TRON is a blockchain-based application platform. It was founded by TRON Foundation with a current valuation of $1 trillion. It was dedicated to the global entertainment industry, but now it has many use cases.
It is a distributed storage technology that helps to develop digital content for users. The best part is that it aims to cut out the middlemen such as Youtube, Apple, or Google Store. In this way, content creators can directly sell their digital assets to the customers.
TRON wants to change the world of the internet with the following features:
- Free and decentralized data.
- Free content ecosystem.
- Personal ICO with the facility to promote digital assets.
- Distributed digital assets exchange.
Indeed, it is a long-term project that starts with Exodus in 2017 and will lead to Eternity in the next year. Here are the key features of these stages:
- Exodus: Enables peer-to-peer distribution, storage, and content.
- Odyssey: Economic incentives to the content creators.
- Great Voyage: Individual ICO facility.
- Apollo: Facility to issue personal tokens.
- Star Trek: Decentralized gaming platform
- Eternity: Enables monetization fundraise based on community growth.
TRON is already popular because top Chinese developers are in the team. Moreover, they are expanding their employee base to add more technical experience in the background. It is backed by top Chinese communities such as Tange Binsen (founder of Clash of Kings), Hitters Xu (founder of Nebulas), Dai Wei (CERO of OFO bike), and many others.
All the investors are optimistic about future growth. Let’s analyze the price chart of TRON:
While writing this analysis, the price of TRON is $0.068. It takes a bullish turn after a long downtrend. However, $0.70 is a resistance level from where it may take a downtrend as a red candle is forming on the chart. It is interesting to notice if TRX can break the level.
If it breaks the level, then it will begin a new bullish run. It may form higher highs and higher lows in the process. The MACD is bullish, and RSI is also strong around 60, which indicates a positive momentum in the market.
Moreover, the Bollinger Band is also showing bullishness because the candlesticks are going to break the upper half of the Band. In the next few days, it may reach the base level of the band; after that, it will start its journey.
Is it a great time to invest in the TRX coin? Based on our analysis, the TRON price is near the resistance level, so you should wait for a couple of days for the breakout. If it goes up, then buy the token; if it falls, then $0.058 will be the ideal time to buy some coins for the long term. However, to get more details about the future of TRON, traders should do their own research or explore experts’ views.
If it creates a breakout, then it can give you the opportunity for short-term investing because the next resistance level can be around $0.80.