By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Friday, November 15th, the TRX is declining, trading around $0.0193. At the same time, this week turned out to be rather neutral for the cryptocurrency.
On H4, TRX/USD is developing a mid-term uptrend after a convergence and Gold Cross on the MACD. The short-term view of this picture reveals a local correction after a swift impulse of growth and entering a projection channel. The correctional decline we are contemplating may be aimed at the primary support of $0.0164; however, the most likely scenario remains the growth to the resistance level of $0,0260.
On H1, we can see the correction in more detail. The correctional phase has reached 50.0% Fibo and might go further to 61,8% ($0.0174). The correction will be over if the resistance level is broken away near $0.0200 and a Gold Cross forms in the oversold area of the Stochastic.
The next year, the Tron is capable of beating the Ethereum. At least, this is the opinion of one of the Tron developers Udi Wertheimer. According to him, in the future, all the key figures in programming will be working for Justin Sun.
Wertheimer states that the Tron is developing better than before and is well ahead of its immediate rivals in this sphere. Apart from this, it has an advantage in the number of transactions carried out, which is, again, supporting the cryptocurrency.
This week, the Tron has started work with the crypto exchange Poloniex. After a short pause, there began trading of the TRX with the BTC, USDT, and USDC. On the whole, it creates good fundamental support for the cryptocurrency.
It has been heard that by the end of the year there might have been declared some critical innovations for the Tron. On the market, they say that these might be dealing with the interface of the trading platform or the extension of trades on Poloniex.
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.