Tron Price Analysis: TRX/USD “Bullish”, Back to Top 10

Latest Tron News

No doubt, Tron is a force in the crypto and blockchain space. And as we all know, they are super active in marketing their platform. Justin Sun, the co-founder of the platform has been caught on several occasion hyping non-events to the detriment of the investors who sank their monies moments after a “major announcement” was made public. Nevertheless, their efforts are now paying off and after days of solicitations, some projects are heeding to their calls.

Read: Morgan Creek Digital Bets $1 Million That Crypto Will Outperform S&P 500 Over Next 10 Years

BitGuild, a blockchain based gaming platform is in the progress of migrating its dApp, Bitizen from Ethereum to Tron and urging gamers to be patient as they make the switch. Of course, there are many goodies in Tron aside from speed and high throughput.

Incentives as the Tron accelerator and just recently the announcement of Tron Arcade could be the impetus that will etch Tron’s position in the multi-billion gaming industry of which Justin Sun is keen on making it synonymous with the platform.

Also Read: Retired Richard J. Corcoran Brought Into Institutional Crypto Market By BitGo

Going forward, we expect Tron to find support mostly because its VM is compatible with that of Ethereum’s and with plans to integrate more privacy features, investors and platform users stand to benefit from their community-centric drive. This will surely push demand for TRX cementing its spot in the top 10.

Tron (TRX) Price Analysis

TRX/USD Weekly Chart

TRX/USD Price Analysis

11 months later and bears aren’t slowing down. As a matter of fact, sellers are firmly in charge and shows no signs of bulging, crashing market expectations.

From candlestick layout, it will be a tall order for bulls to make a come back unless of course there is a spike in market participation driving prices above last week’s highs of 1.7 cents. That may kick-start the overall process of reversing Nov 2018 losses and perhaps ignite the next wave of bulls lifting prices to at least 50 percent of TRX’s peak market cap.

At the moment though, prices are trending within a bear breakout pattern and as long as prices trend below 1.5 cents with light volumes, TRX/USD could disintegrate and test Jan 2018 lows in no time.

TRX/USD Daily Chart

TRX/USD Price Analysis

Encouragingly, TRX is bullish in this time frame. As TRX/USD price action is stuck within tight ranges, bulls could make a comeback as long as prices are trading within Nov 28 high low and above 1 cent.

Of course, that will be extremely bullish and could build the necessary building blocks for further gains towards 1.5 cents as the bear breakout pattern of the week ending Nov 25 is canceled.

However, steady rejection of higher highs and the resurgence of bears, driving prices below 1 cent or Nov lows could signal trend continuation as prices collapse towards Jan 24 lows.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Publication date: 
12/07/2018 - 16:08