Latest Tron News
The stage is set for NiTron Summit in progress at the Yerba Buena Center for the Arts at 700 Howard Street, San Francisco. In this two-day event where the guest will be none other than Kobe Bryant, entrepreneurs, investors as well as developers from all over the world with different agendas will share the same platform exchanging ideas and contacts.
According to Tron, the idea behind this summit is to provide better opportunities to better explore the burgeoning blockchain industry while helping drive blockchain’s principles of collaboration and partnership. As such, the summit will also provide opportunity for developers and entrepreneurs. Among other speakers will be Viktor Radchenko of Trust Wallet and Jordy Berson, the COO of BitTorrent—now under Tron.
Talking of BitTorrent and it appears as if not everyone is happy about the recent turn of events. The Former Chief Strategy Officer Simon Morris is incensed by Tron’s acclamation and will be watching closely how Tron as a tech and platform will run tokenized BitTorrent via BTT.
According to Breaker, Morris has strong reasons to believe that Tron is a marketing juggernaut with a “thin veneer of blockchain”. Meanwhile, he says Justin Sun is technically inept but very good at marketing but should learn ways of owning up to past mistakes.
“It’s very clear that Justin is very strong at marketing. He has a very nice personality from a marketing point of view but he doesn’t have a technical bone in his body. Justin wouldn’t understand, technically, anything.”
TRX/USD Price Analysis
Despite jabs, TRX stands to benefit from BTT and so far, the coin is up 2.4 percent in the last day and upwards of 85 percent in the last month meaning the coin is a top performer in the top 10. If this is maintained, we expect the gap between ninth and eighth to narrow and even flap. In the near-term, this BTT induced demand could help lift TRX prices towards 4 cents as price sync with our last TRX/USD trading conditions.
Trend and Candlestick Formation: Bullish, Bull Breakout
TRX is literally outperforming other assets and we expect more news in the ongoing NiTron summit. Because of Jan 7-8 break and close above Dec 2018 highs at 2.5 cents, TRX is trading against the USD in a bull breakout pattern with matching trade volumes.
Besides, the fact that Jan 10 bull bars didn’t reverse Jan 7-8 gains hints of demand in lower time frames and that’s why we suggest both sets of traders to buy on dips as they initiate trade positions as laid out in our previous trade plans.
Volumes: Bullish, increasing
Ideally, we would like transaction volumes towards 4 cents to increase above Jan 10’s of 95 million versus 26 million. But there are developments especially from an effort versus result perspective. Notice that aside from Jan 14 bull bar—50 million versus 35 million, the last four bars volumes are below average—less than trending averages of 35 million.
Therefore, it would be safe to initiate trades once prices rally above Jan 14 highs of 2.6 cents. Nevertheless, it’s a breakout pattern and buying on dips with a safety net at Jan 14 lows of 2.1 cents should be safe.
All charts courtesy of Trading View.
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