Tron Price Analysis: TRX up 18.5 Percent, Breakout Likely

Dalmas Ngetich

1 year ago

2 mins read

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Tron Price is up 18.5 percent in the last week.
EtherGoo migrates to Tron weeks after Tron Arcade launch
Main resistance level and buy trigger is at 2.5 cents

At spot prices, Tron (TRX) is up 18.5 percent in the last week and poised for more gains thanks to favorable fundamentals and technical candlestick formations. Any surge above 2.5 cents would trigger bulls aiming at 4 cents or higher.

Tron Price Analysis

It may appear so near, yet it is technically too far. TRX prices, despite the Tron Foundation partnering and welcoming defecting dApps from Ethereum, is struggling to break above 2.5 cents. From previous TRX/USD trade plan, this is the main resistance level and round number meaning should traders muster enough momentum—spurred by technical or fundamental factors, then the resultant wave of higher high could propel TRX prices towards 4 cents as bulls begin recouping 2018 losses. In the meantime, TRX is up 3.1 percent in the last day and a massive 18.5 percent in the previous week at the time of press.

Fundamental Factors

Days after BitGuild defected to the Tron platform, EtherGoo is has followed its footstep to become yet another Ethereum gaming dApp to switch camps in less than two months.

https://twitter.com/mishalederman/status/1081353366662459394

EtherGoo will now change names to TronGoo and considering its significance in the Ethereum network; we might see Tron platform transaction spike as the game was popular in the Ethereum ecosystem. By switching sides, TronGoo will undergo a facelift and aside from the improvement in the gaming balance and interface, it shall be compatible with mobile.

However, these developments came as no surprise. Justin Sun’s overall objective is to see Tron evolve into this excellent platform attracting gamers from all over the globe. As a multi-billion industry, dominance will mean value and consequently TRX will inevitable surge—even to 10 cents.

Technical Factors

So far, TRX is up one spot to 10th flipping Cardano (ADA). With a market cap of $1.52 billion, we expect a resurgent crypto market to lift TRX prices above 2.5 cents. From candlestick arrangement, this is likely to print out in the coming days because not only are transaction volumes increasing, and prices are edging higher confirming the double bar bull reversal pattern of Dec 2018.

Besides, after a brief correction early this month, prices reversed printing higher right off the 38.2 percent Fibonacci retracement level. As such we expect TRX bulls to rally above 2.5 cents and because of this we recommend traders to buy at spot prices with stops at 2 cents.

Technical Indicators

After peaking on Dec 21, TRX volumes are picking up, and Jan 4-5 higher highs at the back of above average volumes is a stamp of approval hinting of underlying bull momentum. Up-thrusts above 2.5 cents will signal trend continuation and a break above 2.5 cents—a minor resistance level.

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.

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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.