TronWeekly

Crypto World News

You are here: Home / Archives for TRON (TRX)

TRON (TRX)

Tron [TRX] says sayonara to the bear as the bull makes a grand entry

by

The crypto-verse was noted exerting a mixed notion. While coins like Tron [TRX], Ethereum Classic [ETC], and several others were enduring a downfall, the top five assets were seen bagging gains. Dogecoin [DOGE] and Ethereum [ETH] were seen as contributing to the overall market cap of $2.43 trillion.

Tron [TRX], however, fell back in terms of market cap as it dipped down to the 19th rank. TRX climbed the crypto ladder a couple of days ago, but it was quick to fall back. TRX’s market cap was $10.88 billion at the time of writing.

Additionally, the altcoin was trading for $0.15 with a 6.69% dip in the last 24-hours, during press time. Justin Sun’s coin had a good run throughout the week as it bagged gains of over 16%.

Tron [TRX] One-Hour Price Chart On Binance

Tron

The short-term price chart of TRX noted maximum bullishness. The Awesome Oscillator indicator rolled out green closing bars pointing out the presence of the bulls. Earlier today, the MACD line took over the signal line and formed a bullish crossover. After spending an entire day with the bears, this trend reversal in the TRX market seemed to be beneficial for the altcoin.

A lot of sellers’ activity was noticed in the one-hour price chart of TRX, the Money Flow Index indicator asserted.

Tron [TRX] One-Day Price Chart On Binance

6ykOeItd

The one-day price chart of TRX was echoing the sentiment noticed on TRX’s short-term chart. The Parabolic SAR indicator laid out dotted lines below the candlesticks stopping the altcoin from dipping. The Chaikin Money Flow indicator managed to retain itself over the zero median which in turn announce the presence of bulls in the TRX market.

Contrary to the notion found in the short-term chart, the Relative Strength Index indicator suggested that the buying activity in the TRX market was higher than the selling activity.

Tron [TRX] Struggles Near $0.14, But Bullish Signals Persists

by

Tron [TRX] has managed to hold on to the 20th position in the crypto leaderboard. It had sustained a major correction against the US Dollar in April. Following a week-long consolidation, the digital asset managed to steer clear of the immediate resistance of $0.13 and eye recently hit multi-year.

It accrued gains worth 16.25% over the past seven days, after being on a steady recovery route. The latest push coincided with Tron Foundation’s partnership with DAO Maker.

After rallying by 10.25% over the past day, Tron [TRX] pushed its price to $0.143. At the time of writing, the crypto-asset registered a market cap of $10.28 billion and a 24-hour trading volume of $5.54 billion.

Tron [TRX] Daily Price Chart:

TRX 1

The price seemed to be struggling to hold the current level. The converging Bollinger Bands on the 24-hour Tron [TRX] chart evidenced a period of low volatility in the coin market. Meaning, an abrupt trend change on either side might not transpire in the near-term.

On the brighter side, the upward movement of the price found significant support from the volume which also noted an uptick after laying low for nearly two weeks.

TRON

TRX’s chart also depicted a phase of low but bullish momentum in the coming days as closing bars of Awesome Oscillator turned green. In line with this, the MACD also flipped to bullish crossover on the 5th of May and the rising gauge was indicative of a increasing buying demand by the market participants.

The RSI was also well above the 50 median line despite being turned down from the overbought conditions. This indicated a sentiment of buying pressure among the traders in the TRX market.

Tron [TRX] is suspected to head higher as sell signal did not deter the bulls. In this case, the asset is likely to face resistance at $0.164. The support levels, on the other hand, were found to be at $0.111 and $0.086 respectively.

Tron [TRX] Struggles To Maintain Foothold Above Recently Reclaimed $0.125

by

Tron’s [TRX] attempt to push back the bulls have been met with severe resistance. Even as the digital asset was up by 20.35% over the past week, it slid to the 20th position in the leaderboard.

It is important to note that the collective altcoin cohort has witnessed an abrupt shift in volatility throughout the month of April which appears to be amplifying as May dawned. Bitcoin has steadied below $60K, while Ethereum registered a new ATH and was now seen pushing the coins towards a rally.

Tron [TRX] was still in the red zone after incurring a loss of 2.52% over the past day. The crypto-asset was exchanging had at $0.126 while recording a market cap of $9.06 billion and a 24-hour trading volume of $2.01 billion, at the time of writing.

Tron [TRX] 24-hour Price Chart:

TRX

Tron’s [TRX] revival attempts have been rejected at several key points which has pushed the crypto-asset deeper to the bearish realms. The mouth of the Bollinger Bands was open but not diverging which depicted a period of volatility in the coin market.

The low volume has failed to provide firm support and push the price of the coin even as the altcoin market noted sharp surges in recent weeks.

