As the weekend fast approaches, all cryptocurrency markets will need to either put up or shut up. So far, the overall momentum is still a bit neutral, although some coins are trying to inch ahead. Tron is noting some small but crucial gains in both USD and BTC value alike. The main question is whether or not the $0.025 level can turn into solid support for the coming days.
A Sign of Future Tron Price Momentum?
It is more than evident all cryptocurrency markets rely on Bitcoin’s price momentum first and foremost. Although there is nothing wrong with that on paper, it can cause some issues in the real world. If Bitcoin continues to falter and stumble, none of the alternative markets will note any real changes either. However, today may prove to be different in that regard, at least where Tron is concerned.
Over the past 24 hours, there has been a 3.4% increase in Tron’s USD value. This brings the price back to $0.02526, which may very well become the next key support level. In TRX/BTC, there is a 2.29% change in favor of the altcoin. Reaching 700 Satoshi isn’t overly difficult, although there will be some psychological resistance near that level. So far, so good for Tron.
On social media, however, not all Tron-related discussions are as positive. Tanuki is clearly not impressed with this altcoin and would rather see it “tank and rest in peace”. There’s nothing wrong with such a very strong sentiment, although it is not necessarily smart to wish for bad things to happen to any project. Cryptocurrency is all about competition and different projects, rather than only seeing one approach succeed.
— Tanuki 🐂⚡️🔑 (@TanukiBTC) January 18, 2019
When looking at the current Tron price momentum from a technical point of view, It would appear there may be some short-term market resistance in the future, although that should eventually lead to a further continuation of the current trend. As is always the case, things like these will only come true if nothing major happens to Bitcoin first and foremost. A very interesting outlook, although it remains to be seen if it can come true.
Follower asked me to look at #Tron $trx . Since its launch on Mex its been in a stiff upward channel. After recent 0.618 fib rejection i expect price to subside for a brief period of time back to support of the channel/lower fib lines before rallying for upward momentum. pic.twitter.com/n3MrwY06Z1
— OhHeyMatty (@ItsMeOhHeyMatty) January 18, 2019
As is usually the case where altcoins are concerned, some form of arbitrage opportunities will pop up sooner or later. For Tron, there is a healthy triangular arbitrage opportunity on the market right now, which can make speculators and enthusiasts some good money down the line. It does involve buying with Indian Rupee though, which might make this option slightly less accessible.
— KoinKnight (@KoinKnight) January 18, 2019
All of these factors seem to indicate there will be a continuation of the current TRX price trend over the coming hours and days. Although its trading volume is far from impressive right now, it should be sufficient to keep the momentum going for a while. This year may very well prove to be crucial year for Tron, as the expectations surrounding this project are quite high right now.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.