Back

TRON’s (TRX) Cross-Chain Platform Release Could Trigger Next Wave Up

author avatar

Written by
Valdrin Tahiri

editor avatar

Edited by
Kyle Baird

14 November 2019 11:11 UTC
Trusted

Throughout its history, TRON has outperformed numerous major competitor projects in the cryptocurrency industry. Due to its recent positive announcements and partnerships, it is considered to have one of the brightest futures in the industry.

The blockchain for the TRON platform has the main purpose of full web decentralization. TRON aims to utilize its technology and collaborate with other systems in order to create a fully decentralized global market.

One of the main challenges facing blockchain technology is the fact that it fails in communication with other chains. A proposed solution to this is called “cross-chain”, an expansion of blockchain capabilities by enabling it to interact with other chains as a single one.

Sponsored

Tron founder Justin Sun stated that TRON is building a cross-chain, which will be available on November 15.

Additionally, Poloniex has just announced its partnership plans with the TRON Foundation, fueling rumors of a possible takeover.

The TRON price initiated a surge after October 25, when the Chinese president made an endorsement of the blockchain technology. Afterward, it was the overwhelming winner of a poll “about the coin price of Chinese public chains and which they believe deserves to be ranked in the top spot.”

Sponsored

TRX Price

In September 2019, the TRX price made a low of 135 satoshis. It has been increasing since, aiming to reach the resistance area found at 300 satoshis.

The aforementioned low was combined with an oversold RSI value and a bullish MACD cross. While the former has not happened previously, the bullish MACD cross preceded the upward move with a magnitude of more than 200% in November of 2018.

TRX Long-Term

Sponsored

In the short-term, TRX is following an ascending support line and has crossed above the 100-day moving average (MA). The closest short-term resistance area is found at 235 satoshis, created by the highs of October 27.

Additionally, the 200-day MA is slightly above it. A breakout above this area would likely initiate a rapid price increase.

TRX Ascending Support

Comparing With NEO

Sponsored

One interesting pattern is the fact that TRX has been closely mirroring the NEO price since the beginning of October, albeit with a slight delay.

The NEO price began a very rapid price increase on October 25, and TRX followed the next day. NEO initiated another increase yesterday. Therefore, we could see the same movement transpire in TRX.

Sponsored

TRX-NEO Comparison


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.