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Tron Price Analysis: BTT Token Sale Marked By Sharp TRX Price Declines

  • Tron prices drop 11.7 percent
  • BTT token sale in progress at Binance Launchpad
  • Transaction volumes pick up, bulls still in control

Asset prices may be dropping, but TRX is still a top performing coin. It is up one spot in the liquidity ranking displacing XLM as the eighth most valuable. While sellers are firmly in control, we expect support at 2.5 cents before prices snap back to trend and rally to 4 cents.

Tron Price Analysis

Fundamentals

There has been a reshuffle, and TRX is now the eighth most valuable coin. However, with thin margins separating TRX, Litecoin, and XLM, this was bound to happen. Going forward, we expect a TRX—LTC flip as the gap between the two stands at $60 million. Litecoin’s market cap is at $1,835 million while TRX’s stands at $1,776 million.

Behind this reasoning is increasing demand stemming from BTT token sale. Investors willing to invest and contribute towards tokenization of the BitTorrent protocol must do so only if they own Binance Coin (BNB) or TRX. Owners of these two coins can buy BTT, and if they choose not to, they will receive an Airdrop from Feb 11.

Combined with BTT purchase requirements and demand for TRX—one of the top performers in the top 10, chances are TRX valuation will inch higher displacing LTC in the process.

Candlestick Arrangement

Tron

Coinciding with BTT token sale, TRX is marking the date by dropping a massive 11.7 percent. As a result, we now have a double bar bear reversal pattern in the midst of a bullish trend.

Although we are net bullish on TRX, we expect prices to continue dropping in the next few days as it has been the case every time Tron announces a significant event.

Even as TRX shed, we expect support at the main support line of 2.5 cents. If not, the worst TRX prices can retest before resuming trend is 2.1 cents or the lows of the double bar bull reversal pattern of Jan 13-14.

Technical Indicators

Technically, the path of least resistance is upwards. Propping this position is price action and accompanying trade volumes of the last few days.

While holders contend with a wave of bears, we are net bullish. Part of this is because today’s drop is at the back of low volumes—23 million versus 15 million, which is less than 50 million versus 35 million average of Jan 14.

The only time our bullish stance will be shelved is when there is a near perpendicular drop fuelled by abnormal volumes exceeding 50 million or 95 million of Jan 10.

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Tron Price Analysis: TRX Underperforming 24 Hours After NiTron

  • 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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Tron Price Analysis: TRX Drop to 2.5 Cents Imminent

  • Tron price fall 5.1 percent but is still bullish
  • David Labhart joins the Tron Foundation as Head of Compliance
  • Bear volumes high and above average–61 million versus 23 million

In light of today’s candlestick arrangement and level of participation, TRX is likely to drop to 2.5 cents. However, should it found support; the bounce will see TRX clear 3 cents as bulls march to 4 cents by mid-February.

Tron Price Analysis

Overview

At ninth, TRX market cap stands at $1.708 billion and $300 million away from flipping Litecoin as the eighth most valuable coin. Other than that, TRX is down 5.1 percent in the last day but up 32 percent in the previous week meaning the currency is one of the top performers. In line with our TRX/USD price analysis, our bullish stance is still valid, and as long as prices are above 2.5 cents, every low should be a buying opportunity. Targets will remain as before—at 4 cents and later 6 cents.

Fundamentals

After spending 15 years dealing with matters law and compliance, the Tron Foundation plans to use David Labhart’s experience. David is a former US SEC supervisory attorney, and by agreeing to join Tron as Head of Compliance and co-General Counsel, it is clear that the foundation’s power wielders are not taking compliance lightly.

By hiring David, it is clear that Justin Sun and company want a clear rapport with financial authorities across the globe. The move is in line with Justin Sun’s ambition of seeing the foundation open up communication channels with regulators ensuring that network development bode well with regulator’s dictates.

Besides, it’s a timely addition coming a week before niTron Summit where regulators, platform users, entrepreneurs, and industry leaders will come together to discuss pertinent issues in the sector aside from establishing useful contacts. On joining Tron, David said:

“Joining TRON is the perfect progression in a career driven by a passion for the frontier of the financial industry; where technology meets regulation. Blockchain and cryptocurrency are the next steps in the evolution of the world’s financial system. I’m excited about Justin’s passion and long-term view of the benefits and potential impact of this new technology.”

Candlestick Arrangement

Tron

With a bear pin bar and high trade volumes, it is hard to recommend buys at spot prices. That’s unless of course a countering high-volume bull bar fading sellers prints in the 4HR chart. That’s unlikely, and chances are we shall have a double bar bear reversal pattern by today’s close. However, that should not be a cause of concern.

To reiterate our stand, we expect bears to drive prices back to 2.5 cents. It is at this level that buyers should be searching for longs in lower time frames in a classic retest phase. Nonetheless, drops below2.5 cents with volumes exceeding averages could spell doom for TRX bulls. In that case, price may sink to 1.1 cents.

Technical Indicators

Today’s volumes are high—61 million versus 23 million and above Dec 21—45 million against 15 million. Since it is a pin bar, we expect TRX prices to drop back to 2.5 million in a retest phase. If not and bears step in, it is likely that Nov-Dec bear trend will resume.

