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Thursday, March 4, 2021

TRON (TRX) price struggling at $0.030 resistance

  • TRON platform has over 300,000 accounts and the growth is quite impressive
  • TRX is still very risky but now could be a good time to trade this cryptocurrency
  • Bulls are focused on breaking the strong resistance level at $0.030

TRON (TRX) price is struggling to get above the important resistance at $0.030 as sellers remain in control of the price action. The price of TRX has been moving in a downtrend last several weeks and for now, there is no signal of the trend reversal.

Fundamental analysis: The number of accounts on this platform is constantly growing

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TRON is a blockchain-based entertainment content sharing platform that has its own cryptocurrency known as Tronix (TRX). According to analysts, this cryptocurrency has a positive long term outlook because TRON is an ambitious project dedicated to building the infrastructure for a truly decentralized Internet.

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This platform allows users to create content, websites and applications without having to rely on centralized services.

TRON platform has over 300,000 accounts. While it’s a lot less than other cryptocurrency networks, the growth is quite impressive.

According to estimates, TRON could transform the global entertainment industry and it is important to mention that lots of technical specialists are already supporting the TRON network. TRON has partnered recently with decentralized aggregator 1inch.exchange to add support for TRC-20 tokens.

This is the first major DeFi partnership that will help the growth and improve price accuracy for trading. TRON also acquired BitTorrent before several years and in the long term, this could mean big things for this network.

Investors in TRON should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade TRON (TRX). The price of TRON (TRX) has weakened from $0.036 below $0.024 in less than three weeks and the current price stands around $0.026.

The main reason for this is a low transaction volume and there is still a level of uncertainty surrounding the project. Since then, TRX is not able to recover above the $0.030 resistance level and investors believe that there are lots of other cryptocurrencies with bigger potential and with less risk.

Technical Analysis: TRX remains in a bear market


trx
Data source: tradingview.com

When we take a look at the chart above ( one year period), we can see that the price of this cryptocurrency has advanced from $0.015 to $0.049 and after that started to fall. The current resistance levels are $0.030, $0.035 and $0.040, $0.025 and $0.020 represent the strong support levels.

If the price jumps above $0.030 it would be a signal to buy TRON (TRX) and we have the open way to $0.035. Rising above $0.035 supports the continuation of the bullish trend and the next price target could be located around $0.040.

On the other side, if the price falls below $0.025 it would be a “SELL” signal and we have the open way to $0.020.

Summary

TRON (TRX) has been moving in a downtrend last several weeks and for now, there is no signal of the trend reversal. There is still a level of uncertainty surrounding the project but if the price jumps above $0.030 it would be a “buy” signal.

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