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Fundamental Analysis TRON

Fundamental Analysis TRON – TRX January 2019


The year 2018 ended on a negative note across the cryptocurrency ecosystem, and most Altcoins are not yet showing any signs of recovery. Tron, on the other hand, is starting to show bullish recovery patterns from a higher time horizon. Read on for more details on the fundamental and technical events driving the price of the TRXUSD.

TRXUSD: Weekly Chart Analysis

Our TRON fundamental analysis starts with a look at the weekly chart. The TRON/USD pair from a weekly chart perspective offered great swing trading opportunities to take advantage of. Similar to most Altcoins, the price of TRON grew by roughly 13,000% following the development of a bullish accumulation pattern on November 20, 2017. A double bullish accumulation triggered on December 25th 2017 confirmed the bullish rally.

The bullish price surge of 2017 ended as a bearish inside bar was formed, and a price close below the inside bar low in combination with a bearish accumulation confirmed the bearish trend formation.

On April 9, a bullish accumulation pattern established a bullish support level at 0.03381370, and result in a 133.5% price correction of the bearish trend. The pair resumed a bearish trend decent from the formation of a hidden bearish accumulation pattern triggered on May 21. This brought the pair to an 81.9% low.

TRON Fundamental Analysis: Previous and Upcoming Events

TRON (TRX) Open-Source Platform Release 29 December 2018

A few days ago, the Tron development team scheduled the release of their open-source platform which they believe would be a revolutionary smart contract and platform for Decentralized applications.

As a result of this news release, the price chart of TRXUSD pair triggered a breakout of bearish accumulation pattern in succession with a bullish regular divergence pattern.

Daily Chart of the TRON/USD

TRON Fundamental Analysis January 2019 Daily Chart

This chart helps us deep-dive further into our TRON fundamental analysis. The daily chart of the TRXUSD shows a buildup of price action patterns as they lead to major trend moves of the pair. Starting from a bearish regular divergence pattern triggered on 20th October 2018. The price of Tron from that point plummets by about 54.2%.

A breakout of bearish accumulation in combination with a bullish accumulation pattern initialized an approximate 70% increase in the price of Tron.

Read More: Get the latest from our NEO Fundamental Analysis for January 2019

Potential Risks for January 2019

TRON (TRX) Nitron Summit 2019 17 January 2019

Starting from January 17 to 18 of 2019, TRON will be hosting the Nitron Summit 2019 in San Francisco. Bullish price patterns triggered within this period should indicate a continuation of the bullish trend from the weekly divergence pattern.

Critical Levels on the Weekly Chart

From the above weekly chart, the price patterns established critical resistance levels at 0.10248341, 0.08572105, and 0.05249731 respectively. A strong support level is also established at 0.01886850 from the combination of bullish divergence and breakout of bearish accumulation pattern mentioned earlier.

Technological Adoption, Updates and Milestones Accomplished on the TRON Network

The TRON (TRX) blockchain protocol has reached one million user accounts, as revealed on 23rd December.

Misha Lederman, co-founder of IAmDecentralized.org uploaded the Tron blockchain stats on social media, highlighting that the network has hit over one million addresses in 2018.

Apart from the rapid increase in the number of addresses, after launching their mainnet in earlier 2018, TRON is quickly becoming a haven for decentralized app (DApps) developers. According to founder Justin Sun, Tron currently hosts over 50 DApps.

Read More: Latest Litecoin (LTC) Fundamental Analysis from February 2019

Conclusion and Projection

Prior to the closing price of the last month in 2018, a bullish regular divergence pattern was already confirmed by a golden cross of the MACD oscillator and a breakout of bearish accumulation pattern on December 17.

The Year 2019 brings high hopes and optimism of an end to the bearish winter of 2018. With these, cryptocurrency traders, and speculators are on a lookout for a bullish 2019, as we pay attention to signals that may come out contrary to our bias.

That’s it for our TRON fundamental analysis for January. If you are interested in reading our Techincal Analysis of TRON for Febuary 2019, it is also available.

Look out for further insights on our blog. Happy 2019!

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