so, the 30-period and 50-period RCI levels remain firmly in bullish territory at 84.65 and 82.14, respectively, providing a foundational signal that longer-term momentum remains intact despite short-term volatility.
However, a near-term bearish case cannot be ruled out if TRX closes below the SAR support. A break below $0.2610 may invalidate the bullish thesis with bears potentially swooping in to force a larger dip towards $0.25, where a previous demand cluster formed.
But if current RCI recovery continues and TRX sustains above $0.2650, a renewed test of $0.2850 appears likely, with a potential breakout toward $0.30 achievable if volume spikes align with the rally.
Frequently Asked Questions (FAQs)
TRON faced resistance near $0.30 amid political controversy and weakening trader confidence seen in derivatives pullback.
TRX slipped after Justin Sun’s Trump dinner appearance sparked protests and broader investor unease around political ties.
TRX remains technically strong above $0.265, but traders should watch funding rates and news from Justin Sun closely.
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Coingape Staff
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