TRX2

Tron’s [TRX] technical indicators were struggling. The red closing bar of the Awesome Oscillator depicted a weak bearish momentum in the coin market.

The Chaikin Money Flow [CMF] also flailed above the zero line depicting a low inflow of capital into the TRX ecosystem.

Similarly, the RSI, too, has been hovering above the 50 median line with some difficulty in tandem with TRX price movement which demonstrated that the bulls have bought the dip. This, in turn, has led to a sentiment of rising buying pressure in the market which could push its price higher.

The resistance levels for Tron was found to be at $0.137, and $0.164 while the support points were found to be at $0.111 and $0.862 respectively.

Tron’s Justin Sun Unveils World’s First Picasso NFT

by

NFTs have taken the world by storm. It has become an avenue to introduce the masses to classic artworks. In the latest development, Tron Founder and the CEO of BitTorrent, Justin Sun has launched the world’s first-ever Picasso non-fungible token through a designated fund called JUST NFT Fund.

The ‘Femme Nue Couchee Au Collier‘ is the first painting by the Spanish painter to become an NFT. Sun had earlier purchased the painting at Christie’s auction for $20million to tokenize on the Fund.

The exec’s official tweet announcing the same read,

“I am thrilled to announce that Pablo Picasso’s artwork has been NFTized for the first time ever by JUST NFT Fund.”

E0DII yVcAIAwFA

He also revealed that the ownerships of the ‘Femme Nue Couchée Au Collier [Marie-Thérèse]’ have been mapped on the Tron public chain according to the TRC721 standard. Picasso’s artwork will be permanently preserved on the Tron blockchain as well as on BitTorrent File System [BTFS] decentralized storage system.

Sun’s NFT Spree

Sun’s recent purchase also includes American Artist, Andy Warhol’s $2 million, Three Self Portraits [1986] at Christie’s in London during the modern and contemporary evening art sale in March this year. The creation of the fund and the Tron founder’s recent art-buying spree is part of a larger effort to capitalize on the explosion of the flourishing market for non-fungible tokens. 

The funds in question aim to decrease the gap between traditional physical art and the growing popularity of the sector that is touted as a game-changing innovation of blockchain technology in the field of art.

Nonfungible tokens enable the digitized version of any physical artwork to be uploaded to the BitTorrent File System system. This, in turn, gives rise to a corresponding NFT artwork’s BTFS address. According to the foundation, the information is then deployed into the smart contract in conformance with the TRC-721 standard. This is how Tron aims to confirm the uniqueness of the work is by the contract address.

Tron [TRX] Reverses Course As Price Stages Fresh Increase Above $0.1-level

by

Tron [TRX] had initiated a fresh increase this week after notching double-digit gains. The digital asset had been in a downward trend since last week, but the subsequent crash was much more detrimental to its price fortunes.

The price of Tron started a decent increase on the 26th of April and has been targeting the recently hit multi-year high point. It was able to reduce its weekly loss to 4.10% and was now holding the 19th position in the cryptocurrency ladder.

Over the last 24-hours, TRX was still down by 2.60% which drove it to a price of $0.122. At the time of writing, the crypto-asset recorded a market cap of $8.82 billion and a 24-hour trading volume of $2.65 billion.

Tron [TRX] Daily Price Chart:

trx 3

The volatility has taken a hit in the 24-hour Tron [TRX] chart. Meaning an abrupt movement in either direction might not transpire. Adding to its woes is the declining trading volume that has failed it reach the previous level. Hence, it is not clear if the latest uptrend will last long enough for the digital asset to swing near its recent high.

The upsloping moving average, 50 DMA [Pink] attempted to surge above the TRX price candles. If this materializes, the price could face stiff rejection in the near term. The 100 DMA [Blue], on the other hand, continued to hover below the 50 DMA.

TRX2 3

After nearly two weeks of treading in the red zone, Awesome Oscillator saw a tiny green bar that could signify the renewal of a much-needed bullish momentum in the coming days.

The Chaikin Money Flow [CMF] also bounced up from the zero-line depicting an inflow of capital into the coin market as the price crashed.

Closely mimicking the price action, the RSI also noted an uptick above the 50-median line suggesting a sentiment of increasing buying pressure among the investors in the coin market.

TRX identified resistances at $0.136, and $0.164 while the support level held firm at $0.101, $0.086, and $0.055.

Justin Sun Donates 2M TRX To India’s COVID Relief Fund

by

As the COVID crisis in India continues to worsen, the country is receiving support from all around the globe in order to survive this phase.

Justin Sun, the CEO of the cryptocurrency firm Tron, has joined a group of many well-known personalities in the crypto community who have come forward to contribute to a fund created to provide relief to COVID-19 wreaked India.Sun announced donating 2 million TRX [worth approximately $227,980 at the time of writing] to a COVID-19 relief fund for India that was recently set up by Sandeep Nailwal, the Co-founder and Chief Operations Officer of Polygon.

