Tron Price Analysis: TRON to Launch Gaming Fund Worth $100 Million; TRX/USD Cools from Recent Surge

 

  • The Tron foundation are set to launch a $100 million gaming fund, ‘Tron Arcade’.
  • TRX/USD bulls have run out of steam for now, after entering into a new area of resistance.

TRX/USD has been a huge out-performer of late, having racked up 50% worth of gains. The rally of the price began after a bottom managed to form, as observed in the previous article. Market bulls firmly capitalized on this, following the heavy defending of the big 1 cent mark, which was at jeopardy. TRX/USD in the Thursday session stormed to the north, to print a high up at $0.01705. Tron has continued to dominate the news wires with updates around the foundation.

$100 Million Gaming Fund

Tron detailed their intentions to launch a blockchain-based gaming fund, which is called ‘Tron Arcade’. They note this was put together in order to empower developers, by providing this with funding of $100 million over the next three years. The foundation continues to provide opportunities to the community. This following on from them announcing the accelerator program last week. The founder, Justin Sun, said the Tron Arcade will play a crucial role in the organization’s largely growing popularity.

Bulls Run Out of Steam

TRX/USD daily chart

As mentioned earlier, the bullish momentum that was seen over two days ran out of steam in the latest move higher.  TRX/USD jumped into a new block of resistance, which was previously a strong demand area. This is seen tracking from $0.01600-$0.01800. It had served as support from 14th August, up until the bears managed to breakthrough to the downside on 19th November. The extent of time to which this was in play means this may not be such an easy area to break down for the bulls. As a result, the price has already been forced to retreat after entering this zone.

Next Buying Levels

Firstly, it isn’t too surprising to see TRX/USD giving back some of the gains made. It is a typical observation when any asset moves so quickly to the upside within a short time frame. In terms of supporting areas or next buying levels for the bulls, eyes will be on the low of 29th November, seen at $0.01450. Looking further to the downside, this would see the recent bottom area come from $0.01350. The last legs would be seen at $0.01115, which is the low seen between 25-27th November. Any failure to hold here will see the 1 cent mark under serious threat.

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.