Tron Price Analysis for January, 24th – TRX Falling

On Friday, January 24th, the Tron is declining, trading at $0.0159.

On D1, the last wave of declining after the attempted tests of the support area between $0.0110 and $0.0117 changed for an impulse of growth that has managed to break out the resistance line of the mid-term channel. Such a situation may mean the beginning of a new uptrend forming. The nearest goal of the growth will be the local fractal $0.0230 but only after a breakout of $0.0185.

On the MACD, the lines are getting ready to cross 0 to the positive area, which supports the idea of an uptrend forming. However, if the crossing fails, and a Black Cross appears on the indicator, the quotations may fall to $. 0085.

On H4, we can see a slight decline as a correction of the previous impulse of growth. The quotations are aimed at reaching 50.0% ($0.0155) and 61.8% ($0.0148) Fibo. It means, near these marks we may expect a bounce to form a new impulse of growth.

The Tron Foundation is ready to launch its own decentralized token. According to Justin Sun, the stability of the new cryptocurrency will be provided by the tokens Tron and BTT. The ticker and the name of the new stablecoin is unknown — Sun offered the users to invent them.

The fact that the token will be supported by stable cryptocurrencies looks interesting and unusual.

Earlier, Sun spoke about some secret project ready for a launch. Seems like he spoke about the new token.

After Sun announced the launch of the new cryptocurrency, the Tron rate grew and returned to the top ten most stable and large-scale cryptocurrencies in terms of capitalization. The daily trading volume is estimated as $1.35 billion.

The BTT grew in price simultaneously thanks to the same news.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer: 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.