Yesterday, Justin Sun made an announcement to the Crypto Community that Tron ( TRX ) had partnered with NeoWorld. In the tweet he explained how the partnership would work out in the 3D Virtual Reality world created by New World. Here is the link to the tweet
https://twitter.com/justinsuntron/status/1060493147405307904
- justinsuntron
Partnership
NeoWorld is a bockchain based multiplayer online virtual reality world. In this 3D players can explore new frontiers, create skylines, pursue careers, build wealth and so on. The idea of a virtual world brings about the question as to which type of cryptocurrencies can be used. Since NewWorld is similar to the real world, we might not be surprised to learn that TRX can be used to buy and sell land as well as buildings in the virtual world.
TRX and Gaming
This partnership could be great for Tron, and in some way technical analysis could help to establish the direction of the Tron coin against the cryptocurrency giant – the Bitcoin. In one of our previous ideas we already mentioned about TRX getting involved more and more into the gaming industry. According to that idea, TRX/USD already broke above the resistance, showing potential strength over the USD. (https://www.tradingview.com/chart/TRXUSD/J7VdrChp-Tron-aims-to-dominate-blockchain-gaming/)
Support
Lets analyze Tron against the Bitcoin and see if it also offers any sort of upside potential. TRX/BTC clearly is moving within the ascending channel , where the uptrend trendline is being rejected. At the same time the 38.2% Fibonacci support is holding, as price failed to close below this level (351 satoshis). But it has established a low at 341 satoshis, which is the level to watch at this point. If broken, TRX is likely to drop further, and test 316 satoshis support.
Target
On the other hand, while the support is holding, TRX trend will remain up. On the 7th of October, TRX/BTC broke and closed above the 200 Moving Average, then corrected down and rejected the Fib support. Price still producing higher highs and higher lows, and considering above-mentioned facts, one can assume the ongoing validity of an uptrend. Nearest upside target is located at 88.6% Fibs, that is 470 satoshis level – a 30% growth potential.
Summary
Now, as price approached the uptrend trendline again, the volatility might increase, which will either result in a break below the support or continuation of an uptrend. In either case, it is worth following the TRX/BTC price action in the coming days.
See the latest prices across multiple exchanges at https://www.cryptaldash.com