Tron (TRX) Performance Dismal, May Drop below Q1 2019 Support

Dalmas Ngetich

1 year ago

2 mins read

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Tron (TRX) under pressure above crucial Q1 2019 support
Cred and Tron collaborates

After acquiring BitTorrent and successfully tokenizing the world’s largest peer-to-peer file sharing platform, Tron now has a partnership with Cred that will see TRX holders lend out their funds and earn up to 10 percent in interest.

Tron Price Analysis

Fundamental

The thing is, there is nothing to take away from Tron or their aggressive co-founder, Justin sun. Although critics may say his marketing style deems the asset security, the fact is, Tron is a competing and could even topple Ethereum as the go-to smart contracting platform.

Nonetheless, Tron’s objective is clear, to decentralize the web, correct the “original sins” and to begin with, they acquired and tokenized BitTorrent as they bid to take over and transfer entertainment to the blockchain.

However, they are not relenting. Three months after a successful token sale and recouping their acquisition costs, Tron wrote to Bakkt, arguing their case on why their asset should find similar support like Bitcoin.

Laying out their claim, Misha explained that the token is liquid, available in more than 60 cryptocurrency exchanges with the capacity to outdo Ethereum and competing platforms. Stating their high throughput and their under-utilization, Tron has a plan in place to launch side-chains as they look to improve the capacity of the network.

Tron is a success story and their partnership with Cred is positive. With Cred, TRX holders can now lend their stash earning “up to 10 percent APR on TRX and other TRC-based virtual currencies using Cred’s LBA token.”

Candlestick Arrangement

Meanwhile, Tron (TRX) prices are under pressure. Like in our previous TRX/USD trade plan, 2.1 cents mark a vital support level of Q1 2019 lows. Even though candlestick arrangement points to bulls as price action trend within a bullish breakout pattern thanks to upswings of late Jan 2019, prices are mainly consolidating.

At the moment, TRX/USD is within a 1-cents trade range with caps at 3.1 cents. All the same, should price find support from spot levels as buyers flow in reversing losses of May-9, odds are TRX will expand to 2.7 cents.

In a minor breakout pattern allowing risk-off traders to load up on dips, the resulting momentum shall contribute to the next leg up above 3.1 cents that will eventually see TRX soar to 4 cents. On the flip side, losses below 2.1 cents may trigger panic sells. After that, TRX may sink to 1.1 cents invalidating bulls of late Jan.

Technical Indicators

Unless otherwise, bears take charge, Apr-25 bar is our anchor candlestick. It has high trade volumes—13 million against 5 million. Therefore, if a bull bar prints, then it is preferable that it has high volumes exceeding averages of 4 million and more importantly rewind losses of May-9.

Chart courtesy of Trading View

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.