On a day that most major cryptocurrencies in top 20 were down, TRON, which has been under criticism by the media, managed to end Wednesday with gains. Are TRON and its token, TRX making a comeback?
TRON [TRX] Gets Listed on LBANK Exchange
The Singapore-based, non-profit organization and its founder, Justin Sun, have been under negative campaigns since TRON’s inception in September 2017. Most recently, Justin Sun got criticised regarding his “announcement of announcements” phenomenon.
However, Justin was able to combat the critics on Wednesday. He announced on Twitter that TRON’s token, TRX, has been added to LBANK.info exchange.
LBANK is an exchange platform with a concentration on the Asian markets. In comparison to a lot of other Asian exchanges, LBANK offers one of the lowest trading fees at 0.10%. The exchange currently lists approximately 50 tokens, and TRX is one of the bigger ones.
TRON’s TRX Price Action
When it comes to price action, TRX has not really been the hottest cryptocurrency out there.
It started trading at $0.0849 on January 24, 2018. After continuous drops, it bottomed out at $0.0297 beginning of February. Since then, it has had two failed attempts to break above the $0.0547 resistance level. This level is additionally important because it also falls on the 50% Fibonacci retracement level.
Wednesday marked the third consecutive day of slightly bullish Spinning Top daily Candlestick, as TRX fought back an otherwise down market, with the positive news of being listed on LBANK. Immediate support lays at 23% Fibonacci level of 0.0398.
Since TRX has been trading only for a short amount of time, we are not able to use the daily Ichimoku cloud as a part of our technical analysis.
As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.