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Tron begins to decouple from Bitcoin as DEX records massive success

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Tron has reached significant milestones this year, and it is safe to say that it is one of the best performing cryptocurrencies in the space today. In the bid to produce a decentralized platform for its community and investors, Tron released its decentralized exchange that takes care and is in charge of TRX tokens.

It is important to note that Tron’s new decentralized exchange (DEX) can now be seen on Tronscan.org and it connects the TRX wallets of every Tron user. Without no doubts, Tron’s new decentralized network has been making waves ever since it got created by Tron (and it’s not even a week old).

The CEO of Tron, Justin Sun announced that the activities on the new exchange have reached 184.5 million in 24 hours and have doubled every day for five days now. Sun tweeted,

The Tron community tend to have a close watch on the recent developments of Tron always, and they haven’t failed to laud the recent stride that has been achieved by the blockchain firm.

Innitially, it was the immediate heads-up by a Tron community member, Matthew Fetzer, that made the news go wide. He said this on his official Twitter page:

Via further research on Tronscan, we found that 11 trading pairs have been listed against TRX with a high number of TRX volume. dice/TRX:254766; ton/TRX:13,064,206; IGG/TRX:108,040,298;WIN/TRX: 41,362,464; CryptoDivaFund/TRX: 12,354,407; TWX/TRX: 3,927,236; TRONEuropeRewardCoin/TRX: 3,123,122; TronWatchMarket/TRX: 1,134,375; SEED/TRX: 1,353,140; CryptoChain/TRX: 10,755; CryptoGuyinZA/TRX: 6,292. The total TRX volume is 184,631,061 to be specific.

TRX is Decoupling from Bitcoin

Tron’s recent stride has become prominent not just among its community but among all the crypto-enthusiasts. As a result of the recent decentralized exchange, Tron is becoming a cryptocurrency that will not be affected by Bitcoin (Ripple’s XRP is becoming the same too).

Although the Tron’s detachment from Bitcoin will not happen overnight and that is because it has been widely, and as like any other coin, TRX is pledged against BTC on most of the exchanges.

Even though Tron’s exchange (DEX) is becoming more and more popular still lots of Tron users and investors are trading via major crypto exchanges such as Binance. This implies that if such investors get their investment or funds from Binance then, the Tron’s platform will surely thrive.

Nevertheless, Tron also has another decentralized exchange known as Tron Watch Market, and it aims to be the best of its kind in the market. Subsequently, the demo version of Tron Watch Market has been unveiled. Tron made it known that when the exchange gets-up at full, the trade of Tron tokens will be available in a secured manner.

TRX Price Overview

At the time of writing, as is the case with all major cryptos (excluding XRP), TRX is in the red, valued at $0.0187, and down by 1.95% in the last 24 hours. The price of TRX has been greatly affected and dropped by almost 15% after the occurrence of the Bitcoin fork that took place a few days ago. The cryptocurrency sits at $1,232,706,283 market cap.

Image courtesy of NeuPaddy/Pixabay

Tron Price Analysis

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The cryptocurrency market opened today, November 9, to almost all the cryptocurrencies seeing red. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] all witnessed a price bleed after a few days of price hikes. At the moment of writing, there was a systematic fall across the cryptocurrency spectrum.

1 hour:

https://ambcrypto.com/wp-content/uploads/2018/11/TRX-1-HR-1.jpg

The Tron one-hour graph shows the cryptocurrency form triangle with the uptrend and downtrend acting as the slopes. The price uptrend saw the price rise from $0.0232 to $0.0247while the downtrend saw Tron falling from $0.0248 to $0.023. The immediate resistance was holding at $0.0248 while the support has been maintaining at $0.0215.

The Parabolic SAR points to the price dropping which is evidenced by the markers being above the candles. This trend has been persistent for more than 24-hours.

The Chaikin Money Flow indicator shows the graph right at the axis, which still puts the cryptocurrency in the bullish zone. The fall from the top of the graph also indicates the money going out of the market due to the change in investor sentiments.

1 day:

https://ambcrypto.com/wp-content/uploads/2018/11/trx-1-day-3.jpg

The Tron one day graph shows the coin suffering an acute downtrend which has bought the price down from $0.0571 to $0.0231. The support for the cryptocurrency has been holding at $0.0182.

The Bollinger band shows the dominant sideways movement as indicated by the strict pipe like formation of the upper band and the lower band. Compared to the earlier breakouts, the currency Bollinger clouds have significantly reduced in size.

The Awesome Oscillator has shown a drastic reduction in the market momentum with the graph almost negligible now. The immediate green markers point to a hike in the momentum.

