Tron Price Analysis: TRX/USD May Have to Give Up $0.02 Price Territory Despite Strong Fundamental Network Upgrades

  • The Tron (TRX) price is running towards its sixth consecutive daily close in the red, having lost around 8.5% over this period.
  • The Tron Foundation successfully upgraded its network to Tron 3.5 and introduced TronGrid version 2.0.

TRXUSD: Recent Price Behavior

Tron has been cooling for the past five straight sessions, with the price heading towards the sixth today at the time of writing. TRX/USD has dropped around 8.5% within the noted period to its lowest level since 24th February. It has not been able to sustain any upside momentum since breaking below a critical supporting ascending trend line. In the session on 2nd March, the price closed below another significant daily level of support. Given this recent technical development, it weighs in favor of further downside pressure.

TronGrid 2.0 Launch

The Tron Foundation earlier this week upgraded its network to version 3.5, which was a success for the community. Aside from this, the engineering team at Tron has also been working tirelessly behind the scene to upgrade TronGrid. They are keen to improve on the developer experience within the network, hence why they launched TronGrid 2.0 just one day after the mainnet upgrade.

TronGrid is a critical part of the Tron network, as it allows developers to create within the blockchain. It saves a mass amount of time and energy in the developers having to run a full node, which could cost much in terms of hardware and requires high bandwidth and so forth. TronGrid is an excellent acting alternative and is free of cost, providing developer tools and making life much more comfortable with regards to DApp creation.

The head of Tron Protocol Cong Li was recently speaking on the development:

“TronGrid is an infrastructure used by a vast array of developers. The latest update aims to be more comprehensive, reliable, and available. It offers an intuitive user experience that helps developers to focus their energy where it matters most – developing business and decentralised applications.”

New Features of TronGrid 2.0

It was reported by the development team that there is a massive reduction in time required to query events – now supposedly as fast as milliseconds. The impressive uptime was noted at some 99.99%, providing a consistent and continuously available system for users globally.

Technical Review – TRX/USD

TRX/USD daily chart.

TRX/USD has been in control of the market bears and has not been able to stage a recovery. A break and daily closure below $0.023500 was observed yesterday, which is a proven critical near-term area of support. It had been supporting the price since mid-January; its failure to hold now leaves the door open for the bears to capitalize.

To the downside, eyes are now on $0.021500, which is the next daily support level. The price last traded here between 13-14 January, before bouncing to resume upside momentum. Any failure of this holding will then likely see the $0.02000 mark given up. TRX/USD was trading down at these depressed levels right at the back-end of 2018.

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.