Can Tether Pull TRON Higher?

 

Today we’re going to take another look at TRON, which has just announced some big news. The TRON team has announced a partnership with Tether, which will bring the biggest stablecoin onto the TRON blockchain. This may be awesome news, but is it enough to shift the current bearish price action for TRX?

The news rightfully brought a breath of bullish air in Tron’s longer-term bearish momentum on Monday.

A bullish engulfing candlestick was formed which could sometimes be a bullish reversal indication. However, we remain skeptical that this news had any long-term bullish impact on the TRX/BTC pair. Why?

TRX/BTC Price Action Analysis

The biggest reason is that the pair just confirmed a break below the daily Ichimoku cloud last week with other Ichimoku indicators such as the Tenkan line and the Kijun line presenting a deadcross. The future cloud is also bearish. So Monday’s bullish market sentiment could be considered that temporary pullback that normally happens after an Ichimoku crossover. The pullback could continue another few days and help the pair reach the 50% Fibonacci retracement level before further drops. However, based on this study, we could expect the current downtrend to get back on track and drive TRX towards the 23% Fibonacci level shown in purple.

Disclaimer: Now I’d like to hear from you. What are your thoughts on Nano, which currently ranks 36 in terms of market cap? Do you think it can ever make it to top 10?  Let me know in the ...

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