Conclusion:

The above-mentioned indicators majorly point to the current sideways price movement persisting. The Chaikin Money Flow indicators, on the other hand, shows a positive change in the investor sentiments.

Tron [TRX] Price Analysis

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The past few days have been a roller coaster ride for the cryptocurrency market, with several coins witnessing a significant rise and fall in prices. Cryptocurrencies like Bitcoin Cash [BCH], Ripple[XRP] and Tron [TRX]  have all undergone significant changes in prices with the investor sentiment leaning towards an expected surge during the current time period, a call back to 2017’s ‘crypto-boom’.

1 hour:

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Tron [TRX]’s rise and fall are clearly seen on the cryptocurrency charts with the uptrend putting the price in the $0.0225-$0.0246 bracket while the downtrend bought the Tron’s value from $0.0248 to $0.0237. The immediate resistance of the cryptocurrency has been lifted to $0.0248 and the support is holding at $0.0214.

The MACD line and the signal line have both embarked on a journey below the MACD histogram where the signal line has peaked a bit, indicating an imminent price hike.

The Relative Strength Index [RSI] has bounced back from the oversold zone, a sign of the increase in buying pressure of the cryptocurrency.

1 day:

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The one-day Tron chart points to the price slowly being lifted out of its sideways movement pattern, all thanks to the significant hikes that occurred over the past few days. The long-term chart still indicates a downtrend, with the prices dropping from $0.0391 to $0.0246. The long-term support has been holding at $0.018.

The Bollinger bands indicate a sideways movement which is put into picture by the upper Bollinger band and the lower Bollinger band taking the shape of a pipe. The size of the Bollinger clouds also shows a lack of substantial breakouts in the Tron prices.

The Chaikin Money Flow [CMF] indicator has been quite active, with the graph breaching the axis. The entry into the upper quadrant of the CMF graph is a bullish sign for the cryptocurrency’s prices.

The Parabolic SAR shows a predominantly bearish trend with a majority of the markers staying above the price candles. This is also a sign of the lack of trend changes in the Tron prices.

Conclusion:

The indicators seem to indicate an imminent price hike as shown by the MACD graph, CMF, and the RSI. The indicators also show that the increase will also enable in raising the immediate resistance of Tron.

Tron [TRX] And Bitcoin Cash [BCH] Slip Of The Price Ramp

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The stupendous rise that the cryptocurrency market witnessed over the past few days seems to have come to a halt after the prices started dropping again. Popular cryptocurrencies like XRP, BCH and TRX all saw price drops, a sign of the market volatility during the period christened by cryptocurrency enthusiasts as ‘crypto-winter’.

At the time of writing, Bitcoin Cash [BCH], the fourth largest cryptocurrency in the market, was dropping by 4.85% with a market cap of $10.230 billion. BCH was trading for $586.40 with a 24-hour market volume of $962.617 million. The cryptocurrency, whose upcoming hard fork has created a buzz in the cryptoverse, had undergone a massive spike of 42% over the past seven days.

BCH chart e1541659326359

A majority of Bitcoin Cash’s volume was held by OKEx, with a total grasp of $106.549 million. OKEx was closely followed by DigiFinex where $85.476 million of the total BCH trade took place. The BCH hard fork was also put under the spotlight when Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that Roger Ver was involved in Bitcoin Cash just for the ‘tokens’ and not for anything else.

Another cryptocurrency that was buckling under the market volatility was Tron [TRX], sliding at the rate of 3.06%. The cryptocurrency was trading for $0.0235 with a total market cap of $1.547 billion. A major portion of Tron’s 24-hour market volume was held by Bithumb, on which $43.552 million worth of Tron transactions took place. Bitthumb was closely followed by Binance, the Changpeng Zhao led cryptocurrency exchange enjoying an $8.175 million grasp on the total trade volume.

TRON chart e1541659678642

Tron made news recently when the Tron Foundation announced a new bug bounty program on the famous Hackerone. The Foundation aimed to propagate their mission towards mainstream adoption by offering $10,000 as a reward for finding critical issues.

The critical issues stated by Tron covers bugs that can take control of network nodes that can be operated from remote locations. The Foundation has also promised rewards worth $6000 for uncovering other issues pertaining to Denial of Services on P2P networks.

Ethereum [ETH] Maintains Its Stronghold On The Cryptocurrency Charts

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Ethereum [ETH] has been fighting hard in the cryptocurrency market trying to fend off XRP from taking over its position as the second-placed cryptocurrency on the charts. Just recently, XRP had taken over Ethereum to become the cryptocurrency with the second most market cap on the charts, after which ETH regained its dominance.

