Tron (TRX/USD) Price Analysis: Price Action Diverges From Fundamentals, Bullish for TRX
Latest Tron News
The crypto market is burning up and even as altcoins bleed out with most sinking >90 percent from their 2017 peaks, Tron—perched at 11th is unmoved, delivering on its mandate. With every deal, there are inching closer to their overall objectives and this is exactly what the Tron community wants to see.
Thanks to the marketing lessons from Justin Sun, the co-founder and the de-facto face of Tron, projects in other platforms especially Ethereum are seeing the benefits of launching their operations in a platform as Tron which guarantees them speed, security, scalability and that’s not forgetting several incentives in place such as the $100k kick-starter loans for developers who shift over from Ethereum and build platform of its TVM.
Why is TRON (TRX) is investing millions in an ‘Accelerator Program’? https://t.co/ZgEjq0CM2z
— Chris Abraham (@chrisabraham) December 3, 2018
After all, it is compatible and there are documentations that further simplify this migration. Merging all this together, these milestones set apart this platform. Though prices are plummeting, plans of introducing zk-SNARKs next year, safeguarding user privacy is a step in the right direction.
#Tron will adopt zk-SNARKs (zero-knowledge proof) in Q1.
What is zk-SNARKS?
It allows people to prove possession without revealing the information.
This will give $TRX hodlers the option to use private addresses and make transactions untraceable.
— TRX Colony (@TronColony) November 30, 2018
The privacy feature is also set for Ethereum but incorporating it on Tron given the obvious benefits as speed is but another reason why there is so much potential for this platform going forward.
TRX/USD Price Analysis
For the uninitiated, TRX is down 95 percent from 2017 peaks and as long as BTC falter, the meltdown can’t be stopped unless of course there is coin specific news as TRX being listed at CoinBase. It’s a long shot and before that happens—assuming it ever happens, sellers are in full control.
A simple look at the chart and it is visible that TRX/USD is trading within a bearish breakout pattern set in motion by bears of the week ending Nov 25. Now, though prices did slow down last week and pretty much-shoring prices—TRX is table-topping as far as performance is concerned–, we are not convinced bulls are in control until prices edge past the previous support now resistance at 1.5 cents complementing last week’s buyers by closing above 1.7 cents.
If not and prices drop below 1 cent, it is likely that TRX will drop towards Jan 2018 lows dashing bulls hope.
The resilience of TRX prices can be traced back to Nov 28 bulls. Here, with above average volumes—36 million versus 25 million averages, TRX rejected bear advances bouncing off from 1 cent.
Moving on, we shall maintain a bullish outlook on this pair and once prices edge past 1.5 cents, we shall recommend buying on dips with first targets at 2 cents and later 3 cents.
If not and bears drive prices lower—below Nov 2018 lows, then we shall trade as aforementioned.
All Charts Courtesy of Trading View
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.Leave a comment