The price of Tron was hovering at $0.014 on September 07, 2019 at 01:30 UTC and the movement was bearish. After that, the coin started moving in an upward trend. The coin reached as high as $0.016 on September 08, 2019 at 03:30 UTC. However, it was not able to maintain its efficiency at this level and started declining. TRX fell as low as $0.015 on September 09, 2019 at 07:30 UTC. While writing this analysis, the coin seems to have picked up its pace and continues to trade at $0.015.
TRX PRICE EVALUATION IS AS MENTIONED BELOW:
TRON PRICE PREDICTION:
If we compare the price of the TRX coin since September 07, 2019 when it was valued at $0.014 and the current price of the coin indicates a bullish run by 4%. We anticipate that the TRX coin may continue to trade close to $0.015 by the end of the day and tomorrow also.
Tron (TRX) Price Analysis: Bears In Control, More Losses Likely
- Tron price is currently trading well below the $0.0150 and $0.0155 resistances against the US Dollar.
- TRX price is struggling to stay above the main $0.0142 support area.
- There is a major bearish trend line forming with resistance near $0.0152 on the 4-hours chart (data feed via Bitfinex).
- The price remains at a risk of more losses towards the $0.0131 and $0.0130 support levels.
TRON price is showing a few bearish signs against the US Dollar and bitcoin. TRX price could decline further towards $0.0130 unless it surpasses the $0.0155 resistance.
Tron Price Analysis
After struggling to clear the $0.0164 and $0.0160 resistance levels, TRON price declined below $0.0155 against the US Dollar. TRX price tested the $0.0142 support area and recently corrected higher.
It broke the $0.0145 and $0.0148 resistance levels. Moreover, there was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.0161 high to $0.01419 low.
However, the price failed to stay above the $0.0150 level and remained well below the 55 simple moving average (4-hours). Besides, the 50% Fibonacci retracement level of the downward move from the $0.0161 high to $0.01419 low acted as a strong resistance.
As a result, the price declined again below the $0.0145 support area. Tron price is now trading near the $0.0142 support area and it is well below the 55 simple moving average (4-hours).
If there is a downside break below the $0.0142 support area, there is a risk of a sharp decline below the $0.0140 level. The next major support is near the $0.0132 level.
On the upside, an initial resistance is near the $0.0148 level and the 55 simple moving average (4-hours). The main resistances are near $0.0150 and $0.0152. Additionally, there is a major bearish trend line forming with resistance near $0.0152 on the 4-hours chart.
Therefore, the price must surpass $0.0150, the 55 SMA, and the bearish trend line to start a decent recovery. The next major resistance is near the $0.0165 level, above which the price could continue to rise towards $0.0180. An intermediate resistance is near the $0.0172 level.
The chart indicates that TRX price is clearly struggling to stay above the main $0.0142 support area. Thus, there is a risk of more downsides below the $0.0140 and $0.0135 levels in the near term. The main breakdown support is now near $0.0132.
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is currently declining and it could soon test the 30 level.
Key Support Levels – $0.0142 and $0.0132.
Key Resistance Levels – $0.0150, $0.0152 and $0.0165.
Tron Boasts New Milestones While Its Rivals Aren’t Doing So Well
The Tron Foundation keeps expanding and attracting more users to its ecosystem, while Justin Sun calls on Ethereum devs to join Tron as well Tron reports its new milestones after the recent incident with DigiByte getting delisted from Poloniex while some in the DGB community accuse the CEO Justin Sun of initiating it.
Total number of user accounts on Tron surges over 100,000
The official Tron account on Twitter cites data provided by Tronscan, saying that over the last two weeks there has been a significant increase in Tron user accounts. This shows an evident growth trend, the tweet states.
The Tron Foundation invites more users and developers to join it. This sounds in unison with the recent Justin Sun’s tweet in which he invites Ethereum dev teams to migrate to Tron.
The tweet came as a response to the news that next year the Ethereum Foundation plans to cut off funding for its internal dev teams starting from young projects.👉MUST READ
More dApps added to Tron over last week
Over last seven days, the amount of dApps made on the Tron chain has grown from 636 to 643. Tron claims that in comparison with other blockchains, assumingly Ethereum and EOS, the network is growing at the highest speed.
Image via Twitter
Recently, the Poloniex trading platform ditched by Circle has acquired the TRXMarket dex and renamed it as PoloniDEX. Now, it intends to add all Tron-based assets free of charge.
How Tron’s rivals are doing
On December 8, Ethereum conducted its long-expected Istanbul hard fork which many believe to solve the current difficulties with scalability and push it towards the Proof-of-Stake algorithm.
Analysts are expecting the ETH price to surge to around $423 after June next year.
As reported by U.Today recently, since early November, the EOS chain (or rather its users) have been suffering from congestion caused by the EIDOS dApp airdrop with transaction fees rising tremendously. Now, users need to have at least 100 EOS staked in order to transact.
Besides, the Weiss Ratings agency has decreased the EOS techno score from B to C.
Still, Justin Sun reports that Tron comes third after Ethereum and EOS as per CCID’s 15th global public blockchain technology assessment index.
Image via Twitter
BitTorrent To Dole Out 990 Million in BTT To Various Tron (TRX) Holders
BitTorrent, one of the world’s most used file-sharing platforms, has recently revealed a planned project of rewarding the platform’s users with 999 million in BTT tokens. This new reward program will be initiated on the 11th of December and will reward various Tron (TRX) holders with the coins.
Tron Holders Earn Free BTT
As was revealed in a prior publication, the BitTorrent Foundation has already started the first round of airdrops to Tron holders. This December marks the last reward airdrops of BitTorrent to Tron holders across the globe. The publication stated that the snapshot would take place when the Tron blockchain reaches a block height of 6.6 million.
Using this snapshot, the BitTorrent Foundation started the first airdrop in February this year, and it equaled to 10.89 million BTT or 1.1% of the total supply of BitTorrent tokens. A further 11.88 BTT was given twelve months later in December, diminishing the total amount by an additional 1.2%
Next year, the Foundation promised to push more BTT coins to Tron holders, this time totaling in 12.87 million in BTT, or around 1.3%. The plan is to do the same in the next six years, adding a 0.1% increase to the giveaway until 2025, where it will total to a 1.7% giveaway.
To further pump out BTT, BitTorrent has promised to airdrop a whopping 99.99 million in BTT to various Tron users through various online and offline events. Crunching the numbers, it’s another 10% of the BTT supply the BitTorrent Foundation is going to give away.
A Brief History of BitTorrent
BitTorrent itself was acquired by Justin Sun back in June of 2018. BitTorrent was one of the first decentralized networks of the world, allowing users to share files across the globe. The site is rather famous for its use as a convenient way to download pirated software through the use of Peer-to-Peer (P2P) technology. While the exact terms of the acquisition are up in the air, speculations of the final price for BitTorrent ranges from $126 million to $140 million.
BitTorrent was founded all the way back in 2004, but the platform has only been growing. It now boasts over roughly 100 million active users across the world and is one of the top-rated apps on the Google Play store. BitTorrent also hosts products like the uTorrent Web desktop client for both PC and Mac, as well as BitTorrent Play for the iOS.
Tron Vs. Tate
More recently, Justin Sun has acquired Poloniex, shutting down trading for its US customers. In response to this, Jared Tate, the creator of DigiByte, took the Tron Foundation on as a whole. In an 8-piece tirade on Twitter, Tate accused Tron of being a wholly centralized network. In response to this, Poloniex suddenly did a “careful review” of the Digibyte coin and promptly booted it from the exchange.