At the time of writing, Ethereum is trading for $219 with a total market cap of $22.57 billion. ETH also held a 24-hour market volume of $1.983 billion.

Ethereum also made news recently when Glen Weyl, the Principal Researcher, Political Economy and Social Technology at Microsoft Research New York talked about the Ethereum blockchain and its Co-Founder Vitalik Buteruin. He stated:

“It seems to me that in the same way, the “use case” of @ethereum is less any particular technical question and more offering a vision of the future that can save us from returning to the 1930’s next time we hit a recession. I wonder what @VitalikButerin thinks of that.”

Vitalik Buterin was not someone to shy away from the use cases of the Ethereum network, saying that Ethereum 2.0 will be 1000 times more scalable than its predecessor. The Co-Founder of Ethereum banked upon the latest version of Ethereum called ‘Serenity’ and said that it is aimed to be more secure. Buterin also said that Serenity will be able to perform a multitude of operations while consuming very little energy. He added:

“Serenity is the world computer as it’s really meant to be, and not a smartphone from 1999 that can process only 20 transactions a second.”

Vitalik Buterin had also spoken about the Ethereum 2.0 upgrade by calling it a marked step up from the already established network. He said:

“It is a combination of a bunch of different features that we have been talking about for the past several years. We have been actively researching, building, and now, finally getting them all together.”

Tron (TRX/USD)Technical Analysis

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The cryptocurrency market seems to have come out of its price slump with almost all the coins seeing price hikes. Popular cryptocurrencies like Bitcoin [BTC], Ripple [XRP] and Tron [TRX] all saw trend changes, lifting the prices above the level it was stagnating at for a long time. Tron [TRX] has been on quite the developmental roll for some time and the price hike has made the entire community exuberant. At the time of writing, Tron is growing by 2.7% with a total market cap of $1.581 billion and trading for $0.0241 with a 24-hour market volume of $81.699 million. 

1 hour: 

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The Tron trend lines show a clear uptrend, taking the price from $0.0232 to $0.0242. The price support for the cryptocurrency has been holding at $0.0215 while the resistance at $0.0257 has not been broken yet.

The Bollinger bands on Tron point to a clear divergence of the upper Bollinger band and the lower Bollinger band, which is indicative of the price hike. The expanded Bollinger cloud has come after a long sideways price movement interval.

The Awesome Oscillator [AO] has taken a turn for the better, showing an increased surge in the graph. The surge is a sign of the market momentum picking up in the cryptosphere.

1 day: 

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The one-day TRX graph shows a  major downtrend in prices compared to its peak in the earlier months. The support has been consistently holding at $0.0179 in a time period where the downtrend brought down the price of Tron from $0.05729 to $0.0241. 

The Relative Strength Index [RSI] points to the graph edging towards the overbought zone. The spike towards the upper zone is a sign of the buying pressure of the cryptocurrency being more than the selling pressure. 

The Chaikin Money Flow [CMF] indicator after crashing towards the bottom of the graph has slowly taken an upward path. The upward movement of the CMF graph tells that the money from the investors is coming into the market after a positive investor sentiment change.

Conclusion: 

Tron’s price increase may result in the price support being lifted from its earlier levels. The Bollinger bands, CMF, AO, and the RSI all point to a gradual rise with sporadic sideways movements interspersed in the Tron market.

Tron [TRX] Daily Transaction Number Breaches The 1 Million Mark

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Tron [TRX] seems to be on quite an upsurge with latest reports confirming that the cryptocurrency has broken its transactions record, breaching the 1 million mark on November 4th. Tron’s transaction number peaked at 1,018,795 beating its previous record of 996,041 set on November 3.

TRX, which has been on a developmental run, has been making the news consistently for breaking the daily transaction records consistently over the past few weeks.

The reports also showed that on November 3rd, the combined transactions number of Bitcoin [BTC], Ethereum [ETH] and XRP amounted to 1,019,583 which was a mere 23,542 transactions more than Tron’s individual amount.

Tron also appeared in the news earlier, when the Tron Foundation announced that a bug bounty program will be launched on Hackerone. Tron set the reward of $10,000 for discovering potential technical vulnerabilities on the Tron network.

Critical bugs found on the network include bugs that can take control of nodes on the network by the remote execution of any code on the network. Another bug in this category are bugs that can lead to the leakage of users’ private keys. These have a bounty of $10,000, which are set to be paid out 14 business days post the submission of the report.