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Ethereum, Bitcoin SV, Tron Technical Price Analysis on 16th Aug 2020

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Volatility is completely locked in the cryptocurrency industry at the moment. Ethereum surged towards news new yearly high of $443 over the past day but other coins joined in the rally during ETH’s decline. The market altogether continued to picture a sense of divergence in the charts, like other altcoins continued to improve their standings in the ecosystem.

Ethereum 

Ethereum 1 horu e1597564571331
Ethereum hourly chart

As explained earlier, Ethereum reached another milestone on 15th August, reaching $442, just shy of the $450 mark. This is Ethereum’s third new high in 2 weeks, after clocking in $400 on 1st August. Ethereum had a market cap of $48 billion at the time of writing, with a trading volume of $11.8 billion.

However, Ether’s price fell prey to the volatile market as a quick decline has taken its valuation down to $427. Market Indicators were indicated strong bearish sentiments as well with CMF suggested that capital in-flows were getting outplayed by capital out-flows. Parabolic SAR also maintained its stance above the price candles and now, the Relative Strength Index is reaching an over-sold zone.

However, with the RSI a trend flipping might take place anytime soon.

Bitcoin SV

BSVUSD e1597564623771
Bitcoin SV hourly chart

With Bitcoin SV, the last 24-hours exhibited a decline of 4.14% but remain true to its week-long uptrend in the charts. For Bitcoin SV, the idea seemed simple as the moment with a consistent bounce off the uptrend and then pushing above the immediate support. With a market cap of $4.15 billion, Bitcoin SV was valued at $224.19 at press time.

Similarly to Ethereum, Bitcoin SV’s market confluence was a little bearish too. MACD signal line is trailing under the signal line, suggesting bullish strength in the charts. However, Parabolic SAR is bullish, staying put under the candlesticks and remaining at bay with the apparent long-term bullish rally.

TRON 

TRX 1 e1597564967591
TRON hourly chart

Lastly, Tron maintained its position in the 15th position with a market value of $1.83 billion. For the market cap, TRX tokens had a good trading volume of $809 million, and over the past day, the asset was up by 5.89%. With the parabolic SAR supportive of its rally, the other market indicators were waving a bull flag as well.

Awesome Oscillator suggested that the bullish momentum was slowly building up for Tron, and the MACD line was more often hovering above the signal line. Even though, the signal line was following at close proximity, at the moment bulls had the upper hand on Tron’s market.

Binance Talks all About Tron as Research Dives Deep into the Justin Sun Founded Cryptocurrency Network

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The cryptocurrency market and the communities involved in it have always been result-oriented. This has prompted several crypto organizations to release features that will stick for a long time and are numbers-driven.

Justin Sun led the Tron Foundation as one of the few organizations in the cryptoverse that has ties to almost all major digital asset sectors. In order to give investors and holders a better idea of what they’re diving into, Binance has released a report that talks about the Tron community’s nitti-gritties.

Binance’s latest research talked about how Tron was the second-largest blockchain for USDT, the largest stablecoin in the world. Tron controls more than 30 percent of the total USDT in circulation, which contributes to the $2.9 billion of stablecoins circulating on the TRX blockchain. At the moment, Tron is hosting two DEXs on its platform, which is doing fairly well. PoloniDEX and TronTrade have been two of the best performers this year, adding an average of 750 unique users.

The effect of Tron on the stablecoin industry has been undeniable, with the network beating the likes of Omni and USDC in a short time. At present, Tron has 377,659 addresses on its native network with a total supply of $2.88 billion. Binance ‘s research also dealt with the two different standards of tokens in the Tron ecosystem. The TRC-10 standard acts as a native utility token, while the TRC-20 is the most popular constructed token standard.

Justin Sun has assured proper popularity coverage through multiple partnerships with other crypto organizations. One of the most significant developments on the part of Tron was the creation of the Super Representatives Club. The SR Club is a select group of cryptocurrency companies in the Tron ecosystem who serve as guardian angels of the Tron blockchain. One of the most popular SRs is Tron Europe, a company that has dabbled in various aspects of the blockchain and Tron world.

The Binance research added:

“TRON has a popular ecosystem of decentralized applications. According to DApp.Review, TRON ranked the second blockchain per number of daily users, with a number of users superior to 25,000 users daily in June 2020. Instead, TRON’s community has focused on decentralized and distributed casino applications. Out of the top 10 dApps on TRON, 7 were casinos in June according to the average number of daily users.”

According to the details released by the Changpeng Zhao led Binance, Tron also offers multiple opportunities for investors to trade their holdings. While some are admittedly risky, groups like Cityuptake provide opportunities for users to leverage the SR system and track their capital. Factors such as a vibrant community and an increasing trading volume have made Tron one of the few blockchain networks to watch out for in the near future.

