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You are here: Home / Archives for trx price

trx price

Tron [TRX] on verge of massive plunge if it breaks $0.06-support area

June 7, 2021 by Chayanika Deka

The cryptocurrency market recovered mildly after the weekend blues. Several notable tokens along with Tron [TRX], appeared to be on the verge of what could be a defining breakout. The crypto-asset was still up by almost 4% over the past 7-days.

Tron had been on a consolidation mode since the crash on the 19th of May which has led to the formation of lower lows with each correction.

TRX noted an increase of a minor 0.6% over the past 24-hours which drove its price to $0.077. At the time of writing, the digital asset registered a market cap of $5.54 billion and a 24-hour trading volume of $894 million.

Tron [TRX] Daily Price Chart:

Tron [TRX] formed a symmetrical pattern on its daily chart as the price candles continued to oscillate between the two sloping trendlines over the past three weeks. The price of the asset could break on either sides after the completion of the pattern formation. But in this case, the bears appear to have an upper hand.

The down-sloping 50 DMA [Pink] appeared to be heading for a bearish crossover with the 100 DMA [Blue] which maintained its steady upward trajectory. In addition, both the moving averages stayed above the TRX price candles depicting high bearishness in the market.

Also, the ill-fated volume could very well fail in providing necessary traction to the price of the coin.

The green closing bars of Awesome Oscillator indicated a weak bullish momentum in the coin. The bullish crossover below the half-line of MACD also depicted a weak sentiment of buying pressure. In line with this, the RSI also exhibited a bearish phase as it continued to hover below the 50-median line as selling pressure slowly engulfed the market.

From the above chart, it can be stated that the bulls are buying on dips, while bears are selling on rallies. As the bearish pressure rose, the price of Tron now risks a turndown and a potential break below the trendline of the symmetrical triangle which could drive it to the immediate support area of $0.06.

However, if this zone cracks and the selling pressure intensifies, Tron could be up for a damaging market event and a spiral down to lows of $0.04 and $0.02 respectively.

Resistance levels for the crypto-asset, on the other hand, remained unbreached at $0.09, $0.106, and $0.136 respectively.

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

Tron [TRX] awaits bullish cues as price struggles near $0.07-level

June 2, 2021 by Chayanika Deka

The cryptocurrency market’s movement was on a stiff rangebound. Even as Tron’s [TRX] losses minimized to 5.35%, the cryptocurrency was still directionless and continued to latch on to the negative sentiment surrounding the fall. It was still struggling to break free from the bearish impetus.

The digital asset’s tryst on the top 20 crypto leaderboard was short-lived as the price needs to stabilize before the next leg upwards.

Tron [TRX] slid by 1.54% over the last 24-hours which drove the price to $0.076. At the time of writing, the crypto-asset registered a market cap of $5.47 billion and a 24-hour trading volume of $1.67 billion.

Tron [TRX] Daily Price Chart:

The moving averages continued to resist any upward move by Tron [TRX]. After the 50 DMA’s [Pink] rise above the candles in the second week of May, the 100 DMA [Blue] followed suit which further pushed the coin down. The moving averages now appeared to be heading for a bearish cross. If this materializes, TRX could spiral down deeper into the bearish hole.

The depreciating volume on the daily chart was another signal of bearish pressure in the coin market.

The dotted markers of the Parabolic SAR aligned above the TRX candles indicating bears have the upper hand as the price continued to move sideways. The twin-peak formation above the half line by Chaikin Money Flow [CMF] depicted that an inflow of money into the capital was met by traders offloading their coins the moment its price noted upticks.

The RSI was hovering below the 50-median line, however, it followed an upward trajectory after bouncing off from the oversold region which was indicative of a slowly rising sentiment in demand among the investors in the market.

If the bulls push the price above $0.089, the TRX/USD pair could rally to a level at $0.116. Such a move will demonstrate strong buying at lower levels which could also signal an end of the downtrend. The charts depicted incessant bearishness in the market. Hence, if Tron falls below $0.063, it would invalidate the uptrend hints in the near term. In this case, the digital asset could retest the $0.044 and $0.028 levels respectively.

