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You are here: Home / Archives for News / Tron News

Tron News

Tron [TRX] Bulls Could Finally Be In Control Of The Market

February 22, 2021 by Chayanika Deka

Tron [TRX] slid to the 23rd position in the cryptocurrency leaderboard after an underwhelming performance this week. It amassed mere gains of 2.80% during the same time.

Tron’s multi-year high was cut short as it noted a volatile market for three-weeks straight that has hindered the bulls from carrying the coin further.

TRX was down by 2.98% over the last 24-hours which drove its price to $0.0599. At the time of writing, it registered a market cap of $4.3 billion and a 24-hour trading volume of $3.02 billion

Tron [TRX] Daily Chart:

TRX1

Tron [TRX] gained significant traction this month owing to Bitcoin and Ethereum hitting all-time highs. After breaking to a multi-year high, the crypto-asset entered the consolidation phase. And any possible uptrend signs appear to have halted.

Despite this, the support points continued to defend the current level Moreover, there here have been hints of a squeeze in volatility. The Bollinger Bands, for instance, were converging depicting a reversal in the ongoing trend. Could this mean that the much-needed rise?

Buy Pressure Gains Prominence

TRX 3

The Parabolic SAR sided with the bulls. Its dotted markers were found to be hovering below the Tron [TRX] candles supporting the coin’s price movement from an extended downfall.

The green bars of Awesome Oscillator also resumed depicting a shift to bullish momentum. Furthermore, the buying pressure, once again, has set in as depicted by the RSI which was well above the 50-median line and was now heading towards the overbought zone.

Previously, the RSI had rebounded after hitting a local top. But gearing up for another run essentially signified that an uptrend could be in the offing.

Taking the above charts into consideration, if a breakout to the upside for TRX does transpire, it could potentially target its immediate resistance level of $0.064 and $0.08 respectively.

Besides, the $0.05-level presents opportunities to buy the crypto-asset. Other region of support was found to be at $0.035.

Filed Under: Tron News, Market Analysis, News Tagged With: TRON (TRX)

Tron [TRX] Bulls Struggle To Gain Strength Above $0.55

February 18, 2021 by Chayanika Deka

Tron [TRX] recently exited from the top 20 positions by market cap on the cryptocurrency ladder. It risks elongated correction despite its feeble recovery attempt with just 10.53% in weekly gains.

After establishing a multi-year high, Tron faced significant selling pressure which triggered a drop to its immediate support level.

Over the past 24-hours, the crypto-asset faced a minor correction of 0.26% and was trading at $0.052. It recorded a market cap of $3.80 billion and a 24-hour trading volume of $2.23 billion.

Will Tron finally gain strength to aim for higher levels as the altcoin market look for recovery?

Tron [TRX] Daily Chart:

TRX 2

The above daily charts depicted a period of high volatility was likely to continue since TRX rose north of the $0.035-mark.

The moving averages were unfazed by Tron’s retracement. The gauge between the 50 DMA [Pink] and the 200 DMA [Purple] rose as the crypto-asset hit a local top after a two-week-long rally.

The DMAs did not mimic the sideways movement of the TRX price candles that started this week as they formed crucial support points resisting further market downtrend.

TRX2 2

The Klinger Oscillator projected a not so optimistic phase for the crypto-asset as the signal line continued to be the dominion after it underwent a bearish flip on the 14th of Feb.

The MACD has, so far, managed to maintain the bullish streak three straight weeks above zero. However, it appeared to be converging which could be a sign of increasing pressure by the bears and an extended sell-off case.

Despite falling from the overbought zone, the RSI, was however, well above the 50-median line depicting a sentiment of buying pressure among the investors in the TRX market.

Tron’s momentum shifted has towards the bearish side. But a damaging correction could be avoided at this stage which, in turn, is likely open up further upsides.

In which case, TRX could eye for its next immediate resistance level of $0.060. Upon crossing this, resistances at $0.064 and $0.072 could potentially come to play.

Moreover, its support levels was found to be at $0.034, $0.029 and $0.026 respectively.

