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#Tron Price Analysis

TRON Price Analysis: What is going on with TRX?

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TRX price as of October 8, 2018, the price is $0.02298. However, due to significant advancements, TRX would be a better option for long-term investments.

Listing recent updates concerning TRON and TRX price analysis

 

The rise of the cryptos

A currency is nothing a means of the store of value. The currency has both proven to become advantageous as well as disadvantageous. Before currencies, the barter system of exchange of goods and services was highly popular. People of the earlier days used to exchange the services in which they were highly specialized at, in return of which they used to receive some other form of service in the field, which the other person was specialized at. Nevertheless, the current financial industry has advanced by leap and bounds. As a result of which, better cryptocurrencies are being developed on a consistent basis.

The smart contract based TRON blockchain platform, has been one of the most cited projects of 2018, as it has been portraying its capability to the world, through its various advancements in the recent days.

 

How did Justin Sun gain people’s trust?

The MainNet launch of the TRON project was on 25th June 2018. To ensure the inflation proof and stability of the coin, almost 1 billion TRX tokens were burnt by the TRON Foundation. The total supply of the cryptocurrency tokens is, however, 99 billion coins. To further regain confidence and reliability among its community members, the TRON Foundation along with the Founder, Justin Sun went ahead and locked there 33 billion XRP reserves, until 2020. By doing so they have indirectly communicated that they wouldn’t be dumping their reserves in the market.

 

Exciting stats of the TRON blockchain and incorporation of the BitTorrent protocol

Also more recently, on 29th September 2018, the founder of TRON Justin Sun, had gone live and revealed various achievements. He specifically mentioned that the number of users incorporating the TRON blockchain project, is 20% more than its competitor the EOS Blockchain platform, with a total number of users being 400,000. Also, the recent acquisition of BitTorrent, one the most decentralized form of internet service has opened up the TRON community for its incorporation in the Chinese Market too.

 

Extracurricular activities along with future roadmaps of the TRON blockchain

The Founder, Justin Sun is also a great philanthropologist where they have collaborated with the Blockchain Charity Foundation (BCF) along with United Nations Development Program, to assist the poor and needy across the world. During an event Justin Sun, and also mentioned about its incorporation of a brand new decentralized application by the Blockchain platform. The foundation is highly innovative as they are looking forward towards their next milestone of bringing TRON within the top 10 cryptocurrencies. They plan to do it by collaborating with the best services of BitTorrent and TRON. Explicitly, they would be incorporating the BitTorrent extension protocols to increase the capabilities of the TRON blockchain.

 

The founder recently graduated from the Hupun University

The Founder also made it very clear that one of his main ambitions, would be concentrating upon the cultural image of the foundation. As a believer in Jack ma’s principles, Justin Sun, recently acquired his degree from the Hupun university in China. He claimed his degree after 3 years of education at the University. The Chinese business magnate, Jack Ma, congratulated the young entrepreneurs, Sun, for his fantastic work ethics and consistency. Sun also revealed one of their most awaited TRON Chrome Wallet, which would be incorporating various plugins to enable the users to access TRON wallet from one of the most popular web browsers.

 

Understanding the price fluctuations in TRON from the past few months.  

 

May

According to experts, higher return on investments could be availed by investing in TRX when compared to other cryptocurrencies. During the initial days of May, the price of the TRX was around $0.1, which then drastically fell to almost $0.06 by the month end.

 

June

From $0.06, the price broke past its support level at $0.04 and reached almost the all-time low of the month which was $0.036.

 

July

The support level at $0.034 was also broken in this particular month, as the prices plummeted to $0.032.

 

August

The prices slipped drastically from $0.03 to a steep $0.02.

 

September

The prices, since then, have been recovering and trading around $0.025.

 

And finally, as of October 8, 2018, the price is $0.02298. However, due to significant advancements, TRX would be a better option for long-term investments.

Note: This article is only the opinion of the writer, and the article is not a financial advise in any form whatsoever. The reason is requested to do his/her due diligence before making any investment in any crypto currency including TRX.

#Daily Price Analysis

TRON Daily Trading Signals: 31 October

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TRON remains in a bearish trend. The bearish spinning top formed at $0.02200 in the resistance area set the stage for the bears' return.

Dominant bias for TRON (TRX)- Bearish

Resistance Levels- $0.02500, $0.02600, $0.02800

Support Levels- $0.02000, $0.01800. $0.01600

TRON remains in a bearish trend. The bearish spinning top formed at $0.02200 in the resistance area set the stage for the bears’ return. The cryptocurrency was initially down to $0.02213 and later to $0.02207 in the demand area before the end of yesterday session as the bears increased their momentum.

 

TRX 4-hour chart

TRX 4-hour chart

 

The 4-hour opening candle was an inverted bearish hammer an indication of bears continued pressure that may prevail in the day.

TRON price is still under the 34 exponential moving average and the relative strength index is in the oversold region at 31% and its signal points down which suggests downward movement in the price of the TRX.

The lower line of the descending channel or the retest at $0.02101 in the support area may be the bears’ target

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#Daily Price Analysis

TRX Daily Trading Signals: 30 October

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Dominant bias for TRON (TRX)- Bearish

Resistance Levels- $0.02500, $0.02600, $0.02800

Support Levels- $0.02000, $0.01800. $0.01600

TRON is in a bearish trend. $0.02200 that was predicted yesterday was nicely broken due to the strong bears’ pressure that broke the $0.02322 in the horizontal line of the descending triangle. TRX made a low of $0.02180 in the resistance area as it creates a descending channel pattern.

 

TRX 4-hour chart

TRX 4-hour chart

 

The bulls area back as bearish exhaustion set in with the candle closing with a lower wick. The 4-hour opening candle at $0.02221 sustained the bullish momentum as TRX was up at $0.2248 in the resistance area.

Attempt to the upper line of the channel is the bulls target as they increase their momentum to the upside, but the bears’ pressure remains strong with price below the 34-EMA.

The relative strength index is at the oversold region 29% and its signal points up which suggests upward movement in price of the cryptocurrency which should be seen as a minor pullback that is necessary for the market correction before the downtrend continuation

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#Daily Price Analysis

TRX Daily Trading Signals: 29 October

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Dominant bias for TRON (TRX)- Bearish

Resistance Levels- $0.02500, $0.02600, $0.02800

Support Levels- $0.02000, $0.01800. $0.01600

TRON is in a bearish trend. The bears’ pressure was sustained after a minor bullish momentum that saw TRX at $0.02399 in the resistance area on 26th October. The two inverted hammer formation at this area signaled the bears returned. The cryptocurrency went down to $0.02322 in the support area on 27th October.

 

TRX 4-hour chart

TRX 4-hour chart

 

The 4-hour opening candle was a doji a sign of indecision and the next candle will determine the direction. Should it close bearish it will sustain the bearish momentum. A bullish close of the candle will signal a possible trend reversal.

Price is below the 34-EMA an indication of strong bearish pressure with the relative strength index at 43% and its signal points down it suggests a further downward movement due to the bears’ pressure.

TRX is in descending triangle. A break below and possible retest at $0.02322 in the support area will give the bears more opportunity to continue the journey down south and $0.02200 may be an initial target

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