BUY BITCOIN
- Tron prices resume trend, up 1.6 percent in the last day
- Justin Sun plans to incorporate ZK-SNARKs and make TRX a privacy coin
- Transactional volumes must spike above 31 million reaffirming bulls and confirming current trend
Days after a successful ICO, TRX bulls are back. It is likely that prices will expand above 4 cents. Besides, future additions of ZK-SNARKs will increase as the platform attracts privacy-centric investors.
Tron Price Analysis
Fundamentals
BitTorrent’s BTT ICO may have been an overwhelming success indicating that Tron is indeed a central player in the crypto world. However, even with all cylinders firing, Justin Sun is not sated. The desire here is to make TRX a privacy coin. They will perhaps follow the Ethereum route whose founder, Vitalik Buterin, has proposed ZK-SNARKs for scalability.
Luckily, ZK-SNARKs can also be used to implement privacy features. ZCash did that successfully and TRX may the next major coin to try out this feature. In an exclusive interview with Rachel Wolfson of Bad Crypto podcast, Justin Sun raised his concerns about trackers binning privacy saying:
“People don’t want their privacy stored by Facebook or Google because those people can more easily manipulate the data so they can push ads to you. You don’t want to share those data with them. That’s why I think the decentralized way becomes a good way to do that.”
As such, their ultimate decentralization goal is to “improve the privacy within the network.” That means ZK-SNARKs can be a perfect fit addressing this need.
Candlestick Arrangements
Meanwhile, TRX is up and could recoup yesterday’s losses. The coin looks likely to close higher, and at the time of writing, it was up 1.6 percent against the USD. Because of this rejuvenation, buyers are back as they find support from around 2.5 cents.
In line with our previous TRX/USD trade plan, we suggest risk-off traders to buy on every dip as long as prices trend above our main support previous resistance at 2.5 cents. On a more conservative approach, risk-averse traders can wait until prices rally above Jan 27’s inverted pin bar at 3 cents. After that, they can ramp up on dips with modest targets at 6 cents.
Technical Indicators
In the past week, a stand out bar is Jan 28—31 million versus 16 million. It is bearish and against the existing trend. Regardless, with a defined direction, we shall look for sharp movements that could wipe out Jan 28 losses, cementing bulls. Even so, the bottom line is that the bar should have high volumes exceeding 31 million and current averages of around 16 million—on the lower limit. Only then will bulls be in charge, setting the pace for further gains above 4 cents.