Filed Under: Tron News, Altcoin News, Market Analysis, News Tagged With: TRON (TRX)

Tron’s [TRX] Uptrend Halts As It Faces Rejection Near $0.06

February 15, 2021 by Chayanika Deka

Despite renewed uptrend, Tron [TRX] has failed to retain its position as the 20th-largest token by market cap in the cryptocurrency ladder. Over the past week, even as Tron has amassed gains of more than 44%, it failed to move through the several pivot levels which have left key support levels in play.

Days after showing positive signs, Tron’s consolidation faced serious rejections at points that were crucial for an extended uptrend.

Meanwhile, Tron was now trading at $0.0526 after sustaining a correction of 9% over the last 24-hours. At the time of writing, the crypto-asset recorded a market cap of $3.82 billion and a 24-hour trading volume of $3.81 billion.

Tron [TRX] Daily Chart:

TRX 1

Even as Tron breached a multi-year high, it still has a long way to go to reach its ATH. The above daily chart pictured the formation of a local top which could imply that the bulls are in for a breather in the near-term.

No drastic movements were depicted by the moving averages which continued to hover below the TRX price candles. The gauge between the 50 DMA and the 200 DMA was also steady which did suggest room for further upside in the token’s price in the coming days. The technicals, however, had a different story to tell.

TRX2 1

The Klinger Oscillator suffered a bearish crossover on the 14th of February after maintaining a positive streak for more than two weeks in tandem with TRX’s price.

Similar was the case with MACD. After weeks of remaining on the bullish side of the histogram, the indicator appeared to be converging with the signal line which could result in a bearish crossover in the near-term. This depicted a declining buying demand.

The RSI also bounced from the overbought zone as the price established a high not seen since mid-2018. While the buying pressure was still intact, if the RSI drops below 50-median, sell pressure could once again overpower the coin.

Resistance levels to look out for were found to be at the recently breached $0.062. Further target levels stood at $0.0725 and $0.0921 while TRX’s support levels were at $0.033 and $0.0288 respectively.

Filed Under: Tron News, Altcoin News, Market Analysis, News Tagged With: TRON (TRX)

TRC-20 Tether [USDT] Circulation On Tron Exceeds $12.4 Billion

February 14, 2021 by Chayanika Deka

More than $12.4 billion in the stablecoin Tether [USDT] has been issued on the Tron [TRX] blockchain as revealed by the foundation’s CEO Justin Sun.

The circulation amount of #TRC20–#USDT issued by @Tether_to on #TRON network exceeded 12.4 Billion🎉🎉🎉🎊🎊🎊 pic.twitter.com/awCIoi70Iy

— Justin Sun🌞 (@justinsuntron) February 13, 2021

This development comes three weeks after the project founder had revealed a milestone of $9.3 Billion USDT issued on Tron which was achieved after 644 days. The number of USDT issued on the blockchain has increased significantly since the first-ever 10 USDT was issued all the way back on the 17th of April, 2019.

The world’s largest stablecoin is also issued on a myriad of chains including Bitcoin Cash, EOS, Liquid, Solana, and Algorand.

And for the longest time, a great majority of Tether were minted using Ethereum’s ERC20 standard. However, the minted stablecoin using the TRC20 standard has seen a much larger transaction count in 2021.

Tron has rapidly emerged as the fastest-growing blockchain for USDT issuance.

Coin Metrics

TRC20-based USDT has seen a higher transaction count than ERC20-based USDT tokens every day this year. According to the latest chart compiled by Coin Metrics, it was found that Tron captured more transactions than both Ethereum and Bitcoin combined.

In a recent edition, Coin Metrics’ ‘State of Network’ report had revealed,

“Tether activity has increasingly shifted over to the Tron version of the stablecoin. Since the beginning of 2021, the amount of USDT_TRX active addresses has eclipsed the number USDT_ETH active addresses.”

Why Has Tron Been Successful In Attracting More Users?

The shift in this sentiment is undoubtedly the massive transaction fee in the Ethereum network that has resulted in users looking for affordable alternatives. In the case of Ethereum, the transaction fees have risen due to rising demand stemming from the flourishing decentralized finance [DeFi], while Tron fees, on the other hand, have remained minuscule.

Hence, the TRX network has managed to attract the issuance of not just teh most popular and widely used stablecoin but also other digital assets on its blockchain. The blockchain now hosts TRC-BTC, TRC-ETH, WBTC, WETH, WLTC, and TRC-AMPL.

