Connect with us

Tron

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

Published

on

  • 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

Advertisement

Tron

Tron (TRX) Posts New Block Height Best with Justin Sun Advocating for Mainstream Adoption

Published

on

Justin Sun, the CEO of Tron (TRX), has been a very powerful force in the crypto marketlately. He has been leading a movement to push crypto forward and to reach mainstream adoption. In order to make this happen, he is making several upgrades on the Tron network that will lead the company into becoming a better product and to have partnerships with several other companies.

In fact, the Tron Foundation is set to help the world to finally reach the so-called Web 4.0, which is said to be the future of the internet. The company has two strong competitors, though, EOS and Ethereum (ETH), which are all competing for the place as the main king of the decentralized platforms together with Bitcoin (which is more focused on crypto transactions).

Now, Justin Sun has used social media in order to tell the community that Tron has reached a new block height and that the company has exceeded 8.6 million blocks. The number was reached using TronScan, a tool that helps users to determine the block height on the Tron network.

Sun affirmed that Tron is keeping up with its efforts to create a more decentralized internet. According to him, Tron is an important road to reach major mainstream adoption, which will be important both for the token and for the world as well, as it needs companies which are focused on using the blockchain to solve problems.

Tron has just recently jumped from the block height 8 million to 8,614,366 now. In only 20 days, the token was able to mine over 600 thousand blocks. This means that the network is increasing its size very quickly and that Tron is finally seeing some well-deserved adoption around the world. At the moment, the network also has 2.6 million accounts and 1193 online nodes.

Not everybody was so impressed with Tron, though. Some crypto enthusiasts on social media complained that the internet is effectively a single network and that it simply cannot be decentralized because of that, so he said that Tron should strive for a more decentralized notion that the Web 4.0.

In any case, what is clear to us is that Tron is faring very well this year and that the company has plenty of chances of consolidating its presence in the future.

Source:bitcoinexchangeguide

Continue Reading

Tron

Tron Announces Historical Partnership with Liverpool Football Club, Community Becomes Intrigued

Published

on

On Tuesday, April 23, the founder of the Tron Foundation wrote on Twitter that Tron has received an official invitation from Liverpool Football Club (LFC) regarding an official partnership.

Justin Sun has again made the community feel intrigued.

Is Tron entering the global sports industry?

To his announcement on Twitter, Justin Sun has attached a promo video by LFC where the logos of the two future partners are shown together.

This could mean anything, but Justin Sun has refused to provide any details so far, promising to do that later on.

As per Sun, the invitation to make a partnership was initiated by the football club, not Tron. Still, he sounds enthusiastic and, judging by the comment thread, seems to make the Tron community feel the same.

Many are left bewildered by what is going to happen between these two giants of such different global industries.

Is Tron entering the global sports industry?

A prominent Tron supporter, Misha Lederman, has assumed that the multi hundred million audience of LFC could be a great addition to the current user base of BitTorrent and Tron.

Is Tron entering the global sports industry?

Tron community tries to find out the nuances

Justin Sun got snowed under with questions, the main theme of which was ‘is that really true?!’

Many expressed their doubts, though, or started to make proposals of partnering with Tron as well.

Crypto and the global football industry

Last time the global community of crypto enthusiasts had an excuse to get connected with football was the global championship that took place in Russia last year.

Back then, many hotels and hostels in Moscow, St. Petersburg and other major cities accepted Bitcoin and other cryptocurrencies for room booking and other services. Crypto was accepted in numerous pubs and even taxi drivers took it from foreign customers.

News Source

Continue Reading

Tron

Tron announce partnership with English football club Liverpool

Published

on

Tron founder Justin Sun has tweeted a somewhat cryptic partnership announcement with English Premier League Football Club, Liverpool.

The tweet from Sun features a video that includes the opening of an invitation with a video from Liverpool. In the video, Liverpool manager Jurgen Klopp can be heard speaking, stating “This means more, this means more because you are associating yourself with a philosophy, a philosophy that says more about you than being apart of any other football club in the world”

Sun states in the tweet “Thank you for the unique and innovative invitation, Liverpool! I am impressed and I’m looking forward to exploring this #TRON new partnership together!”

The partnership does not explain how both partie will be partnering up as of yet, but we can definitely expect more news from the Tron founder in the upcoming days.

Continue Reading
Advertisement
Advertisement
Open

Close