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- Tron's price falls 5.1 percent, but is still bullish
- David Labhart joins the Tron Foundation as responsible for compliance
- Bring higher and higher volumes to the average: 61 million against 23 million
In light of the current candle deal and the level of participation, TRX is expected to fall to 2.5 cents. However, it should find support; the rebound will see TRX evacuate by 3 cents because the bulls march to 4 cents in mid-February.
Price analysis of Tron
Overview
In ninth place, the capitalization of the TRX market stands at $ 1.788 billion and $ 300 million from launching Litecoin as the eighth most valuable currency. In addition to this, TRX is down 5.1 percent in the last day, but up 32 percent in the previous week, which means that the currency is one of the best. In line with our TRX / USD price analysis, our bullish position is still valid, and as long as prices are above 2.5 cents, every minimum should be a buying opportunity. The targets will remain as before: 4 cents and later 6 cents.
foundations
After spending 15 years dealing with legal and compliance issues, the Tron Foundation plans to use David Labhart's expertise. David is a former US Securities attorney and, by agreeing to join Tron as a compliance officer and joint advisor, it is clear that the holders of the foundation's power are not respecting compliance.
Assuming David, it is clear that Justin Sun and the company want a clear relationship with financial authorities around the world. The move is in line with Justin Sun's ambition to see the foundation open channels of communication with regulators ensuring that the development of the network is a good omen with the dictates of the regulator.
Furthermore, it is a timely addition one week before the niTron summit where regulators, platform users, entrepreneurs and industry leaders will come together to discuss relevant issues in the industry as well as establish useful contacts. By joining Tron, David said:
"Participating in TRON is the perfect progression in a career driven by the passion for the frontier of the financial sector, where technology meets regulation, Blockchain and cryptocurrency are the next steps in the evolution of the global financial system. Justin and the long-term vision of the benefits and potential impact of this new technology. "
Candlestick arrangement
With a bar with pin and high trade volumes, it is difficult to recommend purchases at spot prices. This unless, of course, a high-volume bull bar counterattack fades the sellers in the 4HR table. It is unlikely, and we will probably have a double bar inversion model after today's closure. However, this should not be a cause for concern.
To reiterate our position, we expect bears to report prices at 2.5 cents. It is at this level that buyers should look for longs in lower time frames in a classic retest phase. Nonetheless, it falls below 2.5 cents with higher-than-average volumes could mean destiny for the TRX bulls. In this case, the price could fall to 1.1 cents.
Technical indicators
Current volumes are 61 million against 23 million and more than 21-45 million against 15 million. Since this is a pin bar, we expect TRX prices to return to 2.5 million in a retest phase. Otherwise, the November-December bear trend is likely to resume.
All charts courtesy of the Trading View-BitFinex data streams.
Do your research The opinions are those of the author.
