TRON is a blockchain-based decentralized application platform developed by TRON Foundation, a non-profit organization. It wants to target the global entertainment industry with a huge market valuation. They have also expanded in the gaming world and other media industries to capture the entire dApps market.
It offers an open-source distributed storage technology that allows the creator to create digital content and cut the middleman away from their creations. In this way, content producers can sell their products directly to the consumers.
In the real world, data and traffic are controlled by a few corporations such as Facebook, Amazon, and Google, but TRON attempts to dethrone them with this decentralized blockchain concept.
The best part is TRON offers free and uncontrolled data for the consumers. It enables a unique content ecosystem profitable for advertisers, content creators, and consumers. It also allows the distribution of digital content among consumers.
Like all other cryptocurrencies, TRON has also been volatile in the last few months, but now it has regained its strength and reflects short-term bullishness. Visit here and read about TRX price prediction before making any investment decisions.
At the time of writing, TRX was trading around $0.080. The TRX coin looks short-term bullish, but $0.083 will work as a strong resistance level because it was the historical support level.
On the daily chart, the MACD line forms two green histograms; RSI is above 50, and Bollinger Bands are also bullish. It is an ideal time to invest for the short term.
However, TRX may come to the level of $0.79. For the last one month, it has been forming higher highs and higher lows in the short term.
On the weekly chart also, TRX is bullish, and it has been forming higher highs from the very beginning of this year. Though it is facing a major resistance level, if it breaks, it will go up to $0.118.
Most of the technical indicators are bullish on the weekly chart. Bollinger Bands lacks volatility, which suggests good sentiment in the market.
We think it is the ideal time to buy TRX for the long term as well. If you have struck at a higher level, do not worry because it will provide a good return in the long run.