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TRX / USD could fall to 1.5 cents, throw 3% in the last day

Latest news Tron

Blockchain projects are open source and with Bitcoin setting the pace, they should technically be faceless. In fact, at some point, Justin said that the unique properties of Bitcoin are what drove him to venture into the cryptocurrencies that launched Tron last year. While this is welcome, Tron and others like Ethereum and EOS with Vitalik and Dan who market their respective mission and vision statements, most are not faceless and under the guidance of these figure leaders.

Needless to say, Justin is a key character if not an encrypted celebrity. In several cases he has been criticized for highlighting important milestones, but the success of the platform can not be wiped out. Straight from the partnership with Neo World, a world of multiplayer online virtual reality that escapes from the blockchain to the TRX of IndaCoin, a platform based in London, the TRX stars are sparkling.

But it's not the only thing. After all, there is progress without delay in the milestones.

It seems that most of the Tron-based game apps are passing the design of users who in turn make transactions on the network. Tron says it alone has paid millions of payments generating millions of related TRX transactions. That's not all, two weeks after launching its smart bargaining platform, there have been 12 million smart contract triggers, but the intention is to destroy the 50 million level by the end of the year.

TRX / USD price analysis

TRX / USD price analysis

As the week ends, the slowdown is clear. In fact, TRX / USD is down 3.2 percent in the last week, but down three percent in the last day. From technical and basic considerations, prices are likely to fall even if strong fundamentals support the price. But, unless otherwise, we maintain a bearish forecast until after prices exceed key resistance levels.

TRX / USD price analysis

Trend: bearish

Recent latest highs seem to have been an opportunity for sellers to add to their shorts, as we can see with TRX / USD losses of the last days. However, TRX is bearish and this despite the losses of the last 10 months which have led to upward prices of 80%. Although prices seem to be higher, it is actually trending in early August bears.

Volumes: neutral but decreasing

In the last month, the countermeasures of October 11 and 15 are important and anchor our analysis. First, note that TRX / USD is within a range of 0.8 cents with resistance at 3 cents and supports smaller than 2 cents. For now, volumes are low on average of 6.2 million, which is nothing compared to the massive involvement of October 11 and October 15 on average 44 million. As we can see, TRX / USD will only be bullish with gains above 3 cents or bearish with losses of less than 1.5 cents if and only if there are strong market fluctuations that push volumes above 50 million.

Candlestick training: Bear Breakout, Bear Flag

The thing is TRX / USD is bearish and as long as prices are under 3 cents, then the breakout pattern of early August is valid. Furthermore, as prices are fluctuating within a rising channel, the 3-cent bear flag is true. Prices are likely to fall below the minor support trend line that has threatened TRX in the last two months.

Conclusion

Unless there are earnings above 3 cents or September highs, the TRX / USD is bearish and could fall below 2 cents and drift at 1.5 cents. Confirming losses in early August. So as it is, traders should expect large losses below 2 cents and support the trend line before opening the shorts with a stop at 2.5 cents.

All graphics courtesy of Trading View

This is not a trading advice, do your research

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