Tron Price Analysis: TRX Long-Term Technicals Deterioration!
Tron is a global file-sharing platform that allows developers to build decentralized applications. It was founded in 2017 by Justin Sun, a tech entrepreneur.
The centralized world is prone to misinformation and data manipulation, and it uses personal data for revenue generation.
Have you ever thought if we could live in a decentralized world? Based on blockchain protocols, Tron has been building an infrastructure for this. It is beyond the border and censorship. Moreover, it provides complete control over its users’ data and security.
The aim is to simplify blockchain for upgraded technologies that will be more user-friendly. With the help of its own TVM (Tron Virtual Machine), it aims to decentralize the entertainment and distribution industries with its tools, technologies, and platforms.
TVM works as the operating system of the decentralized interface. It is the fastest-growing public chain with over 68 million accounts.
The best part is, Bitcoin can handle 6-10 transactions per second, whereas Tron can handle more than 1500 transactions/second. Moreover, it is a scalable and secure network like the top two cryptocurrencies.
It has even partnered with big companies such as Samsung, Opera, BitTorrent, Polniex, etc. The aim is to develop dApps that operate with lower emergency consumption to enhance speed and safety.
TRX is the token of the TRON blockchain. It has a supply of 101.0 billion TRX, but it has no hard cap. Let’s dig to know more about the price chart of TRX.
At the time of writing this article, the price is $0.079, which has broken the support level. It is now trying to regain its support level. Since August, it has maintained $0.075 as the support level; before that, in June and July, the level worked as a strong resistance.
RSI is in the oversold zone on the daily chart, and MACD is neutral. It is tough to assume the direction of the price chart. Though the volatility is less, Bollinger Band is bearish along with the Moving Average.
If you analyze closely, you can find, some candlesticks have already broken the lower half of the BB. However, many experts believe TRX will soon overcome its consolidation phase and take a bullish momentum.
Many of them think it has the potential to provide a long-term return like Bitcoin. However, the news of Tron founder Justin Sun leaving may affect the price next year.
It is not the right time to buy TRX because it has broken the support level. Traders should not invest more until it takes support around the $0.075 level again.
However, with the rise of dApps and Defi platforms, TRON will play a vital role in the upgraded model of decentralized Web3. If you understand the fundamental and future potentiality, then you can start accumulating the coin.