Following Trust Wallet Addition, TRON rises: TRX Technical Analysis
The global crypto market has been experiencing a peculiar week, with the market volatility at a significant low and the market cap hovering around $210 billion, with a weekly high of $212.04 billion and a weekly low of $207.69 billion. Some notable coins deviated from the dull market due to blockchain additions and exchange listings, one among them is Tron [TRX], which jumped up by 3% at the end of the week following a major announcement.
The Ethereum-Trust Wallet, on 27 October announced that the Tron Foundation’s blockchain would be added to their services. The popular wallet already has Ethereum tokens like ERC-20, ERC- 223, ERC- 721, and others. In addition to the Ethereum tokens, the wallet also provides storage services for Ethereum (ETH), GoChain (GO), POA Network (POA), Callisto (CLO), VeChain (VET), Wanchain (WAN), and Ethereum Classic (ETC).
Trust Wallet is also looking to bring in coin heavyweights like Bitcoin [BTC], Litecoin [LTC], and Bitcoin Cash [BCH].
The key support level of the coin is $0.0233 and the key resistance level stands at $0.0236, which the coin is comfortably hovering over. The MACD line indicates a bullish zone for TRON and the 100 EMA line shows that the coin is enjoying a mild uptrend.
Since the Trust Wallet announcement, TRX has been increasingly picked up by investors in the market and the RSI has jumped up to 62.55. The coin is closing in on being overbought. The trading range exhibited by the coin is $0.023807-$0.023935. At press time, the coin was had edged up the U.S. dollar by 2.72% and is currently valued at $0.023833.
The virtual currency has surpassed Bitcoin [BTC] by 2.45% and currently, one TRX is equivalent to 0.00000365 BTC.
Early on Friday, TRX started to look upwards amidst the anticipation of the Trust Wallet announcement. At 0200 UTC on October 26, the coin was valued at $1.504 billion and it increased in excess of $50 million to reach $1.554 billion in less than 24 hours. The market cap rise has since stabilized, at press time, it stands at $1.551 billion.
Tron [TRX] Price Prediction 2018, 2020
- Wallet Investor has predicted that the Tron will likely be valued at $0.000013 in one year. By the end of the current year, the price is expected to hit as high as $0.061. In January 2020, the digital currency may be valued at $0.039.
- According to The Oofy, the value of TRX will likely be $3.75 by the end of this year. However, in two years’ time, the price may touch $52.91.
- CoinSwitch has predicted that TRX will not exceed $0.05-$0.07 by the close of this year and in 2020, the price of TRX will skyrocket to $0.4 by July and then plummet by the end of the year.
Tron [TRX] Latest Updates
- Tron has announced the development of TronLink after the successful launch of its mainnnet. TronLink intends to simplify the access to its blockchain from internet browsers such as Chrome and Firefox, just like MetaMask does with the Ethereum network. With TronLink, interacting with the DApps will be easier for developers.
- The charity arm of Binance, Blockchain Charity Foundation launched a blockchain-based donation portal at the UNCTAD World Investment Forum. The Tron Foundation donated $3 million BCF for charitable purposes.
See also: TRON releases TronLink that allows users to access the blockchain on the browser
See also: BCF launches donation portal at World Investment Forum; Tron pledges $3 million in support
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Author: Aakash Athawasya