Tron Price Analysis: TRX Up, Expect More Pumps Before Feb 11
- Tron prices picking up, up 3.7 percent in last day
- Binance CEO is confident; the exchange can weather all market conditions
- Transactional volumes below average; should increase as TRX demand swell
Following a successful ICO, it was projected that TRX prices would expand as users flock to the coin because of BTT airdrop. However, many are disappointed. TRX prices are not rallying though it is trading within a bullish trend. Regardless, we retain a positive outlook and once prices clear 4 cents, demand will surge inevitably driving prices above 6 cents.
Tron Price Analysis
Fundamentals
Days after a successful BitTorrent ICO, Changpeng Zhao is confident that his exchange can survive all market conditions and bear markets. Indeed, free falling asset prices of 2018—which by the way is spilling over to 2019—took a toll on many established projects.
Meanwhile, Binance seemed resilient. With favorable and open policies towards blockchain and technology, they shifted their offices to Malta opening an exchange in Uganda. While at it, they continued to list new tokens and stable coins allowing users to move their coins to safety against biting bears. Even with this, the CEO is laid back:
“Binance is ready to survive any number of years, no matter if it’s bear or bull. We basically don’t really look at the market too much – not as much as people actually think we do. We just keep our heads down and build features. Our aim is much longer than another year. Our aim is 10, 50, 100 years. So, we’ll be here for a while.”
Candlestick Arrangements
At the time of writing, TRX is back to green, rejecting losses and up 3.7 percent in the last 24 hours. Even so, prices are trending inside Feb 4 high-low meaning bulls are in control. Following steep falls following a successful ICO, it is likely that TRX prices will soar above critical resistance levels as bulls break free from this accumulation and printing new highs above 4 cents and 6 cents.
The projection is not far-fetched. As laid out in previous TRX/USD trade plan, price action is trending within a bullish breakout pattern. Technically, every dip should be a buying opportunity allowing risk-off traders to fine-tune entries preferably in the 1 HR chart or 30 minutes chart with first targets at 4 cents.
While at it, conservative traders should stay on the sidelines only loading up once there is a wide-range, high volume close above 3.1 cents of Jan 27 highs.
Technical Indicators
Volumes are picking up. Although we need Feb 4 bar to be confirmed, the bull bar that would trigger buys should be backed by high volumes ideally registering above 47 million of Feb 4. After that, risk-off traders should buy on dips. First targets will be at 3.1 cents and later 4 cents.
The post Tron Price Analysis: TRX Up, Expect More Pumps Before Feb 11 appeared first on NewsBTC.
by Dalmas Ngetich on February 08, 2019 at 11:30PM