Moreover, Sun had also hinted that more ‘wrapped’ digital assets will be issued on the network.

Filed Under: Tron News, News Tagged With: ERC-20 tokens, Tether(USDT), TRC20, Tron blockchain

Tron [TRX] Aim For $0.05; Market Looks Stronger Than Ever

February 10, 2021 by Chayanika Deka

Tron [TRX] amassed weekly gains of 42.78% which aided its uptrend to reach levels last seen during the 2018 bull run, thus reaching its highest level in over two years.

Tron[TRX] rose by approximately 5% in the last 24 hours and was trading at $0.046. Despite the price appreciation, the crypto-asset continued to remain in the 20th position with a market cap of $3.45 billion and a 24-hour trading volume of $3.71 billion.

Tron has defied the bears and has managed to extend its gains despite not being one of best performing assets in the latest bull run. Let’s have a look at where the price could be heading for the coin in the near-future.

Tron [TRX] Daily Chart:

TRX

Tron’s [TRX] parabolic surge has triggered breaches of many levels of resistance. But the most crucial of all was breaking of $0.0399 level which as acted a point of rejection for nearly five months.

As TRX exceeded these levels, the bulls regained control which facilitated the surge to multi-year highs. During this time, the gauge between the 50 DMA [Pink] and the 200 DMA [Blue] showed much-anticipated divergence, which is a positive indicator.

TRX2

The dotted markers of Parabolic SAR aligned below Tron [TRX] price candles forming critical support and resisting market downturn.

The green closing bars also depicted the strength in the ongoing bullish momentum of the crypto-asset. In addition, the MACD has extended the bullish crossover which has soared well-above zero depicting a strong buying demand among the market participants.

Tron has a good resistance at $0.049 area. If it manages to break this resistance, the crypto-asset could see a move towards its next resistance levels of $0.053 and $0.063 respectively.

On the flip side, however, a failure to break the resistance at $0.049 could lead to a fall towards its immediate support zone at $0.039. A further sell-off near this region could spark a drop to the support levels of $0.034 and $0.031.

Filed Under: Tron News, Altcoin News, News Tagged With: TRON (TRX)

Tron [TRX] Sees Subdued Buying Activity; Momentum Rests With Bears

January 29, 2021 by Chayanika Deka

Another attempt to steer clear of the resistance at $0.03 by Tron bulls has failed.

Along with several altcoins, Tron [TRX] too fell near its nearest support level as the market’s bulls continued to struggle to keep the price afloat. Following serious price inaction, the token fell to the 20th position in the cryptocurrency ladder before hitting reverse and noting a minor gain of 1.39% over the past week.

Tron [TRX] was up by 2.63% over the past 24-hours which $0.0295. At the time of writing, the crypto-asset held a market cap of $2.1 billion and a 24-hour trading volume of $1.05 billion.

Tron [TRX] Daily Chart:

TRON

According to the above one-day chart, Tron [TRX] price candles can be seen consolidating in a tight range bound since establishing a local top on the 24th of November.

No clear uptrends nor massive downtrends was found to transpire since then. However, the price movement in the coin’s near-term appears grim when the daily moving averages are taken into consideration.

The 50 DMA [Pink] went over the TRX candle projecting bearish hints. Furthermore, the 50 DMA appeared to be converging with the 100 DMA [Purple] depicting a rising bearish pressure in the coin market which could further pull the coin towards the previously breached support area.

The technicals did not indicate a very promising picture either.

TRON 2

The red closing bar of Awesome Oscillator depicted a shift to bearish momentum in the TRX market. Furthermore, MACD continued to tread in the bearish zone below zero, a trend that saw no hints of a positive reversal in more than a week now.

The RSI bounced back close to the 50 median line depicting a mild rising buying sentiment among the investors in the coin market.

Tron was at a crucial stage. Despite minor hints of buying pressure, the coin has so far failed to challenge the $0.031, $0.034 levels of resistance. The subsequent pullbacks in the market have only added to its woes. If the crypto-asset fails to hold the current level, it risks a fall to the nearest support area of $0.028.

