and market cap. The price crunch was a widespread phenomenon, affecting not just the top ten, but also other cryptocurrencies. At the time of writing, Tron was the biggest gainer in the top 10 club.
Tron’s one-hour graph showed a downtrend that was a result of the coin’s continued sideways movement. The downtrend caused Tron’s price to fall from $0.0243 to $0.0229. The support was at $0.22, while the resistance was holding at $0.0243.
The Bollinger Bands showed a divergence due to a sudden rise in the coin’s price. A lack of significant Bollinger clouds in the one-hour chart depicted minimal price breakouts.
The Chaikin Money Flow was below the zero line, suggesting that the capital leaving the market was more than the capital coming into the market.
The Awesome Oscillator spiked, suggesting an increase in Tron’s market momentum. This coincided with the coin’s rise in price.
The one-day graph for Tron painted a completely different picture to that of the one-day graph, with the uptrend lifting the price from $0.0128 to $0.0224. The long term support was holding at $0.0119.
The Parabolic SAR markers were above the price candles, suggesting that Tron was projecting bearish signals in the long term.
The Relative Strength Index was closer to the oversold zone than the overbought zone, a sign of the selling pressure being more than the buying pressure.
The MACD indicator was moving in a conjoined manner, with the signal line and the MACD line staying below the histogram. The histogram was a mix of bearish and bullish signals.
Despite the long term uptrend, the above-mentioned indicators predicted that Tron’s bearish qualms will continue for an extended period of time.
Tron’s popularity shoots up on Github as Ethereum, EOS get left in the dust
Tron’s influence in the space was made evident after its DApp industry dominated its closest rivals, EOS and Ethereum. This clear disparity in DApp numbers has predominantly been the main reason why Tron has shot into the limelight and also why Tron’s parameters are equally, if not more, comparable to that of bigwigs like the Vitalik Buterin-led Ethereum.
In his latest tweet, Justin Sun, Chief Executive Officer of the Tron Foundation, stated,
“According to http://cryptomiso.com , on #Github in past 6 months, #TRON ranked 13 with 1258 commits which already surpassed #ETH (511 commits) and #EOS (311 commits). Hard work always shows! We don’t take it as progress, it’s just a beginning. #TRON onwards. #TRX $TRX”
According to the analysis, Tron’s in-app purchases had boomed during the month of March, reaching a peak on March 18. The later time period showed a decrease in purchases, although the commits steadily increased to 1258.
Ethereum, at the same time, calculated its parameters in terms of programmable contracts and money because of the number of tokens based on the ETH platform. Programmable contracts and money reached a peak on February 13 as usage dipped over the following months. The number of commits for the second largest cryptocurrency was a little more than a third of Tron’s at 511.
EOS, which had shot to fame for its mass adoption in gambling applications, was negatively affected the most with a commits number of 311. The number of decentralized applications on WebAssembly was calculated and it was revealed that the numbers spiked during the second week of February, post which it fell to abysmal depths. This can be counted as the main reason why the 311 commits for EOS was the least among the lot.
Tron was also in the news recently after the block height of the Tron blockchain broke the 10 million barrier, creating a new record for the Justin Sun-led Tron Foundation.
Tron (TRX) Price Testing Major Hurdle: Bulls Eyeing Upside Break
- Tron price remained well above the $0.0300 level and recently traded higher against the US Dollar.
- TRX price traded above the $0.0330 resistance, but it is facing a solid resistance near $0.0340.
- There is a key bullish trend line forming with support near $0.0322 on the 4-hours chart (data feed via Bitfinex).
- The price is currently correcting lower, but it is likely to break the $0.0340 resistance in the near term.
TRON price recently climbed higher and tested key resistances against the US Dollar, but declined vs bitcoin. TRX price must stay above $0.0320 to climb further above $0.0340 and $0.0350.
Tron Price Analysis
After setting above $0.0300, there was a steady rise in TRON price against the US Dollar. The TRX/USD pair traded above the $0.0320 resistance level to enter a positive zone. Moreover, there was a close above the $0.0325 level and the 55 simple moving average (4-hours). The price even traded above the $0.0335 level, but it struggled to gains strength above the $0.0340 level.
A swing high was formed at $0.0341 and the price recently corrected lower. It broke the $0.0330 level and the 23.6% Fibonacci retracement level of the last wave from the $0.0307 low $0.0341 high. However, the price remained well bid above the $0.0325 level and the 55 simple moving average (4-hours). Additionally, the 50% Fibonacci retracement level of the last wave from the $0.0307 low $0.0341 high seems to be acting as a support.
There is also a key bullish trend line forming with support near $0.0322 on the 4-hours chart. Therefore, the price remains well supported near the $0.0325 level. If there is a downside break below $0.0322, the price could move back in a bearish zone.
On the upside, the main resistance is near the $0.0340 and $0.0341 levels. If there is an upside break above $0.0340, the price is likely to surge above the $0.0350 resistance. The next key resistances are near $0.0365 and $0.0372.
The chart indicates that TRX price is trading nicely above the $0.0325 support and the 55 simple moving average (4-hours). Therefore, there are high chances of more upsides above the $0.0340 and $0.0350 resistances. Only a close below $0.0322 and the 55 simple moving average (4-hours) is likely to set the pace for more losses in the near term. The next main support is at $0.0300. An intermediate support is the 76.4% Fibonacci retracement level of the last wave from the $0.0307 low $0.0341 high.
4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is currently near the 50 level, with a bullish angle.
Key Support Levels – $0.0325 and $0.0322.
Key Resistance Levels – $0.0340, $0.0350 and $0.0360.
Tron Development Growth Sums up With Ethereum in Recent Analysis
A recent analysis shows that Tron’s adoption rate is growing faster than Ethereum, causing its cumulative transaction rate to equal Ethereum’s in a space of eleven months. The study shows a record of ETH performance since 2011 before Tron came into existence. One of the aims of the Tron team, as stated by CEO Justin Sun, is to take over the development of decentralized applications (Dapps) from Ethereum.
Not until now did Tron realize its vision to beat Ethereum. Before this time, Ethereum has enjoyed positive dominance, with a majority of the community seeing Ethereum’s development as a major support in the blockchain industry.
The analysis showed a calculation of Tron’s transaction for three years from July 18 as the starting point. But recently, Tron’s transaction rate has been on the increase with over 3 million accounts as recorded on June 13, 2019.
According to Dapp review, Dapps on Tron network saw $1.6 million in volume in the first quarter of 2019. with more than 430,000 estimated users. It also revealed that 64 percent of Dapps on the Tron network mostly facilitate gambling.
These games enabled Tron’s Dapp volume to increase to a new high on March 19, on March 15 alone, there were more than $100 million transactions. EOS and Ethereum recorded $16 million and $4 million respectively.
The report also stated that 27% of Tron Dapps are made up of casino games, another 36% are regarded as high-risk gambling games. But only 27% of all the Ethereum Dapps are categorized as gambling and high-risk dapps.
In March, Tron Foundation released a statement discouraging unlawful gambling Dapps in Japan, but so many gambling Dapps across the globe reported to CoinDesk they received over $10,000 worth of Stablecoin Tether as payment for building their games for Tron Accelerator hackathon in December 2018.
Now, do these mean that Tron has not been able to keep to its commitments towards the law and running a business at the expense of its public image.