Tron Price Analysis: TRX/USD Rallies a Chunky 20% in Three Days

  • TRX/USD extends to the upside, rallying over 20% within the past three trading days.
  • DApp developers continue to migrate over to the Tron network.

TRX/USD was seen holding decent gains of some 4% at the time of writing on Sunday evening. The bulls are further resuming their current solid trend higher. It has gained a whopping 20% within the past three trading days. After a brief period of consolidation, between 22nd December to 3rd January, the bulls have been gunning aggressively higher. Additional buying pressure came following a breakout of a pennant pattern structure, seen via the daily chart view.

Aside from the solid technical price developments, fundamental updates surrounding the Tron foundation remain positive.

DApp Developers Love Tron

The Tron network continues to further maintain high popularity as the go to blockchain for dApps developers. A growing number of migrations have been occurring, particularly away from the Ethereum network, as developers seek alternatives. They are looking for somewhere that will facilitate for higher number of processed transactions, among other requirements.

A top Ethereum DApp, EtherGoo, a competitive blockchain based game, recently announced their decision to move over to the Tron network, away from Ethereum. This coming on the back of a growing trend across gaming DApp developers, given Tron’s large efforts to build a presence within the gaming sector.

Following the developer announcement, EtherGoo is now going to be known as TronGoo. This game rewards players with crypto for depositing Goo, promotion of the game, token stealing other users, among others. Previously the reward was in ETH, but now users will be rewarded with TRX.

Technical Review – TRX/USD

TRX/USD daily chart. Bulls are strengthening their move to the upside. Next target zones are highlighted on the chart.

As detailed, the bulls managed to execute an explosive move out from a pennant technical structure. This saw an additional wave of buyers come in, assisting TRX/USD to further elevate. The price is testing the 24th December high area, $0.024355, where sellers previously came in.

A break above the mentioned area of resistance, will likely provide further win behind the bull’s sails. The next zone of interest is seen just above, which can be seen tracking from $0.026000-$0.028000. TRX/USD has faltered here on several occasions between August to October.

Finally, should upside momentum maintain its current course and breach the detailed supply zones, then $0.040000 will be eyed. The price was last seen here back in July 2018, before TRX/USD fell hard.

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.

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