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.

Russia Will Not Legalize Facebook's Libra Says Top Official

A top Moscow official has said that Facebook's planned new cryptocurrency Libra will not be legalized Russia, according to a report this week from Russia's state-run news agency TASS.

Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, said Russia would not legalise the Libra stablecoin, due for launch next year, as it may pose a threat to the country's financial system.

No Russian Liberty for Libra

While Aksakov acknowledged Russians would be able to buy Libra on international cryptocurrency exchange platforms, he warned that the creation of any domestic mechanisms of exchange would be limited, or even prohibited.

TASS quoted Aksakov as saying:

With regard to the use of Facebook cryptocurrency as a payment instrument in Russia at this stage - my opinion is that in our country it will be banned.

He added that in Russia there were no plans to adopt legislation that "gives space for active use of crypto-tools created in the framework of open platforms and blockchains" that may pose a threat to Russia's financial system.

International Ministers Speak Out

Aksakov is not the first financial minister to express concerns over Facebook's cryptocurrency plans and their potential to damage sovereign currency markets and financial stability.

On Tuesday, French economy minister Bruno Le Maire, said that global governments must ask Facebook for "guarantees" that Libra will not be aimed as a disruptive force against sovereign currencies.

Facebook's plans have US government and regulatory officials so rattled that a Senate hearing by the Banking, Housing and Urban Affairs Committee has been scheduled for July 16. The government has asked Facebook to halt work on the project until the hearings have been held.

Sherrod Brown, senior Senator for Ohio and the Democratic Party's ranking member of the Senate Banking Committee, said on his Twitter feed on Tuesday: "Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight."

While Aksakov has major concerns about the growth of the cryptocurrency sector, Deputy Finance Minister Alexei Moiseev said on Wednesday that the Russian government was set to adopt the country's crypto bill "On Digital Financial Assets" in the next two weeks.