TRON (TRX) remains in a bear market despite ongoing election uncertainty

TRON (TRX) remains in a bear market despite ongoing election uncertainty

Most of the major cryptocurrencies have advanced as the US presidential election continued to progress with a winner not yet officially announced. Joe Biden has a good shot at becoming the 46th President and Biden’s camp hopes they will cross the 270 threshold today.

Fundamental analysis: There is still a level of uncertainty surrounding the project

The cryptocurrency market is advancing this Thursday but TRON (TRX) price is still not able to surpass the $0.025 level as sellers remain in control of the price action. The US Presidential election remains tight and according to the latest news, Joe Biden has a good shot at becoming the 46th President.

Bitcoin has advanced today above $15000 and some analysts believe that BTC may start trading even higher in the upcoming days. This is positive news for the cryptocurrency market and this month could be very significant for the future price of this cryptocurrency.

TRON is a blockchain-based entertainment content sharing platform that has its own cryptocurrency known as Tronix (TRX). Investors in TRON should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade TRON (TRX).

The price of TRON (TRX) has weakened from $0.036 below $0.0235 in less than two months and the current price stands around $0.024. The main reason for this is a low transaction volume and there is still a level of uncertainty surrounding the project.

Since then, TRX is not able to recover above the $0.030 resistance level and lots of investors believe that there are lots of other cryptocurrencies with bigger potential and with less risk. TRON platform allows users to create content, websites and applications without having to rely on centralized services.

This platform has over 300,000 accounts. While it’s a lot less than other cryptocurrency networks, the growth is quite impressive. According to estimates, TRON could transform the global entertainment industry and it is important to mention that lots of technical specialists are already supporting the TRON network.

Technical Analysis: TRON (TRX) remains in a bear market

Data source: tradingview.com

When we take a look at the chart above ( one year period), we can see that the price of this cryptocurrency has advanced from $0.007 to $0.049 and after that started to fall. The current resistance levels are $0.028, $0.030 and $0.035, $0.023 and $0.020 represent the strong support levels.

If the price jumps above $0.028 it would be a signal to buy TRON (TRX) and we have the open way to $0.030. Rising above $0.030 supports the continuation of the bullish trend and the next price target could be located around $0.035.

On the other side, if the price falls below $0.023 it would be a “SELL” signal and we have the open way to $0.020.

Summary

The cryptocurrency market is rising amid a huge uncertainty about the outcome of the 2020 U.S. presidential elections. Joe Biden has a good shot at becoming the 46th President and Biden’s camp hopes they will cross the threshold of 270 today. The price of TRON (TRX) has been moving in a downtrend last several days and for now, there is no signal of the trend reversal. The main reason for this is a low transaction volume and there is still a level of uncertainty surrounding the project.

The post TRON (TRX) remains in a bear market despite ongoing election uncertainty appeared first on Invezz.

Publication date: 
11/05/2020 - 19:19
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Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.