TRON will be 200x faster than ETH and 100x cheaper than EOS?
On Sunday, 7th of October, Justin Sun (Tron CEO) posted an update on twitter: twitter.com/justinsu.../1049145937950474240
The twit stated that in the upcoming update, Tron would become 200 times faster than Ethereum and 100 times cheaper than EOS. This is a very optimistic clam made by Mr. Sun, but if the claim will become the reality, price of TRX could increase substantially against the Bitcoin. Will “buy the rumor, sell the news” approach will work this time?
After the announcement was made, price of TRX/BTC has jumped by 11% within 7 hour period. It has reached the 429 satoshis high, and broke above the 23.6% Fibonacci retracement level. Obviously, since Tron has formed a double bottom at 270 satoshis support, price has been steadily increasing, producing higher highs and higher lows. This is the first sing of an uptrend, which at this stage is likely to continue.
Investors should consider the fact that price broke above the Fibonacci resistance, 200 Moving Average and RSI oscillator broke above the resistance line, suggesting an increasing interest in Tron.
As any market, Tron is moving in waves and currently it is reasonable to expect a corrective move down, which has already started. The question is how far down price might drop, and whether it will be just a correction or a downtrend continuation.
Based on the VPVR trade volume indicator, most trading volume occurred at the price of 330 satoshis, which is also a 61.8% Fibonacci retracement level. It seems logical to expect TRX to correct down towards this level, before and if the uptrend will continue. At the same time this support level should be watched for either the breakout or a rejection, which should give more insight on further price development.
To summarize, Tron looks bullish against the Bitcoin, and there is certainly room for growth. But, buying Tron might seem too risky, considering the ongoing downside correction. The support at 330 satoshis should play an important role and will likely indicate where it is heading in the near term future.
The twit stated that in the upcoming update, Tron would become 200 times faster than Ethereum and 100 times cheaper than EOS. This is a very optimistic clam made by Mr. Sun, but if the claim will become the reality, price of TRX could increase substantially against the Bitcoin. Will “buy the rumor, sell the news” approach will work this time?
After the announcement was made, price of TRX/BTC has jumped by 11% within 7 hour period. It has reached the 429 satoshis high, and broke above the 23.6% Fibonacci retracement level. Obviously, since Tron has formed a double bottom at 270 satoshis support, price has been steadily increasing, producing higher highs and higher lows. This is the first sing of an uptrend, which at this stage is likely to continue.
Investors should consider the fact that price broke above the Fibonacci resistance, 200 Moving Average and RSI oscillator broke above the resistance line, suggesting an increasing interest in Tron.
As any market, Tron is moving in waves and currently it is reasonable to expect a corrective move down, which has already started. The question is how far down price might drop, and whether it will be just a correction or a downtrend continuation.
Based on the VPVR trade volume indicator, most trading volume occurred at the price of 330 satoshis, which is also a 61.8% Fibonacci retracement level. It seems logical to expect TRX to correct down towards this level, before and if the uptrend will continue. At the same time this support level should be watched for either the breakout or a rejection, which should give more insight on further price development.
To summarize, Tron looks bullish against the Bitcoin, and there is certainly room for growth. But, buying Tron might seem too risky, considering the ongoing downside correction. The support at 330 satoshis should play an important role and will likely indicate where it is heading in the near term future.
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Tron still correcting down
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Today Tron broke the uptrend trendline and just entered the support area. Lets see whether the support will be rejected or broken.
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Tron holding the support
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Tron rejected the support
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Tron is looking strong
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Price moving according to the forecast
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