Tron Price Watch: TRX At the Brink, Will Prices Find Support At 2 Cents or Sink to Dec 2018 Lows?
Today Tron (TRX) News
The smart contracting arena is not only crowding with projects competing with the king, but with every launch, the entrant unveils better, faster and scalable features. Determined to dislodge Ethereum as a go-to platform for developers and projects seeking to launch their dApps, Tron is building and aggressively marketing their platform. But, even so, some are critical of their approach with Justin Sun taking the heat not only for their failures to honor their contest agreements for at times for misleading the market.
The first instance Tron and Justin Sun came under fire was when they lied that they had a partnership with Baidu, China’s equivalent of Google, but it turned out their agreement was more of Tron
“ building, operating and debugging blockchain products based on Baidu Cloud in order to ensure compatibility and optimize development experience”.
A few weeks back, it was Liverpool FC confirming that they had invited several blockchain companies as they were interested in exploring the tech and that the invitation didn’t equal a partnership contrary to Justin Sun insistence.
Nonetheless, nothing ought to be taken away from Tron. Barely a year after launching their Ethereum compatible VM, Tron is ranked higher than Ethereum only Trailing EOS in the latest CCID ranking. That means the jurors deemed Tron technology and adoption levels higher than Ethereum even though there are more monthly active developers in Ethereum than Bitcoin and other leading public chains.
Tron (TRX) Live Price
1 TRX/USD =$0.0514 change ~ 3.54%
TRX/USD Price Analysis
Presently, Tron (TRX) is surprisingly under pressure. While outside the top-10, Tron (TRX) is down 2.2 percent in the last day and pretty stable in the last week’s close. All the same, because it is changing hands at around 2.3 cents in most exchanges, our TRX/USD trade plan is valid despite yesterday’s draw-down that saw TRX temporarily tank.
Nonetheless, the fact that prices are bouncing off Jan-14 lows and from around the asset’s main support level at 2.1 is indicative of support. Therefore, in light of this, and the fact that prices are largely consolidating within a 1 cents range with caps at 3.1 cents and 2.1 cents is supportive of buyers.
However, before we initiate longs in line with the bull breakout pattern of late Jan 2019, days before the BitTorrent IEO, prices must edge past 2.7 cents with accompanying volumes exceeding averages of 4.1 million and more importantly, 13 million of Apr-25.
That will trigger the next wave of buy pressure thrusting TRX prices above 3.1 cents as risk-averse traders load up on dips with targets at 4 cents. At the moment, it is only until after there is a satisfactory, high volume close above 2.7 cents that traders buy on dips with targets at 3.1 cents and later 4 cents.
Chart courtesy of Trading View—BitFinex
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.