- Tron (TRX) retesting Jan 13-14 lows
- Liverpool FC crash Sun’s expectations
Tron and Justin Sun are good at marketing, but their claims for partnership with Liverpool FC were untrue after the club’s spokesperson denial of such an arrangement. Good news is Tron (TRX) prices are stable above 2.1 cents meaning there is a window for higher highs towards 3.1 cents or 4 cents.
Tron Price Analysis
To rival Ethereum and outdo competitors, then Tron honchos must do everything to onboard established firms. The easiest way of doing so is through partnerships, mergers or even outright acquisition. Tron, despite all the marketing blunders and denials, is pretty successful at this. Even so, back in 2018 Tron Foundation and Justin Sun did mislead investors into believing that they had a partnership with Baidu, China’s equivalent of Google. That wasn’t the case after CNLedger’s clarification:
“The partnership’ between Baidu and Tron is basically about Tron buying cloud computing resources from Baidu. ‘The two parties have made no contact at the blockchain business level.’ According to the ODaily, recently, Baidu Cloud and Tron have reached cooperation in the field of basic cloud business. Tron will build, operate and debug blockchain products based on Baidu Cloud to ensure compatibility and optimize development experience.”
Now, it seems Justin Sun have eggs on the face after Liverpool FC vehemently denied his hyped “invitation for a partnership.”
Thank you for the unique and innovative invitation, Liverpool! I am impressed and I'm looking forward to exploring this #TRON new partnership together! @LFC #TRX $TRX #BTT $BTT pic.twitter.com/7RhFw7QVbX
— Justin Sun (@justinsuntron) April 24, 2019
After much fanfare, an official from the football club had to pour cold water on the excitement, saying “Liverpool Football Club has does not have a partnership with Tron” and that they had sent out to information invitation to many companies to better understand their business.
While it may be a blip, Tron (TRX) is on recovery mode but out of the top-10. However, with a double bar bull reversal that would likely form the foundation of another rally recouping gains of early April, traders are optimistic.
Nonetheless, we shall adopt a cautious stand, and even if TRX is trading within a bullish breakout pattern against the USD and ranging, buyers have a chance as long as prices are above 2.1 cents or the lows of the double bar bull reversal pattern of Jan 13-14.
At the moment, we recommend patience until after there is are high volume up-thrusts above 2.7 cents. On a more conservative approach, risk-averse traders should load up when bulls edge past 3.1 cents.
In the meantime, Apr 25 bear bar is our reference bar. With high volumes, the path towards initiating longs will pan out if there is a full recovery, reversing these losses with volumes exceeding 13 million. Before then, patience is vital.
Charts courtesy of Trading View
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* First published on newsbtc.com