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Tron Price Analysis: Despite Hard Fall, TRX/USD Forming a Bullish Flag Pattern

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  • The TRX/USD price is under pressure after the big 48% bull run seen last week.
  • Justin Sun goes head to head with Ethereum’s Vitalik Buterin, boasting of huge transaction volume.

Tron Ecosystem Growth

Tron continues to see solid growth, with data to back it up. The foundation’s Dapp ecosystem is expanding in a strong and steady fashion. Further Dapps were seen to have launched with additional partnerships being reported, as detailed within their latest weekly Dapp report.

Looking at the data, the past week had seen a decent improvement in comparison to the last. There was a total of six Dapps that were added to the Tron ecosystem over the most recent period. In terms of transactions, these increased by 11%, while the accounts growth was up 6%.

While Tron’s recorded numbers look very much impressive, its rival Ethereum saw less impressive growth. In terms of data available via EtherScan, the total reported pending transactions on Ethereum, had surpassed the 90,000 mark. This further demonstrates that congestion has intensified.

Justin Sun vs. Vitalik Buterin

The Tron founder Justin Sun and Ethereum creator Vitalik Buterin went head to head on Monday as they exchanged words via Twitter.

Sun was gloating at the fact of how much Tron’s daily transactions dwarfs the activity seen on the Ethereum network. Sun tweeted, “We can talk about the dollar sign after the day #ETH reaches 2 million Txs per day, which I think will never happen”.

Around two weeks ago, Sun had tweeted about the growing strength of activity seen in the Tron network, noting, “New record 1,841,055 Txs per day! Will break 2 million very soon!” Judging by the latest exchange of words with Buterin, this may be more or less there now.

Technical Review – TRX/USD

TRX/USD 4-hour chart

A decent bull run was seen from 27th to 29th November, where TRX/USD gained a chunky 48%, moving to a high of around $0.01715. Since then, the price has largely cooled, after running into a prior strong demand zone. This was running from $0.01600 up to $0.01800; it had supported the price from August until November. Clearly now this area is acting as a new form of resistance.

Looking to the downside, TRX/USD has retreated back towards a demand area, where the price recently bottomed on 25th November. This support can be seen from $0.01350 down to $0.01115, protecting that big 1 cent figure.

Despite the easing in TRX/USD, which is seen down as much as 8% on Monday, it has formed a bullish flag pattern. This began to take shape on 29th, during this move south. A set up which does stack in the bulls favor, momentum would likely be triggered on the break of $0.01500, the upper trend line.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 87 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Tron Price Analysis: Fundamentals are Stronger than Ever; TRX Bulls Staging Comeback

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  • Tron network has breached over 100 million transactions, as reported by Justin Sun.
  • Zero transaction fees are anticipated on the Tron ecosystem, by Friday 21st

TRX/USD has remained generally soft since the 29th November. The price has been cooling and ranging since its spike higher at the back end of November. TRX is remaining well supported within a near-term acting demand zone. This has been in action since 20th November, providing necessary comfort, to prevent a free-fall below the 1 cent mark.

Despite this described technical behavior, the fundamentals surrounding the Tron foundation remain very strong indeed, as the founder Justin Sun likes to keep the community up to date with all the latest via his Twitter feed. There seemingly being much promise surrounding Tron’s daily activity and transactions.

Tron Hit 100 Million Transactions

Sun, took to his Twitter account today, to announce that it had recorded 100 million transactions. He said, “TRON has reached 100 million transactions today.” Sun provided a screenshot of the Tron platform, which showed the number of transactions had in fact breached the 100 million mark.

100 million transactions

Over 2 Million Daily Transactions

Previously, he had boasted how the Tron network continues to breach records with its daily transactions, tecently having well and truly smashed through the 2 million mark. One community member, which Justin Sun retweeted, provided a comparison of Tron’s daily transactions, versus its peers: “TRON’s new record of 2,64 million daily transactions in comparison w/ the Top 5; 9.6 times more than Bitcoin’s 275k, 4.6 x Ethereum’s 567k, 4.1 x Ripple’s 633k, 188 x Tether’s 14k, and 264 x Stellar’s 10k.”

Zero Transaction Fees Coming Soon

Elsewhere, Justin Sun had posted something via the Tron community on his Twitter. This detailed, “The transaction fee of TRXMarket has dropped to 0.1% at 07:00(UTC) on Dec 14th! And 0 transaction fee will be realized by next Friday.” Given this, the ecosystem may see zero transaction fees by Friday 21st December.

Technical Review – TRX/USD

TRX/USD daily chart

Looking to the upside, should the bulls maintain this current course of momentum, TRX/USD could be in for decent gain. Firstly, resistance in a prior acting demand zone must be broken down for greater moves north. This can be seen tracking from $0.01600 up to $0.01800. As mentioned, this area had previously been supporting TRX/USD from August right up until November. Given the length of acting demand, it may prove a challenge breaking down.

