Price analysis

Tron’s price attempts recovery to celebrate new portal for developers

Tron’s value against the US Dollar moved speedily above $0.227 after a 3% increase in the last 24 hours. Further, the coin’s price opened gates for a possible gain from $0.220 to $0.230 marking an increase of 5%. These gains were seen following the launch of a new portal for developers, which are seen as a celebration of the new development.

Price Analysis

Previously, TRX had dropped to $0.212 in the area of demand before gaining momentum to its current price. The bullish 4-hour opening candle at $0.02164 sustained the bullish pressure and the coin was up $0.02217 in the supply area. At press time, Tron’s price is above the two EMAs and the stochastic oscillator is at 58% and its signals point up which implies an upward movement in the short-term.

Additionally, the coin is in consolidation and trading between $0.02290 in the upper area of supply and at $0.0212 in the lower area of demand. An upsurge in the upper demand area is imminent, and thus traders should remain optimistic. Also, the TRX short-term technical signs show a W. This signifies that bulls will keep pushing up above the $0.02250 level.

News and Developments

Recently, Tron foundation launched its new portal for developers, which might have served as a short-term positive catalyst for the coin’s price. The firm’s tweet read,

We have a brand new documentation website for #developers! Go to https://developers.tron.netwrok/ to check out all the new tools and learn how to utilize them. This site is optimized to be user-friendly with a search function.”

Additionally, Seedit, a TRON backed network for simple yet efficient payment system stated that it has reached the big 25 million transactions. They also acknowledged the support they received from Tron community which has seen so much growth since the last time they share their stats.

What’s your take on the future price of Tron as it continues to experience increased development?

Share your views in the comments section below

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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