Filed Under: Tron News, News Tagged With: TRON (TRX)

Despite Recovery Tron [TRX] Could Still Swing Low

December 17, 2020 by Reena Shaw

Bitcoin’s [BTC] latest upward momentum has provided several altcoins including Tron [TRX] with the opportunity to gradually climb higher. Unlike its peer crypto-assets, TRX had failed to report any handsome gains despite several developments in terms of the Tron ecosystem.

After an underwhelming performance, Tron appeared to be slowly recovering.  The coin sprung back up as it rose by more than 4% over the past week. Furthermore, the coin exchanged hands at $0.0292 against the US Dollar after noting a minor surge of 0.30%. At the time of writing, TRX registered a market cap of $2.093 billion and a 24-hour trading volume of $633 million.

Tron [TRX] Daily Chart:

T1

A price pattern bounded by two trendlines of a descending triangle pattern and was found to be sloping downward. This pattern essentially carried bearish implications even as the asset attempted a recovery above its immediate resistance-turned-current price level.

Tron appeared to be challenging a potential rejection at the current level. However, if this pattern holds true, the crypto-asset could now retrace to the recently breached support levels.

Technicals Depict A Market Recovery

T2 e1608122385237

The Klinger Oscillator underwent a long-anticipated bullish crossover on the 13th of December after nearly two weeks. The reversal to the bullish trend was hence crucial. Furthermore, Stochastic RSI also exhibited an uptick. This may drive the TRX’s price up and invalidate potentially the pattern formation.

There are two scenarios at play now. The first one is if the descending triangle pattern triggers a drop, Tron could fall to its nearest support level of $0.0240. Another support point was found to be at $0.022. The bulls would require to aggressively defend this level, failing to do which could prompt a decline to $0.015.

But the bullish hints also cannot be ignored. The indicators clearly depicted a positive flip after a significantly long tryst with the bears.  If Tron manages to break above the current price level and breach the pattern, it could target its overhead resistance of $0.0353 and $0.0401 respectively.

Filed Under: Tron News, News Tagged With: TRON (TRX)

Tron-Powered Lending Platform Just Lend Goes Live

December 8, 2020 by Reena Shaw

The Tron ecosystem first set foot into the world of decentralized finance back in July 2020. The first was the lending and borrowing platform dubbed “Just Lend” to enable Tron users to receive interests and borrow against collateral.

More than five months later, the first Tron-powered money market protocol went live on the 7th of December, according to the latest blog post by the JUST Foundation.

At first, Just Lend is set to accept TRX, USDT, USDJ, SUN, WIN, BTC, JST, and WBTT tokens as collateral for loans. Besides, the protocol will also enable smart contracts for TRX, BTC, SUN, JST, WIN, WBTT, USDT, and USDJ to distribute jTokens that correspond to underlying assets to users’ accounts at the exchange rate.

First-Ever Tron-Powered Lending Platform Goes Live

Just Lend aims to establish fund pools whose interest rates are essentially determined by an algorithm based on the supply and demand of Tron assets. According to the official release, the protocol has two roles- the depositor and the borrower both of which can directly interact with Just Lend to earn as well as pay the floating interest rate. Elaborating further on the protocol, the JUST foundation further elaborated,

“An open and transparent lending environment, quick response and low fees all make it easier for users to use JustLend. Decentralized lending in the TRON ecosystem will also inject confidence to the TRON DeFi ecosystem, and this low-risk borrowing by staking TRON assets will introduce a new way of financial management to TRON users.”

Supplying & Borrowing On Just Lend

Unlike the existing P2P platforms, the Just Lend protocol seeks to pool the supply of each user in the platform. This, in turn, would stir up liquidity and strike a better monetary balance. The “suppliers” will also be able to withdraw their assets anytime without having to wait for a specific loan to expire, which enables the protocol higher liquidity than its fellow P2P platforms.

With regards to borrowing assets on Just Lend, the users need to acquire jTokens as collateral through depositing tokens, at first. Following which the users can then borrow any available asset on the platform. As opposed to its P2P counterparts, Just Lend just asks the borrowers to specify the borrowing asset. No other additional information such as the expiry date is needed by the platform.

Furthermore, borrowing is carried out real-time, and its interest rate will be automatically adjusted depending on the market’s supply and demand.

