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TRON Price Analysis: TRX Falls Below $0.025, Creating Fresh February Low — Can The Bulls Reverse The Recently-Established Bearish Momentum?

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  • Support for TRX moving forward: $0.024022, $0.02317, $0.02226, $0.021228, $0.021.
  • Resistance for TRX moving forward: $0.02510, $0.02578, $0.02685, $0.02806, $0.02855, $0.03027, $0.03140.

TRON Price Analysis

The last 24 hours has brought a price decline totaling 4.76% for the TRX market, bringing the price for the token down to around $0.02457, at the time of writing. The cryptocurrency has now seen a 9% price fall over the past 7 trading days but is still up by a total of 7% over the previous trading month.

With a market cap value of $1.62 billion, TRON remains in 8th position as the 17-month old project now trades at a value that is 90% lower than the all-time high price.

TRX/USD Price

Tron Analysis

Since our last TRON analysis, we can see that price action has slipped below the previous trading range and broke beneath the $0.025 handle.

The market is now currently trading marginally below the support at the short-term .618 Fibonacci Retracement level (drawn in blue) priced at $0.024705, although it looks like it would like to head much lower.

Trend: Bearish

As the market has broken beneath the previous trading range and fallen below the $0.025 handle, we can consider this market bearish in the short term. However, for this market to be considered bearish in the long term, we would like to see price action break below the $0.021 handle.

For this market to be considered bullish, we would need to see price action rise above the $0.028 handle to create a fresh higher high.

Where is the TRX/USD Market Likely to Head Towards Next?

If the bearish pressure continues and TRX/USD falls lower, we can expect immediate support towards the downside at the medium-term .5 Fibonacci Retracement level (drawn in green) priced at $0.02402.

If the sellers push TRX/USD below the $0.024 handle, there is further support located at the short-term .786 and .886 FIbonacci Retracement levels (drawn in blue), priced at $0.02317 and $0.02226 respectively.

Further support beneath the $0.022 handle can then be located at the medium-term .618 Fibonacci Retracement level (drawn in green) priced at $0.02122.

What if the Bulls Regain Control of the TRX/USD Market?

Alternatively, if the buyers can regroup and begin to push the market above the $0.02470 handle, we can expect higher resistance to be located at the February 2019 low priced at $0.025510. This is followed by further resistance above at the short-term .5 and .382 Fibonacci Retracement levels (drawn in blue), priced at $0.02578 and $0.02685 respectively.

Higher resistance can then be expected at the April 2018 low priced at $0.02806. Following this, there is more resistance at the medium-term .382 Fibonacci Retracement level (drawn in green) priced at $0.03027.

TRX/BTC Price

Tron/Bitcoin Analysis

Since our last analysis, TRX/BTC price action has also slipped below the previous support at the short-term .382 Fibonacci Retracement level (drawn in blue) priced at 755 SATS. The market then continued to slide beneath the support at the .5 and .618 Fibonacci Retracement levels (drawn in blue), priced at 724 SATS and 693 SATS respectively.

We can see that the market has reached support recently at a short-term downside 1.272 Fibonacci Extension level (drawn in orange) priced at 662 SATS.

Trend: Bearish

As the market has broken below the 724 SATS handle, we can now consider this market is bearish in the short term. For the market to be considered bullish, we would need to see TRX/BTC rally and climb above the 800 SATS handle.

Where is the TRX/BTC Market Likely to Head Towards Next?

If the bears continue with their newly-established momentum and push TRX/BTC lower, we can expect immediate support below to be located at the short-term downside 1.272 Fibonacci Extension level (drawn in orange) priced at 662 SATS. This is closely followed by more support at the medium-term .382 Fibonacci Retracement level (drawn in green) priced at 651 SATS.

If the sellers cause TRX/BTC to fall lower, there is more support located at the short-term .886 Fibonacci Retracement level (drawn in blue) priced at 623 SATS. There is also more support at the short-term downside 1.618 Fibonacci Extension level (drawn in orange) priced at 610 SATS.

