Tron (TRX) Price Analysis – January 14

  • The medium and short-term outlook is in a bullish trend
  • Responsible buying at pullback areas may be considered

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Bullish

Supply zones: $0.04000, $0.05000, $0.06000

Demand zones: $0.01000, $0.00900, $0.00800

TRX returns to a bullish trend in its medium-term outlook. The bears kept the pressure on as predicted to the 78.2 fibs over the weekend as TRXUSD drops to $0.02118 in the demand area.  Late yesterday saw signs of exhaustion of the bearish momentum with the formation of a bullish spinning top.

Today’s 4-hour opening candle at $0.02152 was a bullish engulfing candle with the price initially up at $0.02400. Increased bullish momentum move TRXUSD to $0.02517 in the supply area a few hours after opening.

New highs are up for retest with stochastic oscillator signal pointing up at 32% and the price above the two EMAs crossover which indicates upward momentum in price. $0.0300 in the supply area is the initial bulls target in the medium-term.

TRX/USD Short-term Trend: Bullish

 Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX is in a bullish trend in its short-term outlook. $0.023331 target in the demand area was broken with TRXUSD going further down to $0.02110  in the demand area where rejection for downward continuation built up. The bulls gradually staged a return late yesterday. Confirmation to market takeover occurred with the bullish engulfing candle at $0.02151 shortly after today’s opening. The two EMAs' crossover was broken as TRXUSD rose to $0.02571 in the supply area.

The journey north may began with the price above the two EMAs which connotes bullish pressure in the short-term. As more candles opened and closed above the two EMAs, $0.02800 in the supply area may be retested

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The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Litecoin Outperforms the Market With 19% Jump as Its Halving Approaches

The price of Litecoin, a cryptocurrency seen as the silver to bitcoin’s gold, has jumped 19% in the last 24-hour period, in what appears to be a recovery fueled by the upcoming halvening event.

According to CryptoCompare data litecoin is currently trading at $93.8, after rising 19% from about $78 in only a day. In the last 30 days the cryptocurrency is down by about 29% because of a strong correction the cryptocurrency space endured this month.

Litecoin prce performance

Year to date, LTC is up by about 210% as it started off 2019 close to the $30, as it was already recovering from a $22 low it saw in the 2018 bear market, which took the price of most cryptocurrencies down by well over 80%.

The cryptocurrency’s market cap is now of $5.6 billion, down from $8 billion in late June when it was trading close to the $130 mark. While most cryptocurrencies are up in the last 24 hours LTC is outperforming the market thanks to its upcoming halving event.

The event is expected to occur on August 6, and will see block rewards on the Litecoin blockchain drop from 25 LTC to 12.5 LTC per block. On Litecoin the halving event occurs once every 840,000 blocks.

It’s going to decrease inflation, which according to some analysts will remind users of the cryptocurrency’s limited supply and will, in turn, see them value LTC higher and accumulate more as scarcity increases demand.

Another factor that could be behind litecoin’s price performance is a recent partnership the Litecoin Foundation signed with American football team Miami Dolphins, which saw LTC become the team’s “official cryptocurrency” for its 50/50 raffle.

Back in December the Foundation partnered with the Ultimate Fighting Championship (UFC) a leading mixed martial arts organization, to display the Litecoin logo in a title match. The publicity the cryptocurrency might’ve gotten from these partnerships may have contributed to the surge.