TRX/BTC daily chart

Lastly, TRX/BTC is heading towards an extremely critical and game-changing zone. An area where the price faltered in August and October. As can be observed via the daily chart view, there appears to be some chunky sellers camped here. As a result, on each occasion, this region sent the price free-falling back down to the south. A clearance above will see a large renewed wave of buying pressure come back into play.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 87 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Litecoin Price Analysis: LTC/USD E­­­njoys Double-Digit Gains as Lightening Network Seen Imminent

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  • Litecoin has run higher by 20% over the past three sessions.
  • The community of Litecoin is very much excited about the upcoming activation of the Litecoin Lightening Network.

The Litecoin price is currently enjoying a bull run, running at its third consecutive session in the green. LTC/USD having gained a whopping 20% to the upside after producing another bottom area around the $22 territory.

Prior to this push higher being observed, LTC/USD had been moving within a tight range, after bottoming on 7th December. It initially appeared to be subject to another extended move to the downside, given the formed range-block.

Litecoin bulls still need to breakout from this mentioned formation. The low as detailed above is seen down at $22. The upper part of the range can be observed up within the $27 territory. To avoid another bear attack near-term, this must be breached.

Litecoin Lightning Network Imminent

Earlier this week, cryptocurrency exchange, CoinGate, did announce via witter that the Litecoin Lightning Network is now ready for its deployment. CoinGate also put itself up for hosting for the activation to take place on their platform. The exchange tweeted: “Litecoin community, we bear some exciting news! Our Litecoin LightningNetwork is ready to be deployed and will soon be live on CoinGate! Keep up with the news as we’re getting closer!”

The Litecoin founder, Charlie Lee, responded: “Even Litecoin will soon have more than 1000 merchants accepting LN payments! Thanks CoinGatecom!” Lee recently spoke about the Lightning Network, where he detailed how it is a second-layer solution for payments that go through Bitcoin and Litecoin.

Technical Review – LTC/USD

LTC/USD daily chart

As touched on earlier, the key for greater upside is to see a break out from the mentioned range-block. The bulls must storm through the $27 territory. However, not long after there is another barrier in the way. LTC/USD, between the 25th November and the 5th December, was in a prior range-block. The bottom for this was seen around $27 up to $29, which was a very short-term demand area. A push above this zone should pave way for a fast return back towards $50.

LTC/BTC Daily Chart Review

LTC/BTC daily chart

In the latest run to the upside for Litecoin, it has moved to its highest levels seen since 1st December. There is a key near-term barrier being eyed around current levels. A descending trend line running from the start of August is observed. The bulls must force a daily close above this resistance to see a further wave of buying pressure.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 87 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Monero Price Analysis: Wider Adoption Seen as Bity Adds XMR Support to Their ATM Network

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  • Swiss-based cryptocurrency organization, Bity, has added their support for XMR for use at ATM terminals.
  • XMR/USD trading up on Friday, with gains of over 3% at the time of writing. Despite this, weekly chart view still points to the downside.

XMR/USD is trading in positive territory on Friday, having gained over 3% during the session. This leaves some optimism heading into the weekend, which is normally characterized by lower trading volumes. Trading over the past eight sessions now has been very much choppy, signaling a lack of direction in the underlying market. Any short-term bull runs observed have quickly been sold by the bears, consistently.  The price is trading around the lowest levels since August 2017 and is down over 90% from the start of 2018. Despite the minor relief upside Friday, there still appears to be room for downside in the short term. Once again, price action is largely dictated by technical factors as opposed to fundamental.

Wider XMR Adoption Following Bity Support

Bitly, a Swiss-based cryptocurrency organization, has announced their support for Monero (XMR). They are a cryptocurrency exchange, in addition to operating a network of cryptocurrency ATMs. Their users can instantly and securely transact bitcoin in addition to buying ETH and now XMR with Swiss Francs and Euro. This can be done at physical terminals in Switzerland. Bitly has additional kiosks in Zurich, Zug, Winterthur, Basel, and Lausanne. They note that more locations and additional token support are coming soon.

Technical Review – XMR/USD

XMR/USD 4-hour chart

Price action over the past seven sessions now has been forming a range-block, moving within consolidation mode. This has come after some stabilization, following the chunky sell-off from November through to early December. The current price behavior can also be perceived when looking technically, as a potential bearish flag pattern formation. If playing out to the textbook, another extended move to the downside will be seen.

Downside Targets

XMR/USD weekly chart

The near-term bottom can be eyed at $41.00, which is the floor of the most recent range. A failure of this holding will likely see another wave of selling pressure. Looking further to the downside, the next eyed support is seen at $38.45, which was a key weekly level in July 2017. Lastly, any breach here would invite a drop below the $30.00 mark toward the weekly support at $29.00. This would be the lowest level hit since July 2017, when XMR/USD was in the early stages of the big bull run.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 87 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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