- Tron price could edge higher, down 3.6 percent in the last week.
- Fundamentals and technical factors favor bulls
- Transactional volumes low. Any spike in volumes may see TRX close above 3.1 cents
Craig Wright thinks Tron is a scam that will dump hard. Nonetheless, candlestick arrangement favors bulls. Besides, recovering Bitcoin (BTC) prices often drive altcoin prices higher further cementing our stand that there is an undervaluation of Tron (TRX).
Latest Tron (TRX) News
All along, even in one of the longest and brutal crypto winter, Tron figureheads remain determined. A couple of updates and partnerships later, it is increasingly becoming clear that Justin Sun and the Tron foundation are undeterred and eyeing the dominance prize.
Like Ethereum, the Tron Network had a hard fork as they prepare for institutional investors from BitGo. However, this has been their goal all along. Tron is a successful smart contracting platform. Furthermore, it is a fan favorite in social media circles.
It may be incensing for Craig Wright, a Bitcoin maximalist who claims that he has the tools to decipher ZCash and Monero’s privacy.
However, for Tron puritans, they are inching closer to their objective despite sliding to tenth in the market cap rankings.
Surprisingly, Tron (TRX) performance is dismal and lagging other assets. In the top 10, the high supply coin is down 3.6 percent from last week’s close and stable on the last 24 hours. If anything, this is not what we expected because candlestick arrangements, as well as recent fundamentals, favor Tron (TRX) bulls.
Despite this glitch, it is likely that prices will recover and edge higher as set by the price action of late Feb. Note that price action in the daily chart points to demand and as long as prices are trending above 2.1 cents or Jan 14 lows, there are high chances that Tron (TRX) will rally towards 3.1 cents and 4 cents in the short-term.
Founding our optimism is yesterday’s resurgence that concluded a three-bar reversal pattern off the bull break-out level. All the same, we need confirmation of yesterday’s high-volume bull bar. It is after when prices close above yesterday’s high is when aggressive traders can buy on dips with first targets at 4 cents. On the reverse side, any close below Mar 5 or Jan 14 lows, will nullify this projection.
Our anchor bar is the high-volume bull bar of Feb 4. Even though trade ranges are tight, volumes are high. For trend resumption, we need prices to close above 2.5 cents—our bull breakout level. It will be perfect if that is at the back of high volumes exceeding averages of 11 million. However, the real deal will be a breakout above 3.1 cents accompanied by high volumes above 42 million.
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