On Friday Aug 31, Tron (TRX) crept higher than the day before, but the momentum was already fading out by noon. The crypto is now trading at $0.0247, which is lower than early this week, says Dmitriy Gurkovskiy, chief analyst at RoboForex.
Technically, the overall long-term trend is still descending, and it will be this way until the price breaks out the major channel resistance. Meanwhile, in the short-term, a correctional trend is forming on H3, with the target precisely at the descending channel resistance. The price is now testing the short term channel support while trying to head upwards to reach $0.0312, which should be confirmed by golden crosses formed with the MACD and the Stochastic. At the same time, the support at $0.0223 may also be broken out, and at this rate the price may then start testing the key low at $0.0160 again.
On M30, there is a micro trend with the local support at $0.0238. The Stochastic is in the overbought territory and is forming a black cross, which may be confirming the local support breakout followed by the fall to $0.0223.
Among the fundamentals, the most significant news for TRX is the official launch of the Tron Virtual Machine. Taking place on Aug 30, this launch proved to be one of the most highly-anticipated events of this summer for the TRX community. The Tron Foundation presented the TVM Beta around two months ago. During the testing phase, the developers managed to fix the regular bugs, while also tweaking the project as per the user and tester feedback.
The organization believes TVM can solve the decentralization problem overall. For now, the Tron Virtual Machine is compatible with Ethereum and enables using unique internal memory, saving up on energy consumption, while leveraging a very convenient resource manager.
In July, we mentioned that, according to Google Trends, Tron attracted more users this year. This crypto is leading the top in-demand altcoin rating, together with Ripple.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Featured Image from Shutterstock. Charts from TradingView.
Follow us on Telegram or subscribe to our newsletter here.
• Join CCN’s crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.