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Latest Tron News
From the look of things, Tron honchos not only desire to build a global, digital content ecosystem that is completely decentralized but look to front efficiency, better user experience and above all, cost savings. This is what the system is slowly evolving into. With a fully functional virtual machine, developers have a perfect platform and accompanying incentives to migrate from the more dominant Ethereum and build within an environment that is fast and where projects are given necessary airtime and exposure.
After all, it is not rare for Justin Sun to mention TronBet and Tron Dice, two gambling sites that have drawn so much transaction volumes on the platform leading to a permanent flip in the number of transactions processed between Ethereum and Tron.
But even as these two dApps dominate headlines thanks to incessant Sun shills, Tron is a smart contracting site and we expect more ICOs and TRX-20 tokens to launch once the market stabilize. Already, Tron Watch Market, a DEX that strives to be an “intuitive and fully-featured allowing trading between TRON, TRX10, and TRX20 Tokens in a secure, decentralized manner” had a successful crowd funding. Aside from facilitating trade, Tron Watch Market supports all TRC tokens meaning it shall work on improving the overall network liquidity.
While Tron usher in the next wave of dApps, Huobi Wallet—a multi-asset wallet (supports 1,000+ coins) with an easy to use and secure Digital Asset Management interface, now supports TRX.
TRX/USD Price Analysis
Weekly Chart
Technically, TRX/USD is bearish and even though prices are stable but down 27 percent in the last week, it is not rocket science to see why the last 11 months of lower lows hinted of underlying bears and the direction of least resistance.
From the chart, it’s clear that this week’s losses did confirm a bear break out pattern of early August and as long as TRX/USD is trading below 1.5 cents, both set of traders should search for liquidation positions in lower time frames.
Like in our previous TRX/USD price iterations, it was critical for TRX bulls to close above Oct highs at 3 cents for the cancellation of August bear breakout pattern. But since that didn’t print and prices continue to sink, it will take a lot of convincing for traders to fade the current trend even if TRX/USD is down +95 percent from 2017 peaks.
Daily Chart
In this time frame, the trajectory taken by price action is clear.
Even as prices stabilized from August through early November before that bear break out pattern below the bear flag on Nov 14, the failure of buyers to build enough momentum and drive prices above Sep-Oct highs did cement bear forecast first proposed after drops below 4 cents in late Jun.
Going forward, we suggest selling on every pull back preferably retesting Aug lows at 1.5 cents with first targets at Jan 24 lows. Fitting stops should be at Nov 19 highs at 1.8 cents.
All Charts Courtesy Of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.