Last week, the price-movement of TRX moved steadily with much traction. Due to the volatility in the crypto-market, the price-movement of TRX hasn’t been like last week, but things are set to change as TRX is preparing to break its current trendline.
At the time of writing, the price of TRX is $0.0229 with a market capitalization of $1.5 billion. Talking about facts and figures in the recent times, Tron (TRX) hasn’t made that spectacular moves as we have expected it to. Its last bullish movement pushed the coin upwards above the 50 and 100 EMA, but the 200 EMA is still slightly above its current price.
Since June this year, TRX hasn’t passed its 20-day Moving Average as TRX’s market activity has been in a falling wedge, thus, presently moving to the resistance of the 9-day Moving Average. Nevertheless, TRX can jump upward; if it breaks above the 9-day Moving Average or its current trendline – which the crypto got in the third week of June.
Looking at the technical charts (not the predictions what crypto pundits have been giving out lately), its price may surge to $0.05 or more before 2018 closes. It is important to know that once the price of TRX moves to $0.03 – which is possible as it is gathering an upside momentum – TRX will have the resistance of the 20-day Moving Average.
Technically, TRX’s trendline has had different trend areas which are vital to the price of TRX. As said earlier, if Tron (TRX) can push further above its current trendline, it would be effortless for it to surge even higher and test other resistant areas.
It is also necessary to know that TRX has made some cool price surges which gave its investors the opportunity to pull the trendline. Given that, if Tron maintains its current price, then a breakout is imminent, and we may see a surge to around $0.03.
Chart courtesy of TradingView
Subsequently, if Tron does not reach the upside momentum, or rather, if it makes a break towards the downward trend area of its current trendline, then it would have an adverse effect on the price of TRX in the crypto-market. This is due to the fact that TRX has been consistent as a result of its current level, and a further dip below its current trendline will decrease its price.
Tron Unveils a Developer Portal
Tron could surge further in coming days as it recently unveiled a developer portal for DAPPS developers. TRX looks stable at the moment as other crypto-coins in the market are currently showing slow movements.
TRX is trading in green by 0.57% taking the last 24 hours in the account, and this is probably due to the announcement of its newly-formed developer portal. Out of top 15 cryptos, only Binance Coin is the other cryptocurrency that’s in green at the moment.
Tron’s recent developer portal will help DAPPS developer create different types of applications on Tron’s network. The portal will also help these developers to get acquainted with Tron. The developer portal will certainly draw more DAPPS developers; as more of these developers adopt Tron, the price of TRX will increase.
Agreeably, Tron is increasingly becoming the developers’ choice as it is more favorable. We shouldn’t also forget that Tron is also scalable and efficient. The crypto is poised to surge, and its recent projects will help elevate its current price.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of PixaBay
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