The Tron price (TRX) lost a good deal of its value over the last three days. On Friday, July 20, Tron is trading at $0.0349, losing around 8% in 24 hours.
Technically, TRX is trading within a range on D1, with the major support at $0.0230, and the resistance at $0.1004. In the midterm, Tron is trading within a descending channel, trying to reach the major support. Meanwhile, the Stochastic is converging, which signals a possibility of ascending correction. This will be confirmed once the resistance of the current channel gets broken out. The correction potential can be measured by Fibo levels, with the major targets at 23.6% (0.0476), 38.2% (0.0577), and 50.0% (0.0650).
In the short term, the Tron price is pulling back after testing the midterm channel resistance, with a new ascending channel forming. The most likely scenario is the price going up towards $0.0460, which is confirmed with the Stochastic being in the oversold territory. However, the local ascending channel breakout is also possible, and, if this is the case, the price may head down to $0.0290.
Among the recent fundamentals, what is worth mentioning is that Ledger Nano S wallet now supports Tron and Zcoin. Previously, Tron users weren’t able to use such wallets to store their money.
Overall, Tron has been driving very much attention lately. First, this is explained with the crypto recently migrating to its own blockchain platform. This will enable getting the tokens out of ERC-20 without any consequences, losses, or reputation damages.
According to GoogleTrends surveys, Tron is attracting more and more users, and is included into the top in-demand altcoins, together with Ripple.
Last week, the markets were closely watching the meeting between Justin Sun, Tron founder and CEO, and Twitter management. The meeting was closed for media, but some news still managed to “escape.” As such, it is reported that the parties might have discussed scam bots, which is a very topical issue for Twitter, as the social media often gets attached with such bots lately. Thus, the Tron specialists may be involved into this fight against scam bots for Twitter. If Tron is really into cooperating with the social media giant, this will surely be positive for TRX.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Last modified: March 4, 2021 4:04 PM