TRON (TRX) Price Analysis – April 25

  • The short and medium-term outlook is in the downtrend.
  • Traders may consider selling at bullish exhaustion area with bearish reversal candlesticks as confirmation.

Tron, TRXUSD,TRON 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 continues in a downtrend in its medium-term outlook. The bearish impulse move to the downside dropped TRX to $0.02300 in the demand area. This corrective move currently ongoing puts the cryptocurrency in a brief consolidation. This is necessary for market correction and to confirm the downtrend continuation.

Today’s 4-hour opening candle at $0.02360 closed as an inverted hammer an indication that the bears are back as price drops to $0.02539 in the demand area.

The price is below the two EMAs crossover an indication of more sellers presence. With the signal of the stochastic oscillator down at 14% in the oversold region. It suggests further downward movement in the price of the cryptocurrency as the bears' pressure becomes strong in the medium-term.

 $0.02150 in the demand may be a target for the bears.

TRX/USD Short-term Trend: Bearish

   Tron, TRXUSD,TRON chart by TradingView

The cryptocurrency remains in a bearish trend in its short-term outlook. With the low of the day at $0.02300 in the demand area during yesterday's session, the bears remained in control despite a bullish opening candle at $0.02330 earlier today.

The formation of a bearish marubozu candle at $0.02370 signaled the bear return as the price drops to at $0.02314 below the 10-EMA.

The signal of the stochastic oscillator points down at 38% with the price below the two EMAs. This implies downward momentum in price with TRX at $0.02225 in the demand area as an initial target.

 

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

TRON Foundation Announces $20 Million TRX Buyback to Promote Market Stability

The TRON Foundation, an organization created to support the development of the TRON network, has recently announced a $20 million TRX token buyback that’s set to “promote community activity and market stability.”

According to a Medium blog post, the TRX buyback will be “by far the largest” token buyback plan the Foundation has ever had, and will have “the widest coverage in the secondary market.” The buyback is set to last for a year and will have several batches.

The TRON Foundation’s TRX holdings, it added, will be unlocked on January 1 of 2020, although the organization has no plans for its TRX at the time. Currently, one TRX token is trading at $0.034 after falling 10.6% in the last 24-hour period.

The token’s price dropped amid a major market sell-off that has seen the price of some altcoins – including Litecoin, EOS, and XRP – drop by well over 10%. The price of BTC is currently down 5.4% in said period. The selloff is likely being caused by traders taking profits off of the bull run we’ve been seeing since the beginning of the year.

Earlier this year, TRON announced a soon-to-be-released upgrade for its blockchain, called Odyssey 3.6. It’ll reportedly include features that are set to improve the network’s security and stability.

As CryptoGlobe covered, in May of this year the TRON Foundation announced BitTorrent, a leading peer-to-peer file sharing platform, would be incorporating the BitTorrent File System (BTFS) protocol to “allow users to receive and host storage on their computers with other individuals and businesses.”

The TRON Foundation has recently celebrated its Independence Day, as on June 25, 2018 the TRON mainnet was launched and its genesis block was created. Since then, the network has grown to over 3.1 million mainnet addresses, and an average of 1.5 million transactions per day, according to Justin Sun.