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Tron [TRX] Struggles To Find Bullish Momentum; Falls Below $0.03

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Several altcoins along with Tron [TRX] were observed to be losing bullish momentum as the price of the world’s largest cryptocurrency, Bitcoin struggled to reclaim its ATH. TRX has been largely absent in the present bull run despite a minor price change to the positive side as it was turned away by several resistance levels.

Tron [TRX] declined by 5.56% over the past 24-hours which dragged the coin’s price to $0.0299. The crypto-asset recorded a market cap of $2.145 billion and a 24-hour trading volume of billion at the time of writing.

Tron bulls appeared to be waiting for a fresh increase despite continued downward pressure. Let’s look at what the technicals have in store for the 19th-largest crypto-asset.

Tron [TRX] Daily Chart:

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Tron’s [TRX] failed to demonstrate strong momentum and its price action has been dull. Its weekly losses totaled at roughly 3% as selling pressure followed soon after establishing a local top.

Furthermore, the coin witnessed resistance at several points where sell pressure has turned its price down.

Meanwhile, the 50 DMA [Pink], as a result, moved above a few TRX price candles before retreating below them. Despite this, the moving average continued to tread close to the candlestick arrangement depicting a bearish pressure in the market. The converging of the two DMAs further validated the struggle of the bulls.

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The MACD underwent a bearish crossover after a brief stint with the bulls above zero depicting a rising downward pressure in the coin’s price.

The OBV indicator, however, did not note a lack of volume, which may be why the price was a little volatile and had room for improvement in the near future.

The RSI declined to close the 50-median line depicting a minor dip in buying pressure.

Tron’s [TRX] price inaction could essentially continue in the medium term as a definitive breakthrough indication is yet to transpire in the charts. Bulls and bears continued to defend the current level.

Noteworthy levels in case of upward price action were found to be at $0.031, $0.033, $0.035 and $0.040 respectively while its support points stood firm at $0.029, $0.024, and $0.023.

Tron’s [TRX] Price Risks A Retracement To $0.023

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Tron [TRX] has been slow to catch the bullish bandwagon as the altcoin recorded a 2.71% weekly gains despite an outstanding performance by the cryptocurrency market over the past several weeks. The recent pullback caused much damage to the coin which further sank the coin.

Starting off with a fresh decline, the 17th largest crypto-asset has been treading in troubled waters. Tron was currently priced at $0.029 after a dip of 1.15% over the last 24-hours. At the time of writing, the coin registered a market cap of $2.1 billion and a 24-hour trading volume of $1.85 billion.

Have Tron bulls ceded to the bears? Let’s look at the charts below.

Tron [TRX] Daily Chart:

 

TRX1

Tron [TRX] has been pretty much consolidating within a tight rangebound. Unlike its peer altcoins, TRX has failed to post impressive gains over the last month. The lackluster in the Tron market was further confirmed by the placement of the daily moving averages with respect to the price candles.

The 50 DMA [Blue] moved above the candlestick arrangement today depicting a rather gloomy picture for the coin. The 50 DMA and the 200 DMA [Purple] were moving in parallel to each other with the latter forming a critical support point for the TRX candles. This depicted the continuation of the ongoing trend and a sharp break on either side might not be in the cards, at least for some time.

The Fib retracement indicator highlighted a few crucial positions that TRX’s price could find itself in.

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TRX2Despite Tron’s dull price action, the OBV indicator demonstrated a bullish development for the coin market as the buying volume remained at relatively higher levels. Furthermore, the RSI was a little below the 50-median line indicating a minor dip in the buying pressure among the investors in the TRX market over the past day.

Meanwhile, the Stochastic RSI sank indicating a substantial bearish pressure.

According to the above charts, Tron technicals were in an indecisive phase even as its price made a couple of attempts to settle above the press time level. If TRX breaks the 100% Fib retracement level of the downside move at $0.0236, the losses could extend to the nearest support levels of $0.016 and $0.012 respectively.

Besides, Tron found significant resistance from $0.0346 and $0.0416.

 

Tron Still In Good Books Of US And Chinese Regulators, Affirms Justin Sun

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Of late, the crypto industry has been subjected to immense scrutiny. While Ripple is still trying to fend off its lawsuit, the Tron network was rumored to be under the purview of both the Chinese as well as American governments. However, the Tron network’s Justin Sun affirmed that they were nothing but mere fabrications.

