TRON price analysis 18 May 2019; small breaks but bullish future

TRON is something you’d call a community-based cryptocurrency. The popularity of the coin depends on not how many people trade it, but on how many people use it. Thanks to the overall nature of TRX and its design to be the groundwork of future applications, its users have far more control over what can happen to the coin. Although, there have been controversies with the ex-CTO of the company, which caused a quick price dip.

Due to the partnership with the Opera browser, it’s easy to expect that more people will be exposed to TRX, but that is not a guarantee that everybody will use it.

Overall, the crypto market has proven that no matter how a coin performs on its own, it is still tied to the global trend, which is usually spearheaded by Bitcoin.

TRX has proven this by struggling all day in terms of price, much like any other cryptocurrency. It started relatively strong at $0.0275 and growing to $0.0278 within the day, but in the end, fell victim to the bearish trend and is now stuck at $0.0269.

TRX price chart 18 may 2019

TRX chart by TradeView

TRX is hinting a very consistent pattern, by moving between two separate prices. By floating between $0.033 and $0.022 most traders are confident in entering the market in its current state.

Given the fact that a major supporting price point of $0.025 has been passed, the $0.033 resistance level seems to be just a few days away. Therefore we may see Justin Sun’s promises come true.

Given the fact that TRX is very usage-based, it is realistic to believe its increase by the end of the year, due to promises from above for new partnerships.

When it comes to long-term, many have said that TRX can reach as high as $50, but crossing the $1 is its main challenge right now. Should 2020 prove to be the crypto golden age everybody talks about, then TRX may be the gateway for many investors towards a successful trading career.