Tron Price Analysis: Justin Sun Makes Offer to EOS and ETH Developers; TRX/USD Outperforms

  • TRX has been outperforming its peers in the session on Friday, within a sea of red.
  • Tron founder Justin Sun makes an offer to EOS and ETH developers.

The Tron price is witnessing decent bounce to the upside in comparison to many of its peers. Gains of some 3% in the session on Friday have been observed at the time of writing. A big thanks to a couple of supporting confluences. Firstly, TRX/USD during its most recent cooling period has formed a bullish flag pattern formation. This began to take shape after the price saw a chunky rally from 27-29th November, having jumped around 48%. During the sell-off that hit the market in the latter part Thursday’s session to open of Friday, fortunately the falling price was caught. The lower tracking trend line of the mentioned flag came to the rescue.

Elsewhere, the demand area that began to take shape after the recent bottom seen on 25th November has certainly held its ground. The buying interest looks strong from $0.01350 down to the low at 0.11150 – the 25th November low. Unlike several of Tron’s peers, these recent formed support bottom areas have been breached. As a result, the market as a whole saw an extension to the downside, with moves that were somewhat exacerbated due to the critical near-term support levels being pierced. This allowed the bears to come in and capitalize.

Justin Sun’s Offer to EOS and ETH Developers

Tron’s founder Justin Sun has recently announced via Twitter that there will be a fund created by the foundation. The goal of this will be rescue any potential developers of EOS and Ethereum if they move their Decentralized Applications to the Tron Network. Justin Sun tweeted, “#TRON will build a fund to rescue #ETH and #EOS developers from the collapse of their platform as long as those developers migrate their dapps to #TRON”. This is clearly a move from the Tron founder to further improve on his platform’s image. He is not shy from these types of social media marketing tactics.

Technical Review – TRX/USD

TRX/USD daily chart

The bulls will be eyeing a firm convincing breakout from this bullish flag pattern formation. Upper resistance is seen at $0.01450, the above trend line. A push above here will invite another retest of the prior acting demand zone, which is now resistance. This can be seen tracking from $0.01600 to $0.01800. Such as technical development should spark decent upside momentum, with bulls gunning back towards $0.03000. A supply area is seen just ahead of this, tracking from $0.02600 to $0.02800. TRX/USD last traded up at these heights in October.

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.

Author:
Ken 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.