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Tron Price Prediction on Track as Coin Gains 10 Percent Breaking Bearish Resistance

  • Darryn Pollock
    🤷 Opinions

    On a day full of smaller to medium losses, Tron is one coin that is bucking the trend as it has grown by 10 percent against the market odds


Tron Price Prediction on Track as Coin Gains 10 Percent Breaking Bearish Resistance
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Tron, through the entire 2018 bear market, was one of the most talked about coins and continues to show why it may well be living up to its optimistic prediction. The coin, headed up by Justin Sun, has faced criticism, too, but recent developments and progress in the markets seem to suggest that there is possible further growth for the TRX token.

Since November alone, when Bitcoin fell by over 50 percent, Tron has in fact doubled in value and continues to show positive signs. Between November 20, 2018, and January 18, 2018, the TRX/USD pair rose from 0.0132 to 0.0249.


Today’s chart sees a lot of red across the board, especially in the top 20 coins, but over the last 24 hours, Tron has recorded gains of up to 10 percent. It is an impressive display for the TRX token as the graph analytics seem to suggest that it has broken a bearish resistance level.

Breaking the bear trend

In recent days, we have seen bearish moves in Litecoin, Ethereum, Bitcoin, Ripple and other altcoins, but Tron’s price remained supported against the US dollar.

Looking at the chart, the TRX price broke the $0.0250 and $0.0255 resistance levels, and it is currently trading well above the 100 simple moving average (4-hours).

Breaking the bear trend

Reasons for its growth?

A big part of the reason that Tron is doing so well recently has to do with its acquisition of BitTorrent last year. Justin Sun has now revealed that they will “create a token-based economy around the usage of networking, bandwidth, and storage” in BitTorrent’s file-sharing system.

Because of this decision, it means that the 50 million users of BitTorrent are immediately induced into Blockchain usage and thus are part of the adoption wave. Sun also said that TRX holders would receive some stakes in BTT, perhaps one of the major reasons why Tron’s token’s demand has increased dramatically.

There has been a lot of noise out of Tron in the past few months, especially since the BitTorrent acquisition, and while a lot of people call it filibustering and without substance, it cannot be argued that there is nothing happening at Tron.

The biggest criticism that blockchain projects face, especially those out of ICOs, is that once the money has been collected, there is no action on the roadmap and nothing of substance is ever done.

Tron is bucking this trend by being active and bust. Of course, it remains to be seen if they are heading in the right direction in the long run, but as it stands, the activity coming from Tron is showing up positively in their market value and is keeping them on an optimistic path to their prediction.

Cover image via u.today
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Blockchain Adoption Uncovered by Forbes as Billion Dollar Companies Buy In to Drive Technology

  • Darryn Pollock
    🤷 Opinions

    Blockchain adoption by billion dollar companies is probably a lot further along than expected as Forbes has revealed


Blockchain Adoption Uncovered by Forbes as Billion Dollar Companies Buy In to Drive Technology
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Contents

Forbes has recently released a list of 50 companies utilizing blockchain technology that are valued at over a billion dollars, these companies include the likes of Amazon, Microsoft, IBM, as well as less technical ones such as BP and Walmart.

What is surprising about the list is just how broad the scope of interest is when it comes to blockchain by these massive global companies. The adoption of blockchain, over the last 10 years, has been relatively slow, up until now.


But, in 2019, it seems that the future of technology has been laid out and to get a competitive edge these companies realise that there is a lot that can be done with blockchain and that they need to get their foot in the door.

Heavy hitters

While the Forbes list paints a grand picture of blockchain adoption, it also shows just how far along in the process some of these companies are. For companies to have made it onto the list, they have to have been using blockchain in some sort of effective and tangible way.

There are some, like insurance giant MetLife, which already has a working blockchain, and product, that has been going since 2014. Back then, the adoption of blockchain by major companies was not even heard of – it was more about the starting boom of Bitcoin.

But blockchain is the new leader in the space, taking over the batton from cryptocurrencies which certainly helped raise the profile of the entire ecosystem. If it was not for the cryptocurrency boom, a lot of these major companies would never even have stumbled across the underlying technology.

A drive for blockchain

Now, with the cryptocurrency market right back down again, and a lot of the speculation having been cleared out, there has been a whole year of rather focusing in on blockchain building and its application, instead of making money off speculative tokens.

That change in mindset has really helped major corporations take on the technology and begin experimenting with its efficiency and disruptive powers. There is almost an arms race going on as the advantages the technology can give across a huge spectrum of enterprises, which are massive and very coveted.

A need for enterprise investment

There still remains a debate as to whether blockchain, and crypto, with its decentralised nature, is in need of these major corporations coming in to monopolise the space which was born out of defiance of banks.

However, it would be foolish to think that blockchain can reach its full potential without a drive from big companies with big budgets. Smaller startups and companies are able to bring innovation and excitement to the space, but the mass adoption will only come when the heavy hitters are involved.

Cover image via 123rf.com
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