technical analysis altcoins

Tron Price Analysis: TRX Underperforming 24 Hours After NiTron

Avatar Dalmas Ngetich 10 months ago
  • 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

Tron

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.

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