TRON Price Analysis: New Partnership and Listing with TRX/USD; Bulls Ready to Retest Critical Resistance

 

  • TRON announces new a partnership with online blockchain based gaming company NeoWorld.
  • TRX has now been listed on Indacoin, and can be purchased with USD, EUR, GBP, AUD, and RUB.

TRON Partner’s with NeoWorld

The Tron Foundation announced on 8th November a new partnership with online gaming company NeoWorld. They are a multiplayer online 3D virtual world that runs on blockchain. Justin Sun tweeted, “#TRON has established a partnership with NeoWorld. The cooperation between both parties will revolve around entering NeoWorld, planning the NeoWorld Exclusive Island, strengthening the cooperation within the community ecosystem, etc.”

TRX Listed on Indacoin

Justin Sun has been busy with announcements via his Twitter account of late. Earlier in the week he noted that TRX has been listed on another exchange, Indacoin, facilitating users to purchase TRON (TRX) in USD, EUR, GBP, AUD, and RUB. Within Tron’s update they noted “Indacoin is an exchange built on the basis of the anti-fraud platform. It uses a cutting-edge technology to detect and prevent fraudulent attempts to purchase digital coins with banking cards.”

Technical Review – TRX/USD

TRX/USD daily chart

TRX/USD was trending firmly higher, with the support of an ascending trend line. This had been running from 12th September up until 29th October, when the bears managed to cause a breach. To see the price on the daily break and close below. The price however managed to catch a bid and bounce on the 31st October, at around 0.023170. Following this, after a period of seven sessions, the TRX/USD managed to close on the daily within the green, on six of those occasions.

Upside Resistance

During the above-mentioned run the bulls enjoyed, it took this price up to retest the broken ascending trend line. However, the bulls failed to break back above, forcing TRX/USD back to the south. As a result, the most recent retest has seen two consecutive sessions close firmly in negative territory. At the time of writing, the price on the daily is currently trading in positive territory up just shy of 1%. TRX/USD was able to catch a bid at a daily support level, $0.023152.

Next Move for TRX/USD

Bulls will be eying up another retest of this breached trend line. This will likely be seen at $0.025055, just underneath the prior acting support. Should the price manage to squeeze back above, there could be some decent upside momentum, as it heads through that. Finally, the next area to tackle would be $0.02700-0.02800, a touted supply zone. TRX/USD most recently faltering here on 15th and 8th 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.