Tron Price Analysis: TRX Underperforming 24 Hours After NiTron

Dalmas Ngetich

1 year ago

2 mins read

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Tron price drops 2.1 percent in the last day
Trust Wallet will facilitate BTT airdrop
Average daily transaction volumes steady at 29 million

A day after NiTron is down 2.1 percent and underperforming against BTC. Nonetheless, TRX bulls are in charge, and we expect TRX prices to re-test 4 cents by the end of Jan 2019.

Tron Price Analysis

Fundamentals

Right off NiTron and it’s clear that the team behind TRX and Tron as a smart contracting platform and Ethereum’s competitor is not short of ambition. The general theme at the Summit was to update enthusiasts as well as investors of what’s transpired in the last few months.

Apart from that, it was also a perfect arena for Justin Sun and the Foundation to showcase to potential partners and businesses why Tron is an ideal choice. While critics are opposed to Kobe Bryant invitation saying he adds nothing substantial in the space, he remains a brand.

Furthermore, as a world’s renowned athlete, he can as well promote TRX, but that will contravene SEC’s calls and a brush with the law will be a stain that Tron and TRX won’t bear as the market tries to make turnarounds. All the same, news is that Trust Wallet will facilitate BitTorrent’s BTT airdrop. However, we are yet to know the ratio and whether TRX holders at exchanges will be beneficiaries.

Candlestick Arrangement

Price wise and TRX’s performance has been dismal in the last 24 hours. Even though it is one of the strongest performers in the top ten, it is down 2.1 percent in the previous day. All the same, prices are trending above the 2.5 cents support previous resistance level meaning our previous TRX/USD trade plans are valid. It’s easy to see why.

First of all, note that buyers are in control and as breakout patterns dictate, a correction retesting previous resistance now support often follows after the initial surge in a retest phase. We saw this on Jan 10 through to 13 and with a double bar bull reversal pattern ejecting further losses, the third stage, the trend resumption phase, is on course. It is for this reason that we expect TRX prices to rally towards 4 cents.

As a result, in days to come, every dip should be a buying opportunity with fitting stops at Jan 14 lows of 2.1 cents.

Technical Indicators

Despite TRX trading within tight ranges, averages stand at around 29 million. They have been decreasing since Jan 10 vertical drops, but we expect prices to pick up as participation levels increase. Ideal volumes lifting prices above Jan 10 highs should exceed Jan 14’s 50 million as well as 95 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.