Tron Price Analysis: TRX/USD Shoots to the North; Bulls Must Breakdown Double Top Formation

  • TRX/USD has gained over 30% over the past 5 sessions.
  • The price is enjoying its longest daily gain streak since the back-end of August.
  • Another milestone achieved by the Tron network, as the mainnet surpasses 900,000 accounts.

Tron’s TRX, like the rest of the market, is currently within a renewed wave of buying. TRX/USD bulls have awoken in an attempt for a convincing recovery this time. The price has gained over 30% from the 15th December up to Wednesday, at the time of writing. It is currently enjoying its fifth consecutive session in the green. This is the longest daily run of gains seen since the back-end of August.

TRX Mainnet Accounts Approaching 1 million

The Tron founder, Justin Sun, regularly likes to announce updates via his Twitter account regarding the network. Just yesterday, he detailed another milestone for Tron: “Congratulations on #TRON mainnet accounts surpassed 900k in 178 days.” The total numbee of accounts on the mainnet has set a new record within a short time frame. Given the current pace, it wouldn’t be too surprising to see this breach the 1 million mark soon.

Additional Binance TRX Support

Following the above detailed update, not to long after, Sun also tweeted an update from the largest exchange in the world by volume, Binance. “TRX/TUSD was added on Binance, thanks for the support.” TRX is now being paired with a popular stablecoin TrueUSD (TUSD).

These are all fundamentally supportive news for Tron and its TRX of late. As covered in the prior article on Hacked, it wasn’t long ago that the network breached over 100 million total transactions inn addition to recording 2 million transactions daily – both new records.

Technical Review – TRX/USD

TRX/USD daily chart

As detailed earlier, TRX/USD is back within a bullish trend, this being near-term for now. Time will prove its sustainability as to whether this is part of a larger recovery. The price moved to its highest level since 29th November.

It is worth noting, however, with this run higher, the bulls have run into a near-term barrier. This can be seen at a double top area. TRX/USD previously ran to the upside, from 27th – 29th November, printing a high at $0.01705.

A double top formation can now be seen, as the bulls get held up by this 29th November high. At the time of writing Wednesday, upside has been capped for now here. Should the bulls fail to breakthrough, TRX/USD could be sent back south to the neckline, $0.01230.

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.

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.