Tron Or BitTorrent Haven’t Received Legal Notices From Any Regulators

The SEC recently hit Ripple with a $1.3 billion lawsuit for engaging in the sale of unregistered securities. This was soon followed by rumors regarding the Tron network being called out by both regulators from America as well as China for its 2017 ICO. Putting these rumors to rest, in an array of tweets, the founder of the network, Justin Sun revealed that the crypto platform hadn’t received any legal notice.

In his tweets, Sun explained the process of approving governance proposals in the network. Sun pointed out that the network constituted over 18 million accounts of users. This was followed by 27 super representatives with over 300 candidates. Every proposal stated to be passed would demand the aid of 19 super representatives.

In a series of tweets, Sun acknowledged that Tron Foundation is one of the thousands of network contributors. However, he went on to clarify that neither the foundation nor its directors [including himself], or any single validator have control over the network, determines who uses the network or how the tokens are being traded.

Sun further asserted that the network had been performing successfully for the past two and a half years without coming across a lot of “significant downtimes.” He added,

“We don’t believe that there’s any merit to the claims brought in the New York securities lawsuit by private individuals, & we’re vigorously defending against those claims. Lastly, neither I nor @TRONFoundation or @BitTorrent owns @Poloniex.”

Additionally, amidst these rumors, TRX, the native currency of the Tron network continued making profits off the ongoing bull run. At press time, the coin was trading for $0.03278 with a 10.29% rise over the last 24-hours.

Tron [TRX] Sees Minor Sell-off As Price Cools Down Below $0.03

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Tron [TRX] is yet to catch up to the massive bullish wave that many altcoins were riding for the past several weeks. Its weekly gains have totaled a mere 5.38% especially at a time when several coins posted double-digit gains over the same period, leaving it to fall to the 18th position in the cryptocurrency ladder.

Despite maintaining its position in the green territory, the coin is yet to establish a major break. Over the past 24-hours, Tron [TRX] noted a minor increase of 1.46% which placed the crypto-asset at a value of $0.0284. At the time of writing, it has recorded a market cap of $2.02 billion and a 24-hour trading volume of $1.286 billion.

Tron [TRX] Daily Chart:

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Tron’s [TRX] daily chart indicated indecision as bulls and bears continued to battle it out for supremacy. The moving averages depicted a close battle as correction ensued. The 50 DMA [Pink] slid above the TRX price candle while the 100 DMA [Blue] appeared to be moving closer to depicting a bearish phase for the coin, If the candle closes below the 50 DMA, it would indicate that bearishness has outweighed and that the crypto-asset could retrace to lower levels.

Fibonacci Retracement also depicted major levels of resistance for the coin.

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The MACD indicator underwent a bullish crossover above zero which evidenced a strong positive signal. A move by the indicator after a prolonged period of time hinted that the Tron could be poised for gains in the near-term.

The Stochastic RSI, however, underwent a bearish crossover a little below the overbought zone, which depicted that local highs triggered a minor sell-off.  The RSI was also below the 50-median line indicating a persistent sell pressure in the coin market.

Tron’s price surge was mostly backed by significant bullish sentiment around Bitcoin. It will be interesting to see if the coin is able to hold on to its bullish momentum in the coming days. It found significant resistance at points $0.03, $0.035, and $0.04 respectively while it found support at $0.023.

BeFaster.fit’s BFHT Trading Event Kicks Off On LATOKEN As Ecosystem Gushes In Joy

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The current cryptocurrency bull run has brought fresh blood into the ecosystem with developments going on in full swing. In the midst of the price surges, established cryptocurrency organizations like BeFaster.fit was taking full advantage of the momentum.

As 2021 dawned across the world, BeFaster.fit announced details of the native Holder Token trading competition. The BFHT Token contest is set to bring in more customers into the BeFaster.fit roster while being conducted on the trading platform, LATOKEN. 

Reports from BeFaster.fit revealed that the BFHT trading competition will go on from its start date of December 31, 2020, to January 21st, 2021. BeFaster.fit had garnered a lot of attention during last year’s lockdown period when the internet was flush with news about its focus on fitness.

Upon launch, the BFHT token had stirred the cryptocurrency pot as several major players took notice. The special investor token determines the number of tokens ” held in relation to the total token supply”. One of the best parts of the token is that it can be recorded in the blockchain and tracked in the wallet. 

Participants will be required to trade a minimum amount of 5 BFHT tokens during the contest on LATOKEN’s account to become eligible for the contest. Once the competition commences, the Top 10 winners will get a share of a whopping 1000 BFHT token. According to BeFaster.fit and LATOKEN, the token trading volume is calculated as the sum of the number of buys and the number of sells. 

