Tron Price Analysis: TRX/USD Maintaining Bullish Momentum; Big Test Approaching

  • TRX/USD producing double-digit gains on Tuesday at the time of writing, as it extends to the upside.
  • A positive flow of developments continues to come out of the Tron foundation.

Tron Community Developments

Fundamental updates surrounding the Tron foundation got off to a flying start to 2019. The Tron community continue to be left pleased, with some of latest satisfactions coming from the foundation’s weekly report.

The Tron community has now approved proposal no. 13, which was put together by the founder Justin Sun. He wants to increase the amount of energy in the network. In terms of the goal within this proposal, it is to significantly reduce transaction costs of the Tron network. As a result, they will be wanting to achieve greater network expansion. The amount of total energy on the network is now seen at 100 billion.

In addition to the above-mentioned proposal, another named TRON-ONE has also been approved. This proposal is anticipated to enhance the scalability of the Tron ecosystem. Users will be able to create and name their own tokens with the existing token names. Elsewhere, in terms of the smart contracts, TRC 10 and TRC 20, are going to be connected once the token name duplication has been approved. Therefore, TRC10 tokens for circulation will be used by DApps.

Tron Supported on BitKeepOS

It was reported by Sun that Tron will now be available on BitKeepOS, a wallet that serves users in over 16 countries. He tweeted, “TRX is available on BitKeepOS, a decentralized multi-chain wallet currently covers 16 countries and serves millions of users. BitKeep wallet currently supports TRON main chain, TRON Dapp, TRC10 and TRC20 token.”

BitKeepOS are a decentralized digital asset wallet. As detailed via their website, it “provides users with a professional one-stop service, exchange asset docking and support multi-wallet management. It covers financial lending, cloud- mining, Dapp, games, blockchain payment and other functions. The founding team of BitKeep reportedly comes from top companies like Microsoft, Google, 360 and others.”

Technical Review – TRX/USD

TRX/USD daily chart. Price action makes further extension to the upside, as bulls maintain momentum.

As described earlier, TRX/USD bulls are running with decent upside momentum, having gained a chunky 25% over the last 3 days. The price cleared the high of 24th December, where sellers came in to put an end to the initial run, which was seen from 16th December.

First of all, the next major challenge for TRX/USD is eyed just ahead, with a troublesome supply zone. This can be seen tracking from $0.026000-$0.029000 price range. Bulls have faltered here on a several occasions, having been observed from August 2018.

Furthermore, if the upside trend maintains its course, then a fast move back towards the $0.040000 may occur within the near-term. However, a pullback cannot be ruled out once TRX/USD pushes into the above-noted resistance area. As a result, a possibility of a retest back down to the breached bullish pennant pattern remains.

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.