If the market falls below the 600 SATS handle, more support below can be expected at the medium-term .5 and .618 Fibonacci Retracement levels (drawn in green), priced at 590 SATS and 529 SATS respectively.

What if the Bulls Can Regain Control and Climb Higher?

Alternatively, if the bulls can regroup and begin to turn the decline around, we can expect them to hit immediate resistance above at the short-term .618 and .5 Fibonacci Retracement levels (drawn in blue) priced at 693 SATS and 724 SATS, respectively.

Further higher resistance above this can be located at the short-term .382 and .236 Fibonacci Retracement levels (drawn in blue) priced at 755 SATS and 793 SATS, respectively.

Conclusion

After such an epic run over the past 2 months, it is no surprise to see that the bulls have reached a point of exhaustion in the market.

However, this decline should not be expected to continue for too long considering the level of hype surrounding the TRON platform and the newly-launched BitTorrent Token.

Source: investinblockchain

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Tron

Tron (TRX) Price Prediction 2019 – As Hype Evaporates, Pressure Mounts Up

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Year in Retrospect

June saw the launch of the TRON mainnet, also known as TRON’s Independence Day. To re-cap, the launch of the TRON mainnet saw TRON move from the Ethereum blockchain, onto its own rival blockchain, bringing with it the launch of an independent TRX token. Formerly, the TRX token was built upon the Ethereum ERC-20 protocol, however after the mainnet roll out, TRX is now built upon its own architecture. The launch of the TRON mainnet allows for the development of dApps on the TRON blockchain, finally allowing TRON to become a true competitor to Ethereum, by improving on transaction speeds and scalability.

Gloomy days of 2018 were sweetened a bit for TRX holders when Tron founder Justin Sun dropped a bombshell back in June – Tron acquired legendary P2P sharing platform Bittorent. Enthusiasm deflated significantly when they found out that TRX will not be the native token of Bittorrent, rather a new token BTT that had its super hyped ICO only a month ago, collecting $7 million in couple of minutes, thanks to Binance’s Launchpad, new service for launching tokens.

General Market Movements and Sentiment Shift

The downfall of altcoins that were mainstream media darlings at the start of the year, Tron among them, can be attributed, in part, to novice investors getting scared off once the bear market kicked in with a vengeance. Every resurgence of bitcoin in recent period, was met with the inability of altcoins to rally with it. Reason for that can be rookie investors learning from their mistakes, while smart money that was previously watching from the sidelines has begun to enter.

These entities weren’t about to buy BTC when it was trading at an all-time high, but they’ll take a look now, having missed the boat the first time around. None of them, it seems, are interested in altcoins however, despite the fact that many are trading at a 5x discount. Institutional investors may be cautious, but they’re not foolish.

Our TRX Price Prediction for 2019

TRX, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, TRX can hope for one as well. Since that is very unlikely, don’t expect much to change for TRX price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.

In general:

The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.

When Bitcoin goes up swiftly, it will likely:

  1. Suppress or depress altcoins as money flows into Bitcoin;
  2. Or, take altcoins along for the ride

In cases when Bitcoin plunges, it will likely:

  1. Depress altcoins as money flows into fiat;
  2. Or, cause altcoins  to boom as money flows into them, but this is rarely the case.

When Bitcoin moves sideways, it will likely:

  1. Cause altcoins to mimic that as traders wait for a clear sign on the direction of the market;
  2. Or, cause altcoins to flourish as traders look for returns in altcoins and try to get favorable trades in terms of BTC pairs.

RTo summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.

The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market.

Vitalik Buterin, co-founder of Ethereum said:

“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”

As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will TRX be among those 5%? Hard to tell but probability for that is very low as TRX has been in the media more for its founder’s marketing prowess rather than their technological or business achievements. Generally, Tron is not seen as a legitimate project by majority of leading figures in crypto space and Justin Sun is not seen as a peer of Vitalik Buterin or Bitcoin’s core developers and is dismissed as an incompetent charlatan.