All charts courtesy of Trading View–BitFinex data streams.

Do your own research. Opinions are those of the author.

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Tron Price Analysis: TRX $800 million Away from the Top 4

  • Tron Price add to their gains, surge 44 percent from last Wednesday
  • Questions linger on whether proof of work alternatives truly embody blockchain principles
  • Transaction volumes on the rise, daily printouts exceed recent averages

TRX is back to the top 10 and is a top performer adding 44 percent in the last week. With trend and pattern defined, traders should aim at 4 cents in the near term.

Tron Price Analysis

Overview

Tron is on an uptrend, posting impressive gains and short $800 million from the top 4. It’s up 7.5 percent in the last day and a whopping 44 percent in the previous week cementing our bullish stance. At this rate, we expect TRX prices to expand towards the elusive 4 cents by the end of February 2019 with accelerants being significant company partnerships, the revival of Bitcoin and more defection from Ethereum.

Fundamentals

There is a conundrum out there. Following an unfortunate fraud in the Ethereum classic network, a poser is whether a truly decentralized and open source must be open for such attacks. It’s a thought-provoking statement by a curious internet user who despite the apparent loss of business by CoinBase and confidence on Charles Hoskinson product, is confident that such attacks should be a norm on every proof of work platform controlled via distribution.

Tron’s founder Justin Sun will always be an influencer. Although we don’t expect hackers to have a majority of hash rate and things like those because of the network’s delegated proof of stake algorithm, a lingering question is whether proof-of-work alternatives like dPoS is binning decentralization—a core principle in blockchain—for expediency and scalability.

Social media is full of Sun’s shills, and at one point Charles Hoskinson offered Mantis to Tron saying the solution would increase efficiency, a goal Tron was seeking at that time.

Ironically, Mantis—aside from efficiency, could bolster network security, ensure complete decentralization and immutability. If Tron went ahead with the implementation, is there some risk of exploitation?

Candlestick Arrangement

Tron

From the charts, it is clear that bulls are in charge. Expansion numbers are boosting, and in a classic breakout pattern, we expect prices to edge and close higher by the end of the week. We are confident of this position. Backing this assertion are high volumes feeding the last three days price action. Although TRX bulls are firmly in control, today’s volumes, for example, are above daily averages—21 million versus 15 million. With every higher high, there is a confirmation of Jan 6 volumes.

Technical Indicators

Driving prices to new territories are increasing levels of market participation. As aforementioned, average volumes are high. Therefore, every dip in lower time frames—30 mins to 1 hours chart—should be a buying opportunity in this bullish breakout pattern and early stages of a larger bear trend reversal pattern.

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Tron Price Analysis: TRX Surge, can it Flip Ethereum to Second?

  • Tron price is up 39.5 percent from last Tuesday
  • Platform is attracting gamers thanks to Tron Arcade
  • Transaction volumes are fair and trading within a bullish breakout pattern.

No doubt, Tron (TRX) is one of the best performers in the last week. It is up 39.5 percent at the time of press and trading within a bullish breakout pattern after clearing 2.5 cents. At this rate, TRX may end up testing 4 cents by the end of January.

Tron Price Analysis

Overview

There are no permanent positions in the top 10. A simple glance at coin trackers’ statistics and it is clear that coins are tussling as they climb up the liquidity table. A case in point is Tron–and days disparaging comments from Stellar’s Jed McCaleb, Justin Sun may be actualizing his realities of making TRX one of the most liquid coin.

At spot rates, TRX is up 11.8 percent in the last day, and a massive 39.5 percent from last Tuesday meaning the coin is now trending at ninth. Of course, this is endorsing for traders reeling from 2018 damage.

Fundamentals

Buoying these are fundamental developments and a superior platform that platforms launched in legacy smart contract and dApp launching sites are finding irresistible. Aside from EtherGoo and BitGuild, Tron has ambitious plans of attracting developers who will instead roll out dApps surpassing those at EOS.

As we know EOS use the same dPoS consensus algorithm and Block Producers but with allegation—and evidence of bribing, corruption and centralization claims, Tron “purity” might, after all, be the last haven for developers seeking stability and support.

Then again there was approval of Justin Sun’s Proposal 13 which aims to reduce smart contract costs and energy limits from 20 Sun to 10 Sun.

Candlestick Arrangement

Tron

Price wise and TRX is bullish and trading within a bullish breakout pattern. As visible from the chart, not only are TRX prices above 2.5 cents confirming gains of mid-Nov 2018 but the breakout is at the back of above average volumes—26 million versus 13 million.

Because of this, it is clear that TRX bulls are in charge and may reverse Nov 2018 losses. Everything else constant, both set of traders should buy TRX at spot prices—or wait for pullbacks in lower time frames– with first targets at 4 cents and stops at 2.1 cents.

Technical Indicators

Transaction volumes are above average, and while today’s breakout volumes—26 million– didn’t exceed those of Nov 20—65 million, it was double the current averages of 13 million. As a result, we expect TRX bulls to print higher in coming days.

All Charts Courtesy of Trading View–BitFinex

Disclaimer: Opinions are those of the author. Do your Research.