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.
Tron founder Justin Sun stated that TRON is building a cross-chain, which will be available on November 15.
So everyone and their mother has a #blockchain now?
Better build a cross-chain!
The #TRON cross-chain project will be available on Nov. 15th 🙌
— Justin Sun (@justinsuntron) September 28, 2019
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.”
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.
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.
Comparing With NEO
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.
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.
Images courtesy of Twitter, TradingView.
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