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Binance US announced the delisting of SPELL and TRON tokens on April 12.
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The news of TRX being delisted comes hours after TRON founder Justin Sun put his arrest rumors to rest.
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TRX price could tag the $0.0460 support floor after a 24% nosedive.
Binance US announced delisting plans for two cryptos - Spell (SPELL) and TRON (TRX) - on April 12. The announcement caused the altcoins to drop by more than 5%. The exchange noted that it would be removing these tokens after its periodic review, which ensures the platform continues to meet the standard of excellence.
Also read: Tron founder Justin Sun not arrested, cites FUD meant to trigger a market reaction
Binance delists TRON (TRX) after Justin Sun's arrest rumors
Binance US announced on April 12 that it would delist TRX and SPELL after its periodic review of these assets based on a variety of factors. Some of these conditions include trading volume, liquidity, change in the asset's risk profile, regulator standing in the US and so on. The exchange further noted that the TRON (TRX) staking service will be disabled on April 13, 2023, at 11 AM GMT and the cryptocurrency be delisted at 12 AM GMT.
Interestingly, this news from Binance came hours after rumors of TRON founder Justin Sun’s arrest. Sun responded to the gossip with the numeral “4,” which typically means that it is FUD and nothing else.
Unfortunately, the delisting news trumps any confirmation from the founder, which has caused the altcoin to collapse 6.53% in the last three hours.
If things continue to bleed, TRON price could collapse by 24% and sweep the $0.0460 level for sell-stops. In a dire case, if TRX flips the $0.0460 support floor into a resistance level, it could slide 31% before encountering the next stable foothold at $0.0315.
TRX/USDT 1-day chart
On the other hand, if Justin Sun makes a public statement assuring TRX holders, it could prompt a massive buying spree. In such a case, a daily candlestick close above $0.0707 level would invalidate the bearish thesis and propel TRON price by 16% to $0.0827.
Also read: This is what Tron founder Justin Sun said about his alleged deal with Binance CEO Changpeng Zhao
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