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Price Analysis

Tron (TRX) Price Analysis: TRON’s Soaring Market-In Competition With the Elite Cryptocurrencies

Tron is a blockchain platform that holds the foundation for a decentralized entertainment ecosystem. It works on the concept of decentralization and distributed storage technology in the global content of the entertainment sector. The blockchain and the peer-to-peer technology will do content sharing on the platform. Tron helps in connecting the creators to the users cutting down the intermediaries, and the creators of the content receive revenue directly from their consumers. This aims in reducing the traffic and increasing speed in prominent sites. The user receives profits proportional to their contribution. The transactions are executed on a public ledger; hence, it can be traced without barriers.

Current Statistics

Coinmarketcap evaluates the trading price of TRX to be 0.026593 USD for the market cap value of USD 1,773,261,536 with the corresponding 24h volume trading at USD 568,074,584. Based on these data, Tron is ranked the 11th largest currency with a circulating supply of 66,682,072,191 TRX coins. Coinmarketcap also estimates the return on investment (ROI) to be 1204.79%.

Tron chart

Market Trend Analysis

The market of TRX opened trading over 1250 million at the beginning of 2019 and peaked to an all-time high crossing USD 2000 million and reaching USD 2,157,760,956 on January 10 at 11:34 UTC. TRX tokens were traded at 0.032377 USD per token. The market trend dipped from the top and was range bound until it peaked for the 2nd time in January on 27th with the Mcap trading at USD 2,023,240,971 and pricing fixed at 0.030352 USD per coin. The MCAP deteriorated again with the values range bound between USD 1500 million and USD 1700 million from February 03 to April 01. The currency was at its lowest on March 04 at 19:34 with the trading price and the Mcap value lesser than the current price by 23.97%. The currency reached its high recently on April 03 with TRX trading at 0.028462 USD for the Mcap value of USD 1,773,261,536. The 20-day EMA also exhibits a noteworthy increase in the values by 16.06%.

Future of TRX

Based on the analysis from Wallet Investor, Tron’s price will face deterioration by 2020, and the price would lower down to 0.004068 USD. This prediction is completely pessimistic when compared to the static growth in the market trend. Contradicting the above, organic posts have concluded that Tron has the potential and its price would hike up to 0.139 USD by the end of 2019. Crypto ground also predicts a bright future and profitable return with this coin. It forecasts growth of 64.83% by 2020, with the price reaching 0.0443 USD and further, a hike of 537.59%, with the coin selling at 0.1713 USD in 2024.

Conclusion

The current scenario, with the market being on a stable uptrend falls in favor of the buyers. Tron is expected to upsurge in the future too. Hence, this would be the right time suitable for investments in the digital currency and to earn higher returns.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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