Technical

Tron Price Analysis: TRX Up 4.1 Percent, Reaction at 2.1 Cents Important

Dalmas Ngetich | January 2, 2019 | 4:00 pm
technical analysis tron TRX
Technical

Tron Price Analysis: TRX Up 4.1 Percent, Reaction at 2.1 Cents Important

Dalmas Ngetich | January 2, 2019 | 4:00 pm

Latest Tron News

Some individuals like Roubini have no kind words for Bitcoin. There are others like Jed McCaleb who think most ICO projects lack the technical merit to come through from their flowery white papers. He thinks Tron–and 90 percent of other ICO projects, is garbage.

In a recent interview with Yahoo Finance, he is astounded and yet to comprehend why investors continue to pour funds to projects that might not lift off.

“The allocation of capital and resources is wild to watch when these projects that have zero technical merits get millions of dollars. It seems like a big shame. Hopefully, that will start to change. One of the nice things that come with the market calming down—I still say it’s not a bear market—it means there’s less of that.”

Indeed, he may or may not be right. Considering the bear market of 2018 that saw crypto projects die, increasing the list of Dead Coins, there is some element of truth in his words. But, Tron—despite his rather harsh comments, is a solid project whose native coin, TRX is liquid and listed at most mainstream exchanges.

Besides, there is a vibrant development team ensuring that deadlines are met while honchos consistently strike deals attracting developers and users. Because of this, the New Year started with a storm with Justin Sun defending his project saying if anything Stellar is not their competitor. He added that the platform is technically centralized and though it claims to support dApps, none are running on Stellar.

Tron (TRX) Price Analysis

Tron

The path of least resistance is encouragingly, upwards. At spot prices, TRX is up 4.1 percent against the USD but trading at last week’s close. Overly, we retain a bullish outlook, and as long as prices continue to oscillate, trading within a tight trade range with caps at 2.1 cents and 1.8-9 cents on the lower side, we shall take a temporary neutral stand—but with a bullish outlook.

As mentioned in previous TRX/USD trade plans, buyers are in prime position to reap more if there is a follow through of Dec 17-21 surge that propelled TRX prices from 1.2 cents to spot rates.

In this bull flag, the best approach is to trade breakouts and therefore, we expect participation to pick up once TRX rally above 2.1 cents. The first target will be at 2.5 Cents and later 3 Cents with stops at 1.9 cents.

Our TRX/USD trade plan is as follows:

Buy: 2.1 Cents

Stop: 1.9 Cents

Target: 2.5 Cents, 3 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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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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