TRON fails to attract buyers; Will TRX consolidation end?
TRON is a content-sharing platform developed by TRON Foundation, a Singapore-based nonprofit organization. It is a peer-to-peer technology that provides a massive opportunity for content creators as well as consumers to enjoy the platform without censorship.
TRX is the native coin of the platform, which is used to pay gas fees. It aims to make content more accessible to consumers without any third-party intervention. Now, most online content is controlled by Facebook, Google, and Amazon, which may influence content quality and data.
TRON comes with a decentralized network that offers full control to content creators. It works like a peer-to-peer network that helps to share content directly with consumers without accessing any third-party storage.
It also makes digital entertainment available to consumers at lower costs, which helps many content creators all over the world to create content and not worry about censorship and other legal boundaries. It also allows sending and receiving TRX coins on the platform and provides an incentive to developers who build applications on it.
Investors are optimistic because it has been a popular cryptocurrency in the decentralized application segment, and the investors could potentially see a higher return in the long term if it becomes even more popular.
In the short term, TRX trades between $0.0621 and $0.066. While writing, the price of TRON was around the support level for the short term, which offers an ideal opportunity to buy it around the baseline of the Bollinger Bands. Technical indicators are bullish at this time; you can invest for the short term. Click here for a more detailed analysis and projections for TRX before investing.
We can find a sideways movement on the weekly chart of TRON around the baseline of the Bollinger Bands that suggests an ideal opportunity for accumulation in the long term. If you are interested in buying TRX for the long term, accumulate it now and sell it at a higher price.