Tron (TRX) Price Analysis – February 21

  • Both the medium and short-term outlook is in consolidation.
  • Traders should be patient during this period.

Tron, TRXUSDTron chart by tradingview

TRX/USD Medium-term Trend:Ranging      

  • Supply zones: $0.04000, $0.05000, $0.06000
  • Demand zones: $0.01000, $0.00900, $0.00800

TRON remains in consolidation in its medium-term outlook. The strong bullish pressure broke the upper supply area of the range at $0.02541. This was the second breakout seen. TRXUSD rose to $0.02582 in the supply area before exhaustion set in with a drop in price to $0.02519 in the demand area.

Although today’s 4-hour opening candle at $0.02539 was bullish, the bulls managed a push of the cryptocurrency to $0.02588 in the supply area but the candle closed as an inverted bearish doji. The price dropped to $0.02469 within the range as the cryptocurrency continues in the range.

TRXUSD is consolidation and trading between $0.02541 in the upper supply area and at $0.02362 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.

TRX/USD Short-term Trend: Ranging

Tron, TRXUSDTron chart by tradingview

The cryptocurrency is in the range-bound market in its short-term outlook. The 1-hour opening candle at $0.02536 was bullish as the cryptocurrency rose to $0.02588 in the supply area. Exhaustion gradually sets in as the candle closes with a wick an indication of the bear presence.

TRXUSD dropped to $0.02469 as it enters a range-bound market in the short term with the bulls taking price to the upper supply area of the range.

$0.02570 is the upper supply area and $0.02483 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taking.

 

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

Huobi Wallet Adds Support for Decentralized Finance Apps MakerDAO and Compound

Francisco Memoria

Huobi’s multi-currency wallet, Huobi Wallet, has added support for two decentralized finance (DeFI) projects – Compound and MakerDAO – in an expansion into the ecosystem.

According to a press release shared with CryptoGlobe, Huobi Wallet will now be supporting all decentralized applications and tokens associated with these projects, which are mainly focused on the Ethereum blockchain.

The document notes the Maker project is comprised of a decentralized stablecoin – Dai – collateral loans, and community governance. Huobi’s multi-currency wallet supports the stablecoin, as well as its MKR token and CDP Portal which lets users take collateralized debt positions.

MakerDAO, Maker’s decentralized portal, is fully managed by smart contracts. The project has created a lot of buzz in the cryptocurrency space over the popularity of its Dai stablecoin, which has been listed on various major exchanges.

Compound, on the other hand, is an open-source autonomous protocol allowing users to lend cryptocurrency and earn interest on their holdings, or borrow on the platform at a specific rate. Huobi Wallet’s support meaning users will be able to use the Compound decentralized application directly from the wallet.

Livio Weng, Huobi’s chief executive, was quoted as saying:

We think blockchain technology has great potential not just for cryptocurrency but also in providing better overall financial services and products to the public. Both Compound and MakerDAO share our vision and we're happy to add support for them.

Compound’s founder and CEO, Robert Leshner, added that decentralized financial applications will “lead to a wealthier, more connected world,” but have so far been difficult to access. Per his words, this type of partnership will help more users access DeFi platforms.

The move comes shortly after Huobi Wallet partnered with Equiilibrium, the framework behind an EOS-based stablecoin called EOSDT, to add the cryptocurrency to the multi-currency wallet.