United States citizens would need to wait a bit longer to take part in the contest with plans to launch still being in the discussion stage. Winners of the contest are set to be ranked according to each eligible user’s trading volume. To claim their rewards, winners will have to pass LATOKEN’s native Know-Your-Customer process. This step was taken to ensure total safety and security during the contest.

The Twitterverse has been abuzz about the competition over the past couple of days and officials expect the positive sentiment to only rise. BeFaster.fit executives had earlier stated that the native application will be ready to launch soon, with the latest competition acting as a springboard. Once the BeFaster.fit application is out for public access, customers will be able to take their workout on the decentralized network to the next level.  

Despite Recovery Tron [TRX] Could Still Swing Low

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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:

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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

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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.

Tron-Powered Lending Platform Just Lend Goes Live

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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.

Tron Faces Strong Resistance; Eyes For A Downside Correction

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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.

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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

Tron’s [TRX] Downside Pressure Could Sabotage An Imminent Rally

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For the most part, Tron [TRX] remained in a bear market even as its peer altcoins went on to climb critical resistances. TRX underwent a brief bullish upsurge after breaching $0.03095 before bears invalidated the momentum. Since then, the coin faced repeated rejection and was struggling to hold on to the level.

Tron has witnessed a strong surge in terms of activity, and it was even reported that the project’s DApp transaction volume figures had recently crossed that of the Ethereum network. But on the price front, things look dim. Tron’s growth has been quite slow this quarter but will it show consistency in the near future?

Over the past 24-hours, Tron [TRX] noted a minor decline of $0.70% which drove its price to $0.03097. The 16th-largest cryptocurrency registered a market cap of $2.21 billion and a 24-hour trading volume of $881 million, at the time of writing.

Tron [TRX] Daily Chart:

tr 1 e1606739538920

Tron resumed an uptrend despite the bearish pressure. The daily moving averages appeared to be depicting a positive outlook for the coin’s price in the near term. After a period of convergence, the two moving averages were hovering in parallel to each other as the 200 DMA [Blue] settled below the 50 DMA [Pink].

This was indicative of a potential period of consolidation below the current range of $0.0309 before a potential upward break targeting another crucial overhead resistance at $0.0348. However, to reach $0.040, the main hurdle is still stood unbreached at $0.0380.

Bullish Signs

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Its technicals, however, depicted a different picture. The diverging Bollinger Bands sugged a period of high volatility on TRX’s price in the coming days. the RSI also moved above the 50-median line in tandem with the latest price action. This evidenced a potential sentiment of rising buy pressure among the TRX investors in the market.

A close below the current level would further trigger a downside correction to its nearest support level of $0.026, near the 50 DMA. A further breach of this level could potentially drag the price to $0.022, a level last seen in August. The key resistance levels, on the other hand, were found at $0.0348, $0.038, and $0.040

Tron Europe Back With a Bang as Company Launches Native Website, More Developments to Follow Soon

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The cryptocurrency market has been flooded with new organizations claiming to provide the best service that caters to user needs. This influx of developments can, in part, be owed to the latest bull run that catapulted cryptocurrency prices to new levels.

Tron Europe, one of the earliest members of the TRX ecosystem made news with updates to an already fledging network. Building on their reputation of routine growth, Tron Europe has decided to launch its native website to give users a better idea of their vision.

The new website of Tron Europe lists all the achievements of the company with a complete breakdown of what is to come. Starting with the company’s Roadmap, Tron Europe assured its users that multiple updates were in the pipeline. Early 2021 is expected to bring a plethora of changes with the first project set to go live in the first quarter.

While Tron Europe has its hands full with the network updates, its native token was doing some heavy lifting too. The analysis shows that the TERC token price tangs from 0.42 TRX to 1.34 TRX with a 100 percent return on investments. According to the roadmap, Tron Europe will start the second cycle of developments by the end of 2021. This new phase will include revamped products coupled with the total expansion of the trading system.

Tron Europe first became popular for being one of the few over-performing Super Representatives with their own limited coin. Users in the Tron ecosystem popularized the platform and the token because of its gripping distribution and rewards systems. The community went further and enabled the rise of conversation around decentralized assets. The Tron Europe community leans towards a couple of cryptocurrencies on their roster which includes: Tercium Force, Lord, Magister, Noble, and Knight.

The TE website further talked about applications such as BeFaster, the organization’s soon-to-arrive fitness application. Initial reports revealed details on the earn while you exercise concept as the organization focussed on the needs of the growing user base. Features such as the TE website makes it easier for new entrants to get into the decentralized market. As time passes, the company has promised a more feature-laden trading environment for all members alike.