technical analysis tron TRX

Tron Price Analysis: TRX Can Easily Blast Above Q3 Highs of 2.5 Cents

Avatar Dalmas Ngetich 12 months ago

Latest Tron News

Without a doubt, Tron is one of the largest blockchain based platform in the space with one mission: Decentralize the web. So far, they have been making good progress, and aside from acquiring BitTorrent and announcing Project Atlas, Tron has been making inroads in other sectors as well. Through Project Atlas, seeders (content providers) get rewards in TRX as a way of encouraging file sharing.

Interesting Read: Only CoinBase, Binance Have 300k+ Users, Fake Volume on Most Crypto Platforms

In a Press Release, Justin Said:

“Project Atlas is the foundation for a new way of content distribution. The product features faster downloads, more seeds, no mining, and backward compatibility adapted to the world we live in today: mobile, connected, and transparent. We aim to eventually empower all content creators and their communities by eliminating the middleman and enabling content creators to distribute directly to users.”

Weeks later, Tron let the whole world know about their creating a fund from “developers from Ethereum and EOS” in preparation for the inevitable collapse of their respective platforms after an extended bear market saw asset prices dip to new lows. To further complement their objective they launched a $1 million Tron Accelerator Program. The sole initiative objective is to empower coders and encourage them to build dApps on the Tron Protocol.

With support as this, it is a no-brainer to decipher and see why projects as BitGuild are decamping from Ethereum and EOS. Their intention of offering support through grants as well as loans has been unwavering since TVM launch.

Tron (TRX/USD) Price analysis

Tron Price Analysis

The tide is up, and so is TRX. Price is up 4.6 percent in the last day and 26.8 percent in the last week but could print new highs assuming bulls keep up with the momentum of the last few days.

While prices appear to be in consolidation in the 4HR chart, TRX/USD is trading within a bullish breakout pattern in the daily chart. Like events in this time frame, the thrust to new highs invalidating the bear breakout pattern of Nov 19-20 is backed by above average volumes—13 million versus 10 million complementing Dec 19 of 26 million versus 10 million average.

As it is, the 17 cents mark and the lower limit of our resistance zone are significant levels in our analysis. We expect TRX prices to expand above 1.8 cents and if it does, then traders can load up with the first target at 2 cents and later 4 cents. If not and there is a retracement towards 1.6 cents, then there is another opportunity to load up with stop level at 1.4 cents with same bull targets.

Our TRX/USD trade plan is as follows:

Buy: 1.8 cents, 1.6 cents

Targets: 2 cents, 3 cents, 4 cents

Stop: 1.6 cents, 1.4 cents

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.

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