Tron Price Analysis: Momentum Slows Despite Strong Fundamental Activity
- TRX/USD is subject to the bears selling the most recent explosive run higher.
- Justin Sun has been non-stop in proving the recent positive developments surrounding Tron via his Twitter account.
TRX/USD has been a victim of price cooling, in line with a market wide pullback. The price had been enjoying a strong rally to the north, having gained a chunky 90% from the 16th December to the 24th December. It did manage to briefly return to pre-November fall levels, before running into sellers similarly to early November.
Zero Transaction Fees
Justin Sun recently acknowledged zero transaction fees on the TRXMarket, as covered via its Twitter account. It has been noted that soon users will not have to pay anything to transact on the Tron network. Developers are currently within the finalization process to abolish all transaction fees.
One Million User Accounts Surpassed
Earlier this week It was confirmed that the TRON network has passed the one million user accounts mark. This milestone was achieved within six months of its launch. The data was detailed by the co-founder of IAmDecentralized.org, Misha Lederman, which is a Tron spin-off project.
TRON, which launched its mainnet earlier this year, is seeking to become the ultimate hub of an ecosystem for developers – open to those who are looking to create decentralized applications (DApps). This having been welcomed by Justin Sun earlier this month, advising EOS and Ethereum developers to move over to Tron.
TRX Available on VenaPi
Elsewhere, Justin Sun keeping up his Twitter activity, announcing that TRX will now be available on the VenaPi platform. The Tron founder also giving an insight on the Vena team’s main objectives and upcoming activity.
Sun said, “TRX is now available on VenaPi which dedicates to building the best Tron DApp entrance based on Tron ecosystem. Vena Protocol team developed a decentralized wallet that is compatible with all eco applications in the mobile end to provide users with the best experience”.
Technical Review – TRX/USD
In light of the recent drop over the past four days, TRX/USD has been forced to retreat to a known area of demand. This can be observed tracking from $0.016800 up to $0.019150 price range. It had previously served as an area of support from August up until it was breached mid-November. Should this area fail to pick up buying interest again, then a similar move to November could be seen. The bears may then force TRX/USD down to the December bottom area, $0.011150.
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.
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