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

Tron [TRX] Bulls Stagnate Near $0.12 After Remarkable Comeback

April 22, 2021 by Chayanika Deka

Tron [TRX] has been struggling to recover from the recent market crash along with its peer altcoins. It slid to the 19th spot by market cap after testing the crucial support zone and was still down by 12.75% over the past week.

Prior to the correction, the crypto-asset had been on an uptrend over the past few months similar to the rest of the market, and rose steadily in April as it breached multi-year highs.

Tron [TRX] was trading at $0.124 at the time of writing, having dropped 5.62 percent in the previous 24 hours. The altcoin registered a market cap of $8.83 billion and a 24-hour trading volume of $3.13 billion.

Tron [TRX] Daily Price Chart:

Tron’s [TRX] daily chart depicted a decline in volatility in the market which could shrink its upside potential. There are two possible scenarios. Firstly, it could enter a consolidation phase, Second, the altcoin could test psychological support points and fall back to 2020-lows.

The moving averages depicted the bullish presence defending the current price level. The upward slopping 50 DMA [Pink] continued to rest below the TRX price candles. The 100 DMA [Blue] also supported the candlestick arrangement from further decline as it hovered well below the 50 DMA with a steady gauge between the two.

Tron has been under pressure after it rallied to a local high last week as investors booked profits after offloading their coins. This prompted the MACD to sustain a bearish crossover which appears to be amplifying, at press time.

The Stochastic RSI fell towards the extreme oversold region as the altcoin’s price took a plunge. However, it was heading for a bullish crossover and a potential bounce back which indicated in the formation of a quick support.

The RSI, on the other hand, was nearing the 50-median line evidencing a sentiment of a decline in the buying pressure among the TRX market participants.

The resistance levels for Tron was found at to be at $0.163, $0.201, and $0.224 while the support was firmly held at $0.11, $0.085 and $0.065 respectively.

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

Tron [TRX] Sees Renewed Push; Prepares To Break Above $0.06

March 31, 2021 by Chayanika Deka

Tron, TRX has managed to rake in more than 10% in weekly gains even as the wider crypto market continued to trade sideways. The latest price action has catapulted the token to rise up to the 23rd position briefly before falling one spot lower as volatility in the coin market ensued.

It pumped significantly higher in the past week, as opposed to other tokens, as the foundation published NFT standard details.

Tron rose by 2.02% over the last 24-hours following an increase in terms of its trading activity as volumes soared to $1.83 billion during the same time frame. The crypto-asset was trading at $0.0655 while holding a market cap of $4.76 billion, at the time of writing.

TRON [TRX] Daily Price Chart:

Tron [TRX] resumed its upward trend after recovering from the late-February pullback to climb to new multi-year highs even after a short-lived tryst with the bears.

The upward sloping moving averages also aligned with the ongoing bullish sentiment as both 50 [Pink] as well as the 100 DMA [Blue] hovered quite the TRX price candles establishing crucial support points.

Buying Pressure Intensifies

Tron’s technicals have gained considerable traction once again. Even during the time of high volatility, the long green candles of Awesome Oscillator depicted continued bullish momentum. The OBV continued to register higher highs as buying pressure steered the price north from levels last seen during the recent correction.

The RSI pointed north of the 65-level and depicted a strong buying pressure among the investors in the market. However, the crypto-asset still has a long way to go before it shoots up to the overbought zone. This was essentially indicative of the fact that the bullish momentum might not falter under current circumstance.

As depicted by the charts, the immediate targets for the bulls resided around the $0.089-mark, while the next one was at $0.092 respectively. The support levels, on the other hand, rested at $0.054, $0.0449, and $0.027.

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

Tron’s [TRX] Short-term Plunge Imminent As Price Fails To Capture $0.053

March 12, 2021 by Chayanika Deka

With nearly 3% weekly gains, Tron [TRX] saw a consolidated move as it attempted to break free from the prolonged downside pressure. Despite the renewed interest, the crypto-asset’s breach of the next ceiling appears bleak.

Long-term Tron investors have continued to use declines in a strong uptrend to stack more coins. The short-term investors, however, are fixated on amassing profits.

This was noted by the swift price correction of the crypto-asset which was still down by 1.21% over the past day. Tron [TRX] was currently trading at $0.051 as it further dipped on the cryptocurrency leaderboard.

At the time of writing, Tron registered a market cap of $3.68 billion and a 24-hour trading volume of $1.3 billion.

