Price Analysis

Tron Price Analysis: How Long Will The Announcement of Justin Sun Affect Tron’s Price?

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After the announcement of the decentralized storage system, Justin Sun, CEO and Founder of Tron, is completely dedicated to shoot the information to the users on Twitter. As tweeted by Justin Sun, he is introducing BTFS as the largest of the decentralized P2P storage network. He also shared that BTFS is going to allow the users to keep a track and host their storage with many other connected users and businesses, for that matter.

So now, the question is, “how is it affecting the charts of TRX?” Let’s analyze the same:

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TRX Price analysis on 31st May 2019:

At 7:52 UTC, the value of TRX is traded at $0.031 on 31st May. The price seems to drop after May 27th, seems like the traders have also understood the little twitter strategy of Justin Sun. The market ranking of TRX is positioned at number 12, with the return of investment likely to be at 1419%. The market cap value of Tron is 2,077,735,435 USD, followed by the 24-hour volume, which seems to be growing at 1,013,392,956 USD.

Tron coin Comparison:

Tron price chart

The highest price since the beginning of the year was realized on 27th May after the declaration of the huge announcement by Justin Sun on Twitter. The value has dropped to -11% from then. Considering such statistics, traders are also investing on a short term basis if they are not too confident by TRX.

Tron price chart

On short term investment goal, one can analyze the chart for this month. May 1st, the value was trading at $0.02487, which was quoted in the red zone. Soon enough, TRX faced the lowest drop on 10th May at $0.0223. Today’s traded value, however, might have seen a drop from the highest value but has surely shown the increase by 40% from the lowest value of May.

The mentioned statistical numbers might bring some good figures in short term investment.

Tron Price Prediction and Conclusion:

The resistance level can be predicted at $0.035 and support level at $0.025 respectively. And if you are hearing the rumors of TRX touching down $1 by the end of the year, well the chart does not support such a statement. One can think of betting on $0.09 by far as per the escalations in the chart.

The nature of TRX can be seen on the Bull Run, which is predicted to continue until the huge announcement is made.

Long term investment might be a risky decision considering one year’s data. The price in the long term is still dropping, which is bringing opportunities for intraday traders. Whether an investor is trading against TRX or not, but Tron is surely known to be analyzed by everyone. Well because we all know how serious concern it is for the CEO, Justin Sun himself.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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