All of this summed up means one thing: TRX might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.

Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect TRX will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.

Market Forecast for Tron price 2019

With the market being unpredictable and highly volatile, predicting the price of the cryptocurrencies is really one of the most difficult tasks.

Let’s throw a glance at couple of their predictions regarding Tron (TRX) price prediction, which will give us a fairer idea:

#1 Investing PR

According to investingpr, Tron might rise to $1 only in five years, and that sounds like a  realistic and conservative prediction.

#2 JioMobilePhone1500

According to jiomobilephone1500, they predicted that Tron might not go up as much as $5 by 2019 end as they believe 2019 is going to prove favorable for it. They even added that by 2020, they believe TRX might reach around $47, to be bullish optimistic.

#3 More investors

By 2019, Tron will grow as it will regain new investors from payment platforms like PayPal, which can make its value rise up to $1.5 per coin.

#4 CoinTame

Cointame gave a very conservative pessimistic prediction of Tron, wherein they stated that by 2019, TRX might reach $0.633, and might touch $1 by the end of 2020.

#4 WalletInvestor

Their automatic trading alorithm is not too found of TRX as they see the token price sliding constantly throughout the year to the price of $0.0149 at the end of 2019.

News Source: captainaltcoin

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TRON (TRX) Long-Term Price Forecast- February 17

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TRX/USD Long-term Trend: Ranging

Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600

Tron long-term outlook remains in a range-bond market. The bears return predicted in last week analysis remained strong within the range. The two EMAs were broken as the bears continue the downward journey.

TRXUSD dropped initially to $0.02448 and later to $0.02360 in the demand area. This was the low of the week on 14th February.


With price below the two EMAs crossover and the stochastic oscillator signal in the oversold region pointing up at 8%. It suggests a minor push to the upside before downtrend continuation within the range.

TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.

Source.bitcoinexchangeguide

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TRON Price Prediction: TRX Has Retraced Back to the Minor Support Area, Will It Start a Move Upward in the Short-term?

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Tron price prediction and analysis for February 17, 2019. I take a look at the price of TRX / USD in multiple timeframes and predict where it could go in the short term.

Long-Term Outlook

Tron Weekly Chart

A look at the weekly chart for TRX shows that the price is slightly below the major resistance area at $0.03, currently trading at $0.024.

Price has found support above the 21-period MA and is trading below the 50-period MA, which has offered resistance to price.

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While last week’s candle was a wick, suggesting indecision, this week we have had a bearish candle.

The RSI is at 50, indicating neither overbought nor oversold conditions.

The MACD is moving up, but is not positive yet and is losing strength.

Medium-Term Outlook

Tron 3-Day Chart

A look at the 3-day chart shows that price has met resistance on the edge of the 3-day Ichimoku cloud.

And after developing bearish divergence in both the RSI and the MACD, the latter of which has made a bearish cross and has retraced right above the 21-period MA.

Tron Daily Chart

A look at the Daily chart solidifies the findings of the 3-day chart.

Price has retraced after forming a double top and developing bearish divergence in both the RSI and the MACD, the latter of which has turned negative.

The only bullish indicators are the fact that price has seemingly found support right above the positive Ichimoku cloud and the 200-period MA.

Short-Term Outlook and Price Prediction

Tron 4-hour Chart

A look at the 4-hour chart shows that price has finally broken down from the support line that it had been trading in since December 25th.

After doing so on February 11th, it is currently trading in the major support area near $0.02.

Price Prediction:

I believe that during the next week price will consolidate near the support area at $0.22 and then possibly make a small move upward.

Conclusions:

  • Price is currently trading in the major resistance area near $0.3.
  • The drop was preceded by bearish divergence in both the RSI and the MACD.
  • Price has broken down from the medium-term support line

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