- 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 (TRX) Surges to Top 10 as Justin Sun Teases TRX-Based Decentralized Stablecoin
Justin Sun has been creating new developments for the TRX coin recently with anonymous transactions being the latest one. Now, Sun has announced an upcoming launch of a decentralized stablecoin based on TRX and BTT.
Meanwhile, there is more good news. The current pump of the Bitcoin price and altcoins has taken Tron (TRX) back to a top ten spot on the CoinMarketCap scale where it has not been for approximately a year.
Image via CoinMarketCap
TRX-based decentralized stablecoin
A short while ago, Justin Sun took to his Twitter page to announce an approaching release of a decentralized stablecoin pegged to TRX and BTT. He asked the community for the best title for it.
Sun’s readers on Twitter offered various titles in response – from sarcastic ones to those that could indeed serve as a name for a Tron-based stablecoin. The word ‘scam’ got mentioned a lot.
Tron regains top 10 spot
Finally, the thing that many
Justin Sun promised to get TRX to the top-ten list back in summer 2019 and bring BTT back to the top fifty. Another target Sun set for the Tron team back then was to get TRX pairs added to Coinbase and Binance U.S.
Recently, it was reported that TRX is among the coins that are being considered by the American branch of Binance.
Tron promoted by top YouTuber PewDiePie
As recently reported by U.Today, Tron has received a brand new level of promotion after the top YouTube blogger PewDiePie mentioned Tron and TRX several times in one of his recent videos.
PewDiePie has 102,000 followers on YouTube and over 75,000 people follow him on Twitter. He also broadcasts live streams about once a week on the DLive app – which was recently acquired by Tron.
Justin Sun then announced a long-term goal to turn DLive into the number 1 streaming dapp for the crypto community.
Tron [TRX] Addresses are the 3rd Most Active after Bitcoin and Ethereum
Tron, the smart contracting platform that competes with Ethereum and EOS and ranked highly by the China’s Center for Information and Industry Development (CCID), has climbed up the public addresses rankings only trailing Bitcoin and its competitor, Ethereum.
Tron is the third most active after Bitcoin and Ethereum
Taking to Twitter to report the good news, Misha Lederman, a staunch supporter of the Justin Sun-led platform, said there were 233k active addresses generating 1 million transactions.
Meanwhile, Bitcoin had the most active addresses, at 640k, however, they only churned 300k transactions. Compared, Ethereum had 281k active addresses but lags in the number of transactions.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!
5% of all Tron Addresses are Active
According to data from Tron Scan, the network’s explorer, there are over 4.4 addresses moving over 896k transactions in the last day alone. Also, the network has 972 online nodes with a throughput of 6 TPS. From this, simple math reveals that although Tron prides of millions of addresses but only 5% are active.Advertisement
By Jan 15, 2020, additional data from CoinMetrics also reveals that the number of Bitcoin addresses is 10X more than Tron’s at 759k and 70k, respectively.
An earlier Twitter post from Tron Scan said the 4 million address milestone points to an ecosystem that is rapidly developing.
A parallel finding by DappRadar, a dapp analytics firm, further concludes that Tron is almost purely a gambling platform.
“TRON is a blockchain that’s almost purely for gambling. And it supports this category very well, both in terms of high daily usage and generated value.”
Moreover, while developers can launch on the platform, it’s a tall order to sustain audience:
“This isn’t to say developers haven’t attempted to launch other types of dapps on TRON. A decent number of games have been released but, as with dapps in other categories, it appears to be easy to launch well on TRON, but very hard to sustain an audience.”
Dismissed the current Bitcoin Rally
Misha Lederman also dismissed the current Bitcoin (BTC) revival terming it as a blend of hopium and fear about a “notorious fraudster.” Sentiment around digital assets has improved in recent times.
As evidence reveals, Bitcoin’s dominance felled from 68% to 66% at the time of writing hinting of investors re-balancing.
A section of them might have shifted their funds to altcoins in anticipation of the so-called “altcoin season” that could directly benefit TRX, the native currency of Tron.
News Today – Top Headline for Tron TRX
- Justin Sun to pay 1 million TRX to a Tron troll
- Twitter user demands that Tron should pay its unofficial promoters
- Biggest digital asset promoter running for president
Tron News Today –Tron has entered the limelight again after CEO Justin Sun offered to pay a whopping 1 million TRX to a Tron troll. The so-called Tron troll alleges that because Ethereum pays its trolls openly quarterly every year, that Tron must do the same. The user behind this is Udi Wertheimer. Wertheimer is a Bitcoin proponent and co-host on the Reckless Review podcast. He made the claims in a recent Twitter post. According to the user, Sun hasn’t given him any rewards for his actions. Claiming he shilled Tron and helped build its reputation on crypto Twitter. In end, Sun had to bulge to his remarks.
Tron Should Pay its Unofficial Promoters Like Ethereum Does
According to Wertheimer, Ethereum and ConsenSys usually compensate their trolls per quarter. Paying $70,000 every quarter in total. Sun quickly responded to the post that he would pay 1 million TRX to the Twitter user if he sent his wallet address to Sun’s DM.
Additionally, in the comment session, Wertheimer calls Sun his friend, that’s why he agreed to collect 1 million TRX for his role that he usually charges more than that figure. At this point, sarcasm found its way into the picture. But knowing Sun’s SMM tactics (an example was the Warren Buffet lunch), it could be that the dialogue was set up to make Tron the center of attention once again.
Most Prominent Crypto Promoter Running for President
The art of shilling coins has spread seriously on crypto Twitter. John McAfee the biggest crypto promoter who gave up his job is now running for the presidency. Two years ago and earlier than that, McAfee shilled a large amount of coins and covered one ‘coin of the day’ on Twitter. One of his favorite tokens at the time was Docademic (MTC). McAfee is alleged to have a large stash of MTC. McAfee also initiated a conflict with HitBTC exchange over MTC.
During his coin promotion campaigns, the market saw what was called the McAfee effect. Whenever the crypto mogul would talk about any crypto or call it a champion, its price will begin to surge higher shortly after. The community will start to buy it, thus pushing its price up. Eventually, McAfee stopped promoting digital assets and ICOs when the SEC started a crackdown on the asset class. The federal regulator demanded that McAfee stopped his work as a promoter. At the time McAfee alleged that he received threats from the SEC.