Tanya Abrosimova
Independent Analyst
- TRON's founder Justin Sun tries to pump the coin with another announcement.
- TRX/USD is locked in the range as the recovery is limited by $0.0150.
TRON (TRX) hit $0.0150 during early Asian hours and retreated to $0.0147 by the time of writing. Now the 11th largest digital asset with the current market value of $983 million has stayed mostly unchanged on a day-to-day basis and lost over 1.5% since the beginning of Monday. Despite the retreat, the coin is still 12% higher from the beginning of the year.
Another mysterious project
Meanwhile, the founder of TRON's blockchain platform announced the plans to launch a secret project that would bring hundreds of millions of new users and create benefits for BTT and TRX users. The project will be realized in partnership with BitTorrent and DLive
Will start a secret project for @BitTorrent & @OfficialDLive. Based on conservative forecast, this project will create at least multibillion benefits for $BTT & $TRX ecosystem and attract at least 100 million new users. Details to be released! #TRON #BitTorrent
As always with Sun's sensational announcements, no further details were provided.
Meanwhile, DLive plans to join BitTorrent ecosystem and move from Lino blockchain to TRON is not actually the news as it was announced back in December. However, it is expected that the platform for sharing video content will be integrated with the streaming services of BLive from BitTorrent. Also, it will use the distributed system of storing and sharing files, BitTorrent File-Sharing System (BTFS). Currently, DLive has 5 million active users per month.
Notably, the community was skeptical, about Sun's announcement. Many commentators recalled his overhyped lunch with Warren Buffet that never happened.
TRX/USD: technical picture
From the technical point of view, TRX/USD recovery is capped by $0.0150. This area is reinforced by the upper line of the daily Bollinger Band at $0.0149. Once it is out of the way, the upside is likely to gain traction with the next focus on SMA100 daily currently at $0.0158. The coin has been trading below this MA since the end of November. A sustainable move above this barrier will bring new buyers to the market and push the price towards a critical $0.0160.
On the downside, the initial support awaits us at $0.0141 (SMA50) and psychological $0.0140. If the price breaks below this area, the bearish pressure may increase with the next focus on the middle line of the daily Bollinger Band at $0.0138 and January 10 low at $0.0136.
TRX/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.