Categories: Ethereum

Tron (TRX) Up 5.2 Percent but Will Soar if Bakkt Say Yes

Click here to view original web page at www.newsbtc.com
  • Tron (TRX) add 5.2 percent
  • Application to Bakkt calling for TRX inclusion is a show of intent

With Bakkt and argument that Tron’s potential is unexplored, investors are bullish. Nonetheless, before 4 cents, there must be evidence, and that demands a rally above 3.1 cents with a spike in participation levels. At the moment, Tron (TRX) is up 5.2 percent but could sink if buyers fail to breach 2.7 cents.

Tron Price Analysis

Fundamentals

There is building, network improvement and marketing as team leaders vouch for their projects. While the smart contracting sphere is unexplored, projects as Tron are strategically placing themselves. The aim here is visibility, and that is crucial now that the platform leaders have one key objective: that of being Ethereum killer and replacing it as the king of smart contracting.

Already, there is movement. According to the CCID, Tron is superior to Ethereum, only trailing EOS although both platforms are scalable with high throughput. However, the primary differentiator between these two dApp kings is their approach.

Tron is aggressive, and their letter to Bakkt is an indicator that they not only want Tron (TRX) to be coin within a specific ecosystem but want institutional involvement. In readiness for institutional taps, their last hard fork was ideal for HNWI since Tron now has privacy options with multi-sig capability.

A @Bakkt listing for #BTC or #TRX has yet to occur, but TRON has come a long way in less than 6 months since the #TRON community made our voices heard to Bakkt:

niTROn$BTT Launch
Multi-sign
Privacy option@Travala
Fastest growing DApp platform in Q1 2019#IAmDecentralized$TRX https://t.co/A3tVaLSTXc

— Misha Lederman (@mishalederman) May 5, 2019

Add that to their incentives like Tron Arcade and numerous contests, and it is easy to see why Tron’s future is bright. Although they are yet to break back into the top-10, judging from their milestones, the resulting demand will found the next wave of higher highs that would see TRX surge above 4 cents and back into the top-10.

Candlestick Arrangement

Up 5.2 percent in the last week, Tron (TRX) performance is not as impressive. Even so, we expect demand in days ahead. Note that TRX is trading within a bullish breakout pattern against the USD. From the chart, it is visible that the main support level lies at 2.1 cents, marking lows of Jan 13-14 double bar bull reversal pattern.

Nonetheless, before the next wave of higher highs propels TRX back into the top-10, it is preferable that bulls reject lower prices. To do so, they have to build enough moment and clear the minor resistance line at 2.7 cents as prices break from the 1 cent trade range with caps at 3.1 cents and 2.1 cents.

Before then, traders should refrain from initiating long positions aware that any drop below 2.1 cents could see a breakdown towards 1.8 cents and even 1.1 cents.

Technical Indicators

Our anchor bar is Apr-25—13 million against 5 million. The bar is wide-ranging with a long lower wick pointing at sellers. Therefore, unless there is an upswing that would drive prices above its highs, sellers are in control. However, an up-thrust towards 2.7 cents must be with at the back of high participation levels exceeding 13 million and May-6 average of 3.4 million.

Chart courtesy of Trading View

Tags: DApp, Misha Lederman, TRON, TRX

Sponsored

Application to Bakkt calling for TRX inclusion is a show of intent

With Bakkt and argument that Tron’s potential is unexplored, investors […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

New York Gym Grit Bxng Accepts BTC Payments

Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based… Read More

4 hours ago

Are Whales Behing Bitcoin’s Latest Dips?

A reason for the recent up-and-down behavior of bitcoin may have been uncovered. It’s being reported that several whales moved… Read More

4 hours ago

Bitcoin Drops Below $10,000 as Support Wears Thin

Bitcoin (BTC) has once again found itself caught in the throes of a choppy trading range that has provided little… Read More

4 hours ago

Bitcoin Bottomed at $9,080, BTC to Rally Into End of 2019

Once again, Bitcoin (BTC) has stagnated, finding a foothold around $10,000 for the umpteenth time in a matter of weeks.… Read More

4 hours ago

Cresio CIO Comments, New ‘Satoshi’ and BTC Games: This Week in CT Spain

As many of our readers probably know, Cointelegraph has a number of non-English branches, each covering news from different parts… Read More

4 hours ago

VeChain Attends Shanghai International Blockchain Week 2019

SHANGHAI, Aug. 24, 2019 /PRNewswire/ -- From September 14-18, 2019, Shanghai International Blockchain Week 2019, the largest and most influential… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More