- Tron price expansion, closing in on Stellar (XLM) and Litecoin (LTC)
- Platform ambitions could see it become a major player in years ahead
- Transaction volumes pick up hinting of underlying demand
News of partnerships and other supportive fundamentals is supportive of TRX and Tron. As Binance and other exchanges prepare for air drops, demand should increase meaning TRX could outperform most coins in the top 10 and even flap Stellar (XLM) and Litecoin (LTC)
Tron Price Analysis
Fundamentals
The crypto market is yet to chime in with expansions of late 2017. Even so, Tron, an ambitious platform, has been mostly successful. Justin Sun’s social media presence and streams of good news continue to prop TRX prices. Encouragingly, prices are steady against unfavorable market conditions, outperforming leaders as Bitcoin and competitors as ETH. Nevertheless, critics continue to maintain their position.
While they see TRX and Tron as vaporware backed by shills and Justin Sun’s aggressive marketing, project believers point to hard statistics. Here, numbers favor Tron. Five months after launching their Ethereum VM compatible Virtual Machine, developers and well as projects are flocking to Tron. This is thanks to irresistible offers and a superior, scalable and cheap platform.
With every partnership, it is increasingly becoming clear that Tron is scaling its way up. Gradually, it is becoming a legitimate contender and may be disruptive for legacy systems primarily in the media sub-sector. Add BitTorrent and upcoming BTT air drop, and it’s a game changer.
Candlestick Arrangements
TRX gains are slow and steady. Ahead of BTT air-drop, we expect TRX demand to increase, and as supply-demand dynamics dictate, prices will rise in response. They are, and at spot prices, TRX is up 1.7 percent from yesterday’s close. If anything, this is impressive and syncs with our TRX/USD trade plan. Since TRX is trading within a bullish breakout pattern with supports at 2.5 cents, traders should be fine-tuning their entries in lower time frames. Every dip should technically be a buying opportunity with tight stops at Jan 22 lows and targets at 4 cents.
Technical Indicators
In the volumes chart, demand is picking up explaining rapid price movements of the last few days. As logic demand, increase in price should be accompanied by growing demand. This is in turn relayed via high transactional volumes. That is precisely the case—volumes up from 7 million on Jan 17 to 18 million by yesterday’s close. We can interpret this as bullish, but it would be ideal if breakouts above 4 cents exceed Jan 10’s 95 million. That’s roughly five times current averages.
The post Tron Price Analysis: TRX Demand Increasing, BTT Effect? appeared first on NewsBTC.
* First published on newsbtc.com