Tron [TRX] Daily Chart:

Tron [TRX] has maintained a steady uptrend after late Feb’s massive correction. The accession near the recently formed multi-year high did not face much rejection. However, it depicted signs of turning down after establishing a local top. This was indicative of a short-term price weakening as some market participants sold their coins.

The moving averages, however, aligned with the bulls. The 50 DMA [Pink] continued to hover below the Tron price candlestick arrangement and well above the 100 DMA [Blue].

Trouble For Tron?

Much like the short-term depictions, Tron’s long-term prospects did not appear to be super-bullish, as well.

The closing bars of the Awesome Oscillator, for instance, has flipped red after declining for a period of two weeks. This evidenced the emergence a bearish momentum following the latest pullback in the TRX market.

The MACD was also not backed by the chances of a favorable outcome as it underwent a bearish crossover.

The RSI noted a minor decline after a consistent surge. However, it was still above the 50-median line despite a rising sentiment of sell-pressure in the TRX market.

In case of a market downturn, crucial supports points for the crypto-asset stood at $0.045, $0.035 and $0.027. Its upward targets were found to be at $0.053, and $0.061 respectively.

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

Tron Leads Smart Contract Blockchains as Most Active DApp Platform

January 26, 2020 by Richard M Adrian

Tron is ahead of all smart contract platforms with the most active users. A Dapp Review by CryptoDiffer ranked Tron blockchain ahead of Ethereum and EOS. The ecosystem continues to grow with increased user activity on decentralized applications (DApps). In fact, Dapps accelerated the number of users to approximately 2.77 million.  Among whom, 11% were active users. 

These stats left the blockchain community in a frenzy. Further debunking long-held beliefs that Ethereum was at the top of the Dapp chain. CryptoDiffer outlined differentiating statistics behind Tron, Ethereum and EOS blockchains. Although Ethereum lagged behind both Tron and EOS, the data revealed that Ethereum remains the smart contract platform of choice for many users. 

Most popular activities on the Tron ecosystem consist of gambling and high-risk applications. A user base that accounts for at least 75% of the platform’s total volume and active users. 

Prior Dapp reports claimed that Ethereum was popping more active users. A claim that CryptoDiffer refuted. In other words, despite Ethereum boasting a high number of decentralized finance applications (DeFi), these numbers do not necessarily translate to an active user base. 

According to CryptoDiffer, 94% of Tron (TRX) users are active on the platform judging from their active TRX addresses. EOS blockchain followed with 90% active user addresses and then came Ethereum, with 61%. 

Tether (USDT) seems to be enjoying a share of the Tron bubble with Tron based USDT ballooning to almost $1 billion. A figure that indicates at least 20% of the total supply of USDT coins. Presently, the US dollar stablecoin shows no signs of slowing down. 

The activity rate is an important aspect of judging the utility of an application. In fact a better indicator of the quality platform than user volume. Hence the disparity among DApp reviews ranking Ethereum at the top instead of Tron; arises from Tron having a slightly lower volume of users but a massive percent of whom are active. While on the other hand, Ethereum boasts about 2000 decentralized app developers on the platform. Additionally, Ethereum attracted a higher number of new enthusiasts.

For instance, Ethereum had 114K users in Q1 2019 compared to a whopping 578K users by Q4 2019. On the other hand, the number of new registrations on Tron fluctuated in Q2 2019. EOS would, however, face a decline as its users crashed from 163K in Q1 2019 to 58K in Q4. 

A prior report by Misha Lederman stated that Tron had 233K active user addresses. 5% of whose addresses were active. The report ranked Tron third after Bitcoin and Ethereum by activity rate. 

Unlike Tron, the rise in Ethereum’s new users is due to DeFi applications. And since most blockchain developers have the intention of democratizing banking and duplicating financial structures; it is clear the flock given Ethereum is the pioneer of DeFi apps. 

Meanwhile, Tron gaining the edge on the DApp ecosystem is quite encouraging. Analysts attribute the remarkable performance a result of last year’s launch of BitTorrent speed on the network. An action that potentially triggered bullish performance of the Tron (TRX) coin and boosted the number of new sign-ups. 

 

 

Filed Under: Tron News, News Tagged With: DApp, Smart Contracts, TRON (TRX), trx price

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