The Tron exec’s tweet read,

“I’m in! I have donated 2 million #TRX to the India Covid relief campaign lead by Sandeep Nailwal. Join me, Vitalik Buterin, Balaji Srinivasan by donating at the addresses below. Please help spread the word. For every RT, I’ll donate another $100 to the fund, up to 100k.”

Sun also asserted that he would contribute another $100, up to $100K for every retweet of his appeal.

TWJ had recently reported that the executive of the scaling platform had urged the global crypto community to help the country ravaged by the second wave of the pandemic as a result of the government’s failure that has led to the deepening crisis.

Nailwal had also stated that he would take full responsibility for transparency, funds usage, as well as regulatory compliance. The funds collected with be deployed for the purchase of oxygen, food, and even cover the cost of vaccines for poor people in the country.

Taking in to consideration, the risky campaign especially under the India law, the Polygon COO had appealed several crypto exchanges in the country to help convert the COVID donations into fiat currency.

Buterin, Srinivasan Donate to India’s COVID Relief Fund

Soon after Nailwal tweeted his intention for a fund for the purpose of COVID relief, Ethereum Co-founder Vitalik Buterin donated more than $600,000 to the campaign. He posted the transfer receipts of 100 ETH and 100 MKR, on the social media platform. Balaji Srinivasan, the former Coinbase CTO and board partner at VC firm Andreessen Horowitz, also reportedly donated $50,000 in ETH and urged others to contribute as well. He also pledged up to $100,000 more.

Tron [TRX] Bulls Stagnate Near $0.12 After Remarkable Comeback

by

Tron [TRX] has been struggling to recover from the recent market crash along with its peer altcoins. It slid to the 19th spot by market cap after testing the crucial support zone and was still down by 12.75% over the past week.

Prior to the correction, the crypto-asset had been on an uptrend over the past few months similar to the rest of the market, and rose steadily in April as it breached multi-year highs.

Tron [TRX] was trading at $0.124 at the time of writing, having dropped 5.62 percent in the previous 24 hours. The altcoin registered a market cap of $8.83 billion and a 24-hour trading volume of $3.13 billion.

Tron [TRX] Daily Price Chart:

TRX 2

Tron’s [TRX] daily chart depicted a decline in volatility in the market which could shrink its upside potential. There are two possible scenarios. Firstly, it could enter a consolidation phase, Second, the altcoin could test psychological support points and fall back to 2020-lows.

The moving averages depicted the bullish presence defending the current price level. The upward slopping 50 DMA [Pink] continued to rest below the TRX price candles. The 100 DMA [Blue] also supported the candlestick arrangement from further decline as it hovered well below the 50 DMA with a steady gauge between the two.

TRX2 2

Tron has been under pressure after it rallied to a local high last week as investors booked profits after offloading their coins. This prompted the MACD to sustain a bearish crossover which appears to be amplifying, at press time.

The Stochastic RSI fell towards the extreme oversold region as the altcoin’s price took a plunge. However, it was heading for a bullish crossover and a potential bounce back which indicated in the formation of a quick support.

The RSI, on the other hand, was nearing the 50-median line evidencing a sentiment of a decline in the buying pressure among the TRX market participants.

The resistance levels for Tron was found at to be at $0.163, $0.201, and $0.224 while the support was firmly held at $0.11, $0.085 and $0.065 respectively.

Tron and DAO Maker Announce Strategic Partnership

by

Tron blockchain has announced entering into a strategic partnership with the prominent DeFi-based project DAO Maker. The latest collaboration aims at making all DAO Maker services available on the TRX network. In addition to that, this would also enable Tron projects to interact with the DAO Maker’s multi-investment platform, called DAO Pad.

Tron’s Yet Another Incubator Project

With the latest news,TRON, led by founder CEO Justin Sun, has added another incubator project to its growing ecosystem. DAO Maker will now be able to tap into Tron’s growing community and ecosystem. It is important to note that DAO Maker seeks to expand its footprint beyond the Ethereum [ETH] blockchain and leverage Tron’s low transaction fees and high scaling potential.

Hence, the partnership will facilitate the DAO Maker ecosystem to utilize TRX network’s 100,000+ active daily users to its growing ecosystem.

On the other hand, DAO Maker will enable the development of teams on the TRX blockchain to raise funds through its Strong Holder Offering [SHO].

SHO has been DAO Maker’s one of the most popular products. and is essentially is a fundraising service for public rounds that uses chain analysis, proprietary user activity data sets, as well as evaluation criteria to identify which allocation applicants are well suited for an initiative or a project. These entities also direct the allotment of a project’s most unlocked tokens.

