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26 Apr 2022

Tron

Market Discovery of the most influent markets in the cryptocurrency world.

What is Tron (TRX) and how does it work?

Tron is a blockchain-based decentralized digital platform, or operating system, with its own cryptocurrency, called Tronix or TRX coin. Tron was born as an alternative to mainstream blockchains such as Ethereum and Bitcoin to solve some of the issues such as transaction speed and congestion, as it can handle up to 2,000 transactions per second, as opposed to BTC and ETH where their respective TPS are six and 25.

Tron was originally an Ethereum-based ERC-20 token, which switched its protocol to its own blockchain in 2018, where it adopted its own protocol, and switched to a proof of stake concept, where similarly to other PoS blockchains, users are rewarded for holding Tron coin.
Tron was originally founded in 2017 by a Singapore non-profit organization, the Tron Foundation, with the aim of hosting a global entertainment system for the cost-effective sharing of digital content. One year after its launch, in 2018, Tron expanded its services by acquiring one of the biggest file-sharing services BitTorrent. Over the years, the project evolved and Tron focused on dividing its goals into six phases, which include delivering simple distributed file sharing, driving content creation through financial rewards, allowing content creators to launch their own personal tokens and decentralizing the gaming industry. All of this can be achieved due to the fact that the Tron blockchain has smart contracts that enable developers to build dApps.

Tron has focused on being an environment where content creators can connect directly with their audiences; by eliminating centralized platforms, such as streaming services, app stores or music sites, the aim is that creators won't end up losing as much commission to their party middlemen. This as a consequence could also make the content cost less to consumers. Moreover, given that the industry as a whole is moving towards a digitized and tokenized economy, Tron should have a headstart in applying this technology to the industry. Additionally, it is known that the company has one of the most talented and experienced developer teams that has been drawn from other major crypto companies such as Ripple Labs. Finally, unlike other projects, Tron has a fully developed roadmap that shows its intentions for the coming years.

Coin Analysis

Last update 26/4/2022
After its original launch in 2019, Tron price experienced a lateralized move, where prices moved side-ways for the better part of a year. Although initially traders were able to buy TRX on centralized exchanges such as Binance, Coinbase, and Huobi, later the token would also become available on decentralized exchanges such as Uniswap, Pancakeswap and Sushiswap Dex. To date, TRX Binance pairs are still some of the most traded with the highest volumes.
TRX/BUSD weekly candle chart with supports, resistance and 20/50/100 EMA key level
TRX/BUSD weekly candles chart
After its lateral move that ended in 2021, TRX coin price saw a some massive spike in volume and price, breaking its all-time high and reaching price levels as high as $0.18, or around a 480% price increase from previous prices. This was a great move but, similarly to most of the markets in the latter half of the year, it experienced a correction, seeing prices dip as low as below $0.054, marking a retracement of over 70%. This was followed by a price increase where prices raised all the way back to one of the significant resistance levels around $0.12, before getting rejected twice and moving back down towards the current significant support level. At the moment prices are still below $0.64 as they try to consolidate a bottom and potentially bounce upwards from here.

Tron coin price prediction would suggest a continuation of the current lateral move where prices are consolidating above the $0.06 support level. If prices manage to hold above this level it is possible to see them slowly moving above the 20EMA and 50EMA and make a push towards the $0.077 resistance level. Once this has been achieved a change in trend can occur. Until then Tron is still establishing a bottom and could potentially move further downwards.
TRX is available for trading on BmyBit.com dApp.

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Author: Matteo Poole
info@yanda.io