Tron-Steemit Price Analysis: Steemit And Tron Getting On-Board Together

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Steemit is partnering with Tron for migrating Steem products and users to Tron Network 
  • It has provided a fundamental boost to both the crypto asset as they are gaining positive momentum. 

Source: Twitter

Tron’s CEO Justin Sun mentioned the partnership with steemit as a step taken to build a new era of decentralized social networking. However, no timeline for this migration was presented.

Justin Sun can be a negative public figure among many crypto traders, but he knows how to market himself and his projects. He likes to be the topic of discussion in the crypto-verse by making collaborations, partnerships, and even lunches with big financial corporates.

Taking one more step ahead in the Tron-Samsung partnership, Tron will be available on the latest Samsung phones in the blockchain Keystore, which will provide tron more market cap and volume.

Source: Twitter

In the press release as the former CEO and Chairman of Steemit, Ned Scott described the original conception of Steemit which was to achieve mass adoption in which cryptocurrency can be floated as easily as ‘likes’ and ‘upvotes.’

Steemit, which is application-specific blockchain, has been performing better than any other general-purpose blockchain by having the total number of 95 decentralized apps.

The cryptoverse considers Steemit an underrated blockchain technology that can be brought to new levels of development by Justin Sun. Cryptomarket will be expecting some changes in the Steem working mechanism, but it’s better than a slow death.

Tron (TRX) Price Analysis 

Source: Tradingview

Tron has been one of the best performing and most discussed altcoin in this year. All the credit for this can be possible because of its CEO Justin Sun. Tron started the year with the price mark of $0.013, and currently, it is doubled up at around $0.023. The market capitalization is of $1,702,488,369 and the 24H volume traded of $1,815,297,610.

Source: Tradingview

The technical charts indicate that Tron has yet again been provided fundamental booster not to break the bullish momentum. The negative divergence in both RSI and CCI suggests that it is not going to the overbought region, which can result in pricing pullback. Also, both of the oscillators remaining in the positive zone is a huge bullish signal for TRX bulls. MACD levels also indicate current strong buying momentum.

Major resistance level: $0.030 and $0.035

Major support level: $0.022 and $0.020

Steem (STEEM) Price Analysis

Source: Tradingview

Steem has also shown significant bullish momentum this year. It started with a price of $0.12, and it is also doubled up with the current price of $0.273812. The market capitalization is of $96,664,389 and the 24H volume traded of $13,711,168. The element of surprise was that steem touched its new high for the year and broke the major resistance of $0.30. The question is, was it too late for former CEO Ned Scott. It will be interesting to watch how this crypto asset will behave after the takeover by Justin Sun.

Source: Tradingview

The technical charts reflect on the bullish moment on Steem after the news came into the market. Technical oscillators favor Steem bulls as we see negative divergence on both RSI as well as CCI from the overbought territory. MACD levels also indicate a strong buying momentum for Steem in the crypto market. Till now, Steem has behaved positively only.

Major resistance level: $0.30

Major Support Level: $0.25

Key marks from Tron-Stemmit partnership 

  • Both of the crypto assets has behaved positively and provided bullish momentum in the market 
  • The technical charts of both of the crypto assets somewhat look similar to each other, which indicates that these two can establish a direct relationship in the future. 
  • It will be interesting to watch that how will Justin Sun provides fundamental advantages to Steemit and establish a new era of decentralized applications as promised

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