According to the blog, DAO Maker’s community members will also be able to engage in SHO projects that will roll out on the Tron network.

Following the development, Justin Sun, founder of Tron and CEO of BitTorrent was quoted saying,

“We are excited to be partnering with an industry leader like DAO Maker to bring cross-chain community incubation and fundraising to TRX. This partnership is part of TRX’s commitment to its community to expand the functionalities of the blockchain through world class strategic partnerships.”

Over the last several months, Both entities have been making strides in the field of decentralized finance. DAO has made a mark by positioning itself as a prominent launchpad within the DeFi space. Tron, on the other hand, has witnessed the integration and collaboration of several new projects after opening its doors for the decentralized finance community last year.

Cardano, Polkadot Tops Staked Cap Dominance; Tron Slides To 11th Spot

by

Cardano and Polkadot have just added a new feather to their respective caps.

Over the past couple of years, a large number of ETH ‘killers’ and rivals have emerged whose popularity has exploded in Q1 of 2021. One such is Charles Hoskinson’s brainchild with a highly ambitious roadmap – Cardano blockchain, whose staking metrics demonstrated strong fundamentals.

So much so that Cardano is now dominating the charts in terms of the staked capitalization rankings according to the latest stats published by Staking Rewards.

Cardano Dominates, Polkadot Trails Behind

Staking Rewards

The blockchain is currently leading the pack and users reportedly staking $27.12 billion worth of ADA on it. In short, out of the total market cap of $38.28 billion, 73.27% of circulating ADA are being staked by the users. Staking Rewards site also estimated that the ADA stakers of the network receive an annual reward of 7.23%

Trailing just behind Cardano is Polkadot with a staked amount of $22.941 billion worth of DOT being devoted to securing the network, at the time of writing. Of the total $33,07 billion market cap, 64.16% are being staked by the DOT users, The annual reward received by the DOT stakers was estimated to be around 13.15%.

The Proof-of-Stake [PoS] consensus mechanism has become rapidly prominent among several notable cryptocurrency projects, especially with the launch of Ethereum 2.0. PoS model and its variants do not need validators to use their computational power through mining rigs to secure the network as in the case of PoW models.

Here, validators instead lock up a certain amount of their native tokens to authorize transactions and subsequently add new blocks to the blockchain. This process is known as staking.

Ethereum 2.0, on the other hand, is now the fourth spot by staked value with $8.24 billion. with a minuscule 3.31% of the total $249.5 billion market cap being staked by users. In addition, ETH stakers are generating a 7.57% in terms of annual reward. Eth 2.0, however, fell from the third spot for staked capitalization recently after Solana intensified its race and recorded a total staked value of $9.36 billion.

Tron Exits Top 10

Over the past several months, TRX has been extensively used for the purpose of staking. The native token of the highly scalable, DPoS-based [Delegated Proof-of-Stake] Tron blockchain has been widely popular among stakeholders. Despite this, Tron has slid way down to the 11th position as it amassed a staked value of $3.62 billion.

Tron’s [TRX] Bullish Momentum Takes A Hit As It Hovers Near $0.14

by

Tron [TRX] gained significant momentum in late March and early April. After weeks of switching to the bullish mode, the crypto-asset’s momentum had been neutralized. It tumbled to the 18th spot by market cap in the leaderboard.

Following the downside price action, the volatility in the Tron [TRX] market has taken a hit suggesting that the bulls are tired of pushing the price to breach multi-year highs for the token.

It made a quick recovery in tandem with the wider cryptocurrency market and was up by 4.43% over the past 24-hours even as its volume was low. At the time of writing, the crypto-asset was being traded at $0.141 while holding a market cap of $10 billion and a 24-hour trading volume of $6.82 billion.

Tron [TRX] Daily Price Chart:

TRX2 1

Tron’s [TRX] downward price movement was accompanied by low volatility in the market as it tested its nearest support level near $0.140 briefly.

However, the upsloping moving averages -50 DMA [Pink] and 100 DMA [Blue], remained unfazed by the increasing bearish pressure and continued to form crucial support points for the crypto-asset.

TRX 1

The dotted markers of the Parabolic SAR switched sides after more than a fortnight and were now hovering above the TRX price candles prompted by the bears’ return to the market. These markers resisted upward momentum depicting a bearish phase for the coin.

The Chaikin Money Flow [CMF], on the other hand, continued to tread in the higher zone depicting a steady flow of capital into the coin market which could drive Tron’s price in the coming days.

The RSI left the overbought conditions but was still well above the 50-median line depicting that the buying sentiment among the investors are still intact.

If the bulls manage to defend the current level, Tron could then target resistance level of $0.163, $0.201, and $224. Should this area be claimed by bears, the support levels to watch out for was found to be at $0.110, $0.083 and $0.061 respectively.