Tron Price Analysis: Binance Users will Soon Buy TRX Using their Credit Cards

Tron Price Analysis: Binance Users will Soon Buy TRX Using their Credit Cards

Latest Tron News

Binance is more than an exchange. It is the world’s large crypto-to-crypto on-ramp by transactional volumes allowing traders from all over the world to participate in the burgeoning cryptocurrency space. In a sphere that is largely unregulated, the exchange abides by blockchain principles allowing traders to sign up while barely divulging their personal details. Partly because of this, the exchange continues to climb up the popularity ladder. And there is more work down the pipeline that will cement the exchange’s popularity.

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In the latest announcement, Changpeng Zhao said that the firm will in coming days accept debit and credit card for crypto purchases. The move was largely unexpected. It is even divergent from what many players, especially in the banking sector, had previously thought will never happen. At the peaks of the last crypto rally of late 2017 and early 2018, banks including UK’s Lloyd as well as CitiGroup and JP Morgan banned their customers from buying cryptocurrency using their credit cards.

Also Read: Brian Armstrong, Coinbase CEO, On Why Bitcoin is Important Invention of All Times

The move was met with backlash but it was a rational decision.  Bitten by irrational exuberance, investors were “investing” in a very volatile asset that was accelerating at terminal velocity. All the same, the decision has been made and with Binance preparing for this move that will undoubtedly make it a favorite fiat on-ramp rail.

TRX/USD Price Analysis

At the time of writing, TRX is down 3.9 percent against the USD. Nevertheless, our previous TRX/USD trade plan remains valid and it is likely that prices will edge up higher in coming days. Behind this reasoning are solid fundamentals as well as favorable candlestick arrangements. With Binance soon allowing the purchase of digital assets with credit or debit cards, it is likely that TRX will be a beneficiary.

On a technical candlestick point of view, the simple fact that sellers are yet to reverse losses of Jan 28 as prices oscillate within its high-low mean there are hints of lower time frame demand. Moving on, risk-off traders can find buying opportunities in lower time frames as long as prices trend above 2.5 cents confirming the double bar bull reversal pattern of Jan 13-14 and the trend-setting bar of Nov 28 and Dec 28.

If that is the case and bulls are actually in trend, we might see a recovery and any high volume rallies above Jan 27 highs—the tops of its inverted hammer—will trigger risk-averse positions with conservative targets at 4 cents and later 6 cents. Otherwise, losses that will force TRX prices below 2.5 cents will nullify our short term bullish stance allowing patience and probable supports at 1.8 cents—2.1 cents zone.

All Charts Courtesy of Trading View–BitFinex

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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