Altcoin Daily Preview: Tron (TRX) Could Bounce back …

TRX/USD (Tron)Latest Tron News

Straight from the announcement of the Tron Accelerator, the launch of Tron Developer Suite and the apparent meltdown of crypto prices, Justin Sun, the co-founder of the platform is now urging developers to migrate from EOS and Ethereum platforms.

Read: Tron (TRX) Announces Accelerator Plan For DApp Creation With $1 Million in Prizes

Through a fund that Sun says will rescue these developers from imminent collapse of their respective platforms, dApp creators would get a boost only if they migrate their work to the Tron Platform.

This is not the first time Sun is throwing sublime jabs at EOS and Ethereum. He has on several occasion been tussling with Ethereums Vitalik Buterin who at one time said Tron plagiarized part of its white paper from Filecoin.

From left to right, prices are negatively sloping meaning the path of least resistance is southwards. But this has been the trend in the last 11 months or so and after tumbling >85 percent, we expect TRX to find support.

At the moment, prices are edging higher in line with Nov 28 bulls and though consolidating within a tight 0.5 cents range, we expect buyers to print higher by the end of the week. The only time we expect bulls is when TRX/USD thrust above our resistance at 1.5 cents$1.7 cents zone.

Fitting stops will be at 1.4 cents with first targets at 2 cents. Losses below 1.2 cents and 1.3 cents invalidate this plan.

Our TRX/USD trade plan will therefore be as follows:

Buy: Break and close above 1.5 cents

Stops: 1.4 cents

Target: 2 cents

As reported by EWNs, CoinBasethe US based crypto exchange platform has once more announced that it will be exploring 31 digital assets including Stellar Lumens (XLM).

Also Read: CoinBase Pro Lists the ERC20 Tokens of Civic (CVC), DNT, LOOM, and Decentraland (MANA)

This being the second time, the community is pretty excited about the news and could be pointers of whats to come especially if CoinBase deviates from listing a high supply, low cost pre-mined coin.

Listing on XLM could be attractive for users who would want to diversify waiting for price appreciation now that Stellar has a working relationship with IBM. IBMs mainframes are still in use by 92 out of 100 global banks and as they have been in service for more than 50 years, an alternative proposed by IBM could easily be adopted even if it means leveraging on the Stellar platform.

Stellar Lumens (XLM) is perched at fourth and quite stable in the last few hours. Though XLM is printing higher against the USD, bears are in control. From candlestick arrangement, we expect XLM to print higher and even close above 13 cents triggering short term bulls aiming at 17 cents.

However, since XLM/USD is trending within a bear breakout pattern and prices are below 15 cents, we cannot discount the possibility of sellers stepping up, driving prices below our support zone. If this print out then our XLM/USD will be nullified.

Nevertheless, our short-term XLM/USD trade plan will be as follows:

Buy: 13 centsAbove Dec 9 highs

Stops: 11 cents

First Target: 17 cents

All Charts Courtesy of Trading View.

This is not Investment Advice. Do your Own Research.

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Altcoin Daily Preview: Tron (TRX) Could Bounce back ...

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