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Tron Price Perspectives – Will TRX Be Able to Join Crypto Top 5 and When?

  • Thomas Hughes
    📈 Price Predictions

    Tron currently sitting comfortably in the number 8 spot with a market capitalization of $1,715,501,987 and trading at 0.025 against the US Dollar.


Tron Price Perspectives – Will TRX Be Able to Join Crypto Top 5 and When?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few months, Tron has managed to gain a lot of traction and new followers. The token has been steadily climbing the ranks and has risen several spots in CoinMarketCap list of top cryptocurrencies. It is currently sitting comfortably in the number 8 spot with a market capitalization of $1,715,501,987 and trading at 0.025 against the US Dollar. The question is if, and when, Tron may enter the top five!

The Tron project was initially launched in September 2017 by the Singapore-based non-profit organization Tron Foundation. The Foundation is led by CEO Justin Sun, since inception, it has been dedicated to building infrastructure for a truly decentralized internet. The network is offering high-availability and high-throughput support for decentralized apps which is something others (cough, cough, Ethereum) have been struggling to achieve.

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A rather big part of Tron’s marketing has been to emphasize the fact that TRX (their native crypto asset) can sustain 2,000 TPS (transactions per second), while Ethereum is capable of only 25 TPS and Bitcoin can only handle 3 to 6 TPS.


What I think more important is that the Tron Foundation has acquired BitTorrent Inc. in July 2018. It has already successfully launched BitTorrent (BTT) token on Binance Launchpad at the end of January 2019. Since then, Binance has introduced new trading pairs for BTT (BTT/BNB, BTT/USDT and BTT/BTC) and will host an Airdrop Program in which TRX holders will receive BTT tokens. The event is scheduled for Feb. 11, 2019 and should be a big draw in terms of new Tron holders.

Considering all these developments Tron’s team is clearly proactive, delivering a steady stream of news and making headlines almost every week. Constantly being on people’s minds is one of the best ways to gain followers/investors which in turn will increase buying pressure. If they are able to deliver on their promise their market cap will continue to rise. It’s not out of the question to see Tron (TRX) reach top 5 as soon as summer 2019.

TRX/USD – Technical Analysis

Tron lost ground against the US Dollar for the better part of 2018 but, unlike other digital coins, it has shown signs of bullish pressure. The token hit its low and bottomed out in late-November when it hit $0.0109.

Since November 2018 the pair has been constantly climbing and even managed to pierce resistance at 0.0280, albeit without breaking it convincingly. However, after the initial false break, price returned to that level and has been repetitively bumping against it which makes me think a break of resistance could come in the near future.

Tron Price Perspectives – Will TRX Be Able to Join Crypto Top 5 and When?

The 200-day Exponential Moving Average is flat, which in the current situation, means that a trend change is possible and does not indicate necessarily a ranging market. Also, the pair is supported by a bullish trend line that could help push price higher. The Relative Strength Index is trading in the middle of its range which means there is room to move higher.

Daily Chart Support: bullish trend line and 0.0180

Daily Chart Resistance: 0.0280

Most likely scenario: break of immediate resistance followed by the printing of a new high; uptrend development continues

Alternate scenario: retracement lower based on (mini)uptrend exhaustion and RSI position; a new attempt to break current resistance should soon follow

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After a short pause, Bitcoin has decided to take a few steps up to reach the new resistance level. What’s the chance for BTC to hit new price levels? Read Bitcoin price predictions from Twitter users to find out what they think about the short-term prospects of this cryptocurrency.

BTC will continue rising

There are many positive forecasts claiming that BTC will reach new heights in the nearest future:

$5,600 is the next threshold to reach:

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The bullish shift hasn’t ended yet:

Tendencies remain positive:

Expect new bullish runs:

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Time for retracement?

At the same time, many users see that there’s some BTC volume declining, which means it’s very likely to dump a bit:

Another piece of proof:

A lot depends on Bitcoin’s ability to stay above the $5,000 level:

Reaching a new height and dumping is another very likely scenario for BTC:

However, the next height before a correction might be somewhere about $7,000:

Time will show whether BTC will be able to overcome the new resistance. At the moment, it’s not the right time to enter the market. Wait for BTC to dump a bit – it is very likely to happen.

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