- Tron Price, surge 5.2 percent
- Oracle—Tron Partnership rumor yet to be confirmed
- Transaction volumes low, likely to build up ahead of 4 cents retest
Days after NiTron, TRX is making good progress and is solid above 2.5 cents as traders search for buying opportunities in lower time frames. Add this to a probable partnership with Oracle, the path of least resistance seems to be up.
Tron Price Analysis
Fundamentals
News has it that Oracle is the latest software company to “partner” with Tron. As a smart contracting and dApp platform with ambitions of dislodging Ethereum as a go-to platform, this announcement should be making waves. Oracle is one of the world’s leading software company offering diverse services ranging from cloud applications to a multi-model database management system.
Oracle #blockchain team visited #TRON Foundation HQ in SF.
Diving deep on #SmartContracts #Tokenization and partnership opportunities. #TRON to the future. 🎉#TRX $TRX https://t.co/Hq3Y4IETlW— Justin Sun (@justinsuntron) October 20, 2018
Back in 2014, it was the second largest software company by revenue streams after Microsoft. In a tweet, Justin Sun said a blockchain team from Oracle had visited their San Francisco offices. However, we cannot get ahead of ourselves and confirm that there indeed is a partnership without official confirmations.
Justin confirmed that aside from discussing smart contracting and tokenization, they did touch a topic or two on “partnership opportunities.” At the moment, nothing is official despite Sun’s row of strong claims during the Summit.
Candlestick Arrangements
On the chart, TRX is less than $150 million away from displacing Litecoin as the eighth most valuable coin in the space. It remains a top performer, adding 5.2 percent in the last day and breaking away from the 2.5 cents mark as bulls aim to reverse Jan 10 losses.
At this pace, our TRX trading conditions are live. Both sets of traders can add to their longs at spot prices with fitting liquidation levels at Jan 21 lows of 2.5 cents.
Targets will remain the same, and as long as prices are trending above 2.5 cents, the double bar bull reversal pattern of late Dec 2018 and Jan 13-14 will be valid and indicative of the current trend.
Technical Indicator
Even with this, participation volumes are low—averaging 20 million at the time of press which is low when compared to those of Jan 10—95 million. Regardless, the trend remains bullish, and participants are maintaining this pressure meaning that the retest of 4 cents would be volatile and probably backed with high volume surges.
