Tron Price Analysis: TRX Add 4.2 Percent, Accelerator Program Troubles

Dalmas Ngetich

1 year ago

2 mins read

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Tron Price retest 2.5 cents
Participants at the Tron Accelerator Program say there was no transparency
TRX is today’s top performer, up 4.2 percent in 24 hours

BTC and other coins may be struggling, but TRX is up 4.2 percent in the last day. While TRX is trading below 2.5 cents, the asset has found support at Oct 2018 lows. The first target will be at 4 cents in line with our previous trade plans.

Tron Price Analysis

While most investors are obsessed with Bitcoin, Ripple and Ethereum development, Tron is making substantial progress. Price wise, its top performance has earned it a spot in the top 10, flipping mainstream coins as Cardano.

TRX, the native currency of the Tron platform, is up 4.2 percent in the last day spearheading across-the-board crypto asset recovery. The emergence of bulls did cement our overall bullish projection. Although prices sank below 2.5 cents after yesterday’s losses, today’s support off Oct 2018 lows may be the foundation for further higher in sync with late Dec 2018 gains.

Fundamentals

On the fundamental front, it’s clear that folks at the Tron Foundation have been doing an excellent job. Development as well as tireless marketing has made Tron one of the top contenders ready to topple Ethereum as a market leader in matters smart contracting and dApp launching. We can argue that today’s liftoff could stemmed from the concluded $1 million Tron Accelerator Program where according to Redditors, participants are unhappy:

“Tron Accelerator has been such a sh*tshow. So many shady practices going on and 0 transparency. My team didn’t receive any prize, and for a fact I know it wasn’t just another shitty dApp because it was a winner for similar hackathon for a major blockchain. Moreover, I don’t think the judges even took the time to look at the project.”

Candlestick Arrangements

As mentioned in our previous TRX/USD price analysis, TRX price action is trading within a bullish breakout pattern after Jan 7-9 close above 2.5 cents.

Despite Jan 10-13 drawdown, there are hints of higher highs especially after today’s revival. Since TRX support is off Oct 2018 lows, we recommend patience until after prices close above 2.5 cents. After that, traders can initiate longs on every drop with targets at 4 cents.

On the reverse side, if bulls fail to start loss reversal and close above 2.5 cents, it is likely that TRX will drop towards 1.8 cents or Dec 28 lows. Further declines could trigger panic sells towards 1 cent.

Technical Indicators

By Jan 10, TRX average transaction volumes stood at 26 million. However, propelling losses was a bear bar backed by above-average volume bar—96 million according to streams from BitFinex. Therefore, despite recent losses, the trend remains positive, and for buyers to be in charge, we need to see rallies above 2.5 cents supported by volumes exceeding today’s averages of 32 million and even above Dec 21, 45 million.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.