Tron (TRX) Price Analysis – February 15

  • The bears are in control of both the medium and short-term outlook.
  • Traders may consider selling after bearish candlestick formation at key area as entry confirmation.

Tron, TRXUSDTron chart by tradingview

TRX/USD Medium-term Trend: Bearish                                 

Supply zones: $0.04000, $0.05000, $0.06000

Demand zones: $0.01000, $0.00900, $0.00800

TRON is in a bearish trend in its medium-term outlook. $0.02450 in the supply area was the lower high while $0.02360 in the demand area was the lower low of yesterday's session. The formation of the lower high and lower low is down trending market features.

The gravestone formation at today’s opening is an indication of the bulls' presence. TRXUSD was up at $0.02438 in the supply area as the bulls lost momentum and the candle closes with a wick.

The bulls area briefly in charge to give the lower high. This may be at the 23.6 fib area which is at $0.02456. This fib area is a trend continuation zone. The bears' return is expected to push the price further down below yesterday low.  The bears' target is $0.02100 in the demand area.

TRX/USD Short-term Trend: Bearish

  Tron, TRXUSDTron chart by tradingview

The cryptocurrency is in a bearish trend in its short-term outlook. The bears sustained the downward momentum as yesterday's session ended on a bearish note. $0.02360 was the low of the day.

The bulls staged a brief return after today's opening at $0.02383. TRXUSD rose to $0.02438 in the supply area.

TRXUSD is in a descending channel in the short-term. The bears are currently in control of the market. The price is around the two EMAs and the stochastic oscillator at 68%, with signal pointing down. These suggest a downward momentum in price.

The bears' next target is at the lower line of the channel with the bears' strong pressure and more candles formed below the EMAs crossover.

 

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

Justin Sun Congratulates CZ on Binance Coin (BNB) Price Setting a New All-Time High

On Saturday (April 20), Justin Sun, the Founder and CEO of TRON Foundation congratulated Changpeng Zhao (aka "CZ"), the CEO of Binance, and the rest of the Binance team on the Binance Coin (BNB) price breaking its previous all-time high (ATH), which had been set in January 2018.

This was the tweet Justin sent out at 08:54 UTC on April 20:

CZ replied with this tweet:

According to CryptoCompare, at 07:05 (UTC), the BNB price reached the new ATH of $25.42, as can be seen in the 24-hour price chart shown below:

BNB - 24 Hour CC Chart - 20 Apr 2019.png

As CryptoGlobe reported on April 18, there have been quite a few catalysts behind the impressive rise in the price of BNB over the past three months, a few of which are listed below:

  • High successful initial exchange offerings since January 28 (BitTorrent, Fetch.AI, Celer Network) via Binance Launchpad.
  • Ever-expanding list of use cases for Binance Coin.
  • Regular quarterly BNB token burns (the 7th one was reported by Binance on April 16).
  • Successful mainnet launch of Binance Chain (on April 18), with the swap from ERC20 BNB tokens (on Ethereum) to BEP2 BNB tokens (on Binance Chain) expected to begin on April 23 at 00:00 (UTC).

With regard to future BNB price catalysts, since Binance seems to be betting its future on Binance Chain, the main ones are probably:

  • a successful token swap process (i.e. from ERC20 BNB to BEP2 BNB);
  • existing projects, such as decentralized social media platform Mithril, announcing their migration to Binance Chain; and
  • new projects deciding to adopt Binance Chain.

Finally, if you are a BNB token holder and you are worried about how to prepare for the mainnet token swap, the best advice comes from Binance:

 

Featured Image Courtesy of Binance