Filed Under: Altcoin News, DeFi, Tron News Tagged With: TRON (TRX)

Tron Faces Strong Resistance; Eyes For A Downside Correction

December 6, 2020 by Reena Shaw

Tron [TRX] has faced severe rejection over the past several weeks. Its value initiated a strong decline after rallying towards the $0.0400 level against the US Dollar. The bullish momentum took a break after forming a local top below the said resistance point.

TRX noted a minor rise of 0.44% over the last 24-hours which drove the coin’s price to $0.0303. At the time of writing, registered a market cap of $2.172 billion and a trading volume of $693 million. It can be observed that the bears were currently attempting to sustain the price below crucial support levels despite the coin consolidating in an uptrend.

Tron [TRX] Daily Chart:

TRX e1607256716277

The daily moving averages depicted a stagnant price movement for the coin in the coming days. The 50 DMA [Pink] slid below the 100 DMA [Blue] following TRX’s price downturn in the early weeks of November. Nearly a month later, the two moving averages did not show any signs of a bullish reversal in the near-term.

The 50 DMA continued to hover below the 100 DMA and was moving in parallel to each other. This suggested that a switch to bullish favor might not materialize just yet. Tron [TRX] could potentially consolidate before a potential breakout.

However, both the DMAs settled below the TRX price candles, which was a positive sign and hinted at the presence of bullish pressure.

TRX2 e1607257061248

The dotted markers of the Parabolic SAR, aligned above, continued to resist an upward break for the Tron price candles which was a bearish indicator for the coin in the near-term.

In tandem with the price action, RSI also formed lower highs, despite holding the fort above the 50-median line. This was indicative of a diminishing sentiment of buying pressure among the investors in the TRX market. It is important to note that the RSI formed a head and shoulders pattern with the latest downtrend. If this pattern holds true, the indicator could drop below the 50-median and near the overbought zone.

To maintain a bullish trend, Tron would need to hold the current level. Resistance for the coin stood at $0.0348, and $0.0401 while support points were found to be at $0.0279 and $0.0241

Filed Under: Altcoin News, News, Tron News Tagged With: TRON (TRX)

Tron [TRX] Consolidates In Tight Range; Is Bullish Flip On The Cards?

November 18, 2020 by Reena Shaw

Tron [TRX] has faced repeated rejections after an incredible streak in the first week of September. What seemed like a promising uptrend, TRX’s rally was cut short as price failed to gain traction above its crucial resistance level of $0.027.

The bearish pressure has pushed the price to $0.0257 as it held a market cap of $1,84 billion and a 24-hour trading volume of $1.046 billion. The price appeared to be trapped in a tight rangebound. But could there be a trend reversal in the near future?

Tron [TRX] Daily Chart:

tron e1605702432322

As depicted in the chart above, the daily moving averages demonstrated an interesting picture. The 50 DMA [Pink], which has acted as a crucial resistance level for the TRX price candles, appeared to be sliding down. A bullish case could potentially transpire if it falls below the candlestick arrangement.

However, if this does not materialize, the coin could resume the protracted consolidation, oscillating within the current range.

Furthermore, the 200 DMA [Yellow] continued to not only hover below the 50 DMA but also the price candles. It rose steadily in tandem with the price action of TRX. Hence, a mild bullish case can be observed in the above chart.

tr e1605702906843

The converging Bollinger Bands depicted a period of low volatility. It is important to note that the same cannot be said for its peer altcoins whose prices have witnessed significant volatility as a reaction to Bitcoin’s latest bull run.

Meanwhile, the MACD remained positive as it generated a strong buy signal forming a bullish crossover under the above. A move into the bullish territory can confirm that Tron is heading to make more gains but a significant breakout might not be on the cards just yet.

The above technical analysis of Tron depicted that despite the fact that the bullish momentum has lost its steam, a potential upside could, in fact, occur as depicted by the placement of the daily moving averages as well as the indicators. However, as suggested by Bollinger Bands, an outright breach of the significant level appears unlikely, at least for now.

Tron’s [TRX] immediate resistances were found to be at $0.027 and $0.0305 while the support level of $0.0257.

Filed Under: Altcoin News, News, Tron News Tagged With: TRON (TRX)

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