TRON [TRX] Being Mixed – Price Analysis
TRON is trading at $0.0512 in mid April. After the volatility over the last two weeks, the digital coin is back to trading sideways, Dmitriy Gurkovskiy, Chief Analyst at RoboForex says.
The short term channel is still their and is becoming a mid term one. In case of strengthening of the downtrend, the sellers will target $0.0220, after which a bullish trend may follow, being limited with the resistance at $0.0380. If the price really manages to plunge to the local low and then recover, it may get a new uptrend target at $0.0550.
Thus, the support levels for TRON are at $0.0335 and $0.0220, with the resistance being at $0.0550.
Stochastic is in the positive area, but is going down steadily, confirming the already formed sell signal. The MACD on D1 is also in the positive territory, sliding a bit down and issuing a sell signal.
Fundamentals are quite neutral for TRON. The most important news is still launching the production network, scheduled on May 31, 2018, and the updated token format. TRON is also planning some more impressive changes: the crypto is going to stop using the Ethereum platform and the ERC20 ID.
Tron leaving Ethereum will influence the latter in a somewhat negative way, as another crypto, EOS, is going to do the same. Meanwhile, TRON is migrating to its own network, which will allow them to secure around 100M users. More users will turn to TRON as the quality of work will increase from 126 to 253 nodes.
TRON being listed in Bithumb is already priced into the market. The crypto was rising by 60% per day, and then the situation calmed down. Judging by the recent volatility, one could clearly see any news on the crypto expansion are very much important for the digital coin. As such, TRON is already listed on Coinflip, which allows the US residents to buy it through one of the 57 ATM’s. Within the following few months, TRON may also become featured on Coinbase, which could significantly boost this crypto’s support.
Currently, TRON is also among the top 10 most popular digital coins. With more crypto exchange expansion, TRON may get even better positions in this leaderboard.
Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
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