Tron [TRX] price fails to reflect transaction fee drop: Technical Analysis
Amid a dismal cryptocurrency market scenario, the TRXmarket shows a silver lining with transaction fee drop that, however, failed to boost Tron value. Announced on Friday via Twitter post, the fee dropped to 0.1% at 07:00(UTC). The positive news could not push up the value of the 10th most valuable digital asset in terms of market cap and instead the bears ensconced the crypto landscape. As the sellers began to take charge of the market, the coins began trading in red. Previously, when the tokens persistently under-performed, Tron [TRX] saw a minor boost of nearly 0.45% in the last seven days and plunged almost 39% in a span of a month.
Breaking News! 📢📢📢
The transaction fee of #TRXMarket has dropped to 0.1% at 07:00(UTC) on Dec 14th! 👏👏 And 0 transaction fee will be realized by next Friday, go trade: @ https://t.co/tflRhfOusM tele: https://t.co/TjFjcXhsk2 #TRON $TRX @justinsuntron @Tronfoundation
— TRXMarket (@TRX_Market) December 14, 2018
The MACD suggests that the digital currency has sunk deep into the bearish zone as the market crumbles under heightened seller pressure. The 100 EMA line, at the time of writing, shows that the virtual asset is locked in a downtrend. Currently, the coin is trading way below its key support level, which can be traced at $0.0138.
At press time, the hourly RSI indicator is noted at 35.5, which indicates that this coin is soon to touch the oversold level in the market. According to the data from CoinMarketCap, the overall market cap of the digital asset stands at $866.73 million. The virtual currency has inched down nearly 2.28% against the U.S. dollar to currently, trade at $0.0131.
At the moment, the cryptocurrency has managed to crawl up almost 0.94% against Bitcoin [BTC] with one TRX valued at around 0.00000394 BTC
Tron [TRX] Latest Updates
- TRON [TRX] recently announced that the users will now be able to trade the crypto faster and safer as [TRX] is now available on SwftCoin. It is a cross-border platform allowing the users to transfer cryptocurrency in a single click. SwftCoin integrates artificial intelligence (AI), big data, and blockchain. The main objective to improve the efficiency of crypto market by proving safe, inexpensive, and compact transfer services. This come as a great news for the TRON community who was recently informed by Sun that TRON joined Blockfolio Signal beta – the “leader” in portfolio-tracking app for crypto and blockchain industry.
- The founder and CEO of TRON, Justin Sun, informed the community that he has given a proposal aiming at reducing the fee of 1 energy to 0.00001 TRX. The news of the proposal was shared by Sun on December 10 and on December 13, Justin Sun confirmed that the proposal has been accepted. The proposals are approved and disapproved by Tron Super Representatives, representing the network and the community. The proposal needs to get a minimum of 2/3rd of the Super Representatives’ approval in order to get activated.
Image via Shutterstock