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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GAS Rises 36% in a Day as Details on NEO 3.0 Emerge

The price of GAS, a cryptocurrency used within the NEO ecosystem, has recently seen its price jump by over 10% in less than a day as details on NEO 3.0 have started to emerge during the NEO DevCon 2019 in Seattle.

According to CryptoCompare data, GAS is currently trading above the $3 mark after seeing its price rise by nearly 36% in little time. Its market cap is now above $30 million, as the rise helped it become one of the top 100 cryptos.

NEOGAS' price performance in the last 24-hour period

What exactly is behind the rise is unclear, although some have suggested investors are gaining confidence on NEO 3.0 and have started acquiring GAS as a result. Others have claimed a whale may be accumulating the cryptocurrency.

The NEO blockchain notably has two cryptocurrencies: NEO and GAS. While NEO is seen as a representation of shares on the blockchain that can be used for electoral accounting and to obtain GAS dividends, the latter is the cryptocurrency used to pay for fees and services. NEO holders are rewarded with GAS dividends.

Details about NEO 3.0 that have emerged essentially revolved around the cryptocurrency’s scalability, security, efficiency, and a potentially increased number of transactions per second it’ll be able to handle.

Speaking in Seattle through a video presentation, NEO co-founder Erik Zhang revealed NEO 3.0’s goal is to support commercial applications on the blockchain, and although a date on its launch is to be determined, we know it’ll address the platform’s stability and scalability.

For one, NEO 3.0 will reportedly have native contracts, allowing for a higher number of transactions per second on the blockchain, and will allow users to access internet resources in smart contracts through URLs.

Its delegated Byzantine Fault Tolerant (dBFT) consensus protocol, which Zhang has in the past touted will become the “best consensus mechanism for blockchains,” will also get rid of some flaws that stop node synchronization from being more efficient.

It has also recently been revealed NEO Global Development (NGD) is opening an office in Seattle, headed by a former  Microsoft executive. NEO’s first decentralized exchange, Switcheo, has also added support for various Ethereum-based ERC-20 tokens late last year.