Tron Europe Continues Global Push as Rewards System Put Under the Spotlight Again

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The cryptocurrency ecosystem has witnessed constant developments, and the most dedicated players in the field are doing everything in their power to make it big. Obstacles like massive sell-offs and coronavirus spread have not stopped multiple updates in the cryptoverse, a sign that things are changing for the better.

 One of the most prominent organizations in the digital asset world is Tron Europe, which has been making waves since its inception. By creating reward methods that benefit users and by partnering with other growing enterprises in the Tron ecosystem, the company has been growing at a fast pace.

Tron Europe’s main focus has always been on building a self-sufficient cryptocurrency ecosystem that can usher in the fabled ‘Web 4.0’.The organization also held a competition at the beginning of this year, in which participants were asked to describe the Tron Europe, reward model. Tron Europe is also a super-representative of Tron, giving it even more power to support the growth of a growing industry.

The company’s focus on its customers has been a celebrated fact and if you ask Tron Europe, it is a characteristic that they would love to maintain. As a SuperRepresentative, Tron Europe pays its own TERC token instead of TRX for its voters. For the time being, the total calculated value for TERC is 30 percent of that of the original token., To make it more interesting for the holders, Tron Europe also pays Holder Rewards that can go up to a whopping 250 percent. 

According to the company officials, the reward system was created so that more people could contribute meaningfully to the Tron sector, Tron Europe has embraced this idea by building its own Token economy and creating native dapps. Speaking to TWJ, Tron Europe admitted that a good cryptocurrency product needs to have proper use cases and not just be useful for trading. `

Users need not fret about getting their profits as Tron Europe has assured everyone that all payouts will be paid out in TERC. This holistic approach would act as the mainstay for the ecosystem, thereby creating a strong tie between the organization as well as the token holders. By creating a step by step process for its token holders, Tron Europe successfully functions as a Super Representative by putting the onus on creating value for its native products. This has been the main attraction for the new customers entering the field. 

Officials from Tron Europe have confirmed that there are several projects in the pipeline which are expected to change the cryptocurrency game. Applications like BeFaster, TESD, GoT: The Revolt, Aftermath Islands and DVM are all expected to make waves in an industry requiring a legitimate foundation for growth. 

Tron Europe also elaborated on its latest implementation: the TERCium-Force. Under this, all the million-plus TERC holders will become eligible to join the bonus yearly reward and the special VIP room.  The organization had recently tweeted:

“Everybody wants to get the highest rewards for his votes. So tell me are you getting the highest rewards possible? Vote Tron-Europe! Because Tron-Europe has the highest voter rewards and gives TERC-holder rewards on top. It’s a fact.”

Tron Europe informed all its users that future developments would bring in more rewards to the ecosystem that will in turn result in more growth. It is now up to us and the community as a whole to see what comes next and then uses it to contribute significantly to the cryptoverse.

Justin Sun and Tron take CryptoLocally Partnership to the Next Level; USDJ and JUST Token Listed

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The cryptocurrency market has seen steady progress over the last few months, despite the spread of COVID-19. Popular cryptocurrency organizations have reassured users by launching new features and listings that are bound to make the industry more streamlined and wholesome.

In a bid to onboard new users to the Tron ecosystem, Justin Sun, its founder and chief executive officer, has recently announced a new collaboration. On June 16, Sun tweeted that both the JUST coin and the USDJ token were listed in CryptoLocally, a popular crypto exchange.

According to the latest reports, both tokens will be available to buy and sell from anywhere in the world while at the same time they will be available for fiat exchange. Sun and the Tron Foundation have been pushing the envelope for advertising related to both the JUST token and the USDJ stablecoin. Although the launch was conducted with a lot of fanfare, the community was on the fence about the latest update.

While Justin Sun and Tron continued their USDJ promotions, Cryptolocally conducted their own giveaways and events. On June 15, the cryptocurrency exchange announced a JUST giveaway where participants had the chance to win up to USD 500. To enroll in the competition, participants needed to sign up for CryptoLocally.com and then trade USDJ on the platform. Each CryptoLocal trade was calculated as a single point. CryptoLocally has revealed that the competition will continue for a week and is expected to end on June 22nd.

At the end of the competition, three winners will be chosen who will have access to a prize pool of $500. The release from the company stated:

“If any prize or prize notification is returned as undeliverable, if any potential winners reject his/her prize or in the event of noncompliance with these giveaway rules and requirements, such prize will be forfeited and may be awarded to an alternate winner from all remaining eligible entries (time-permitting).  Upon prize forfeiture, no compensation will be given.”

CryptoLocally has been quite busy over the past couple of weeks as the giveaway competition was not the only development in the company’s kitty. The exchange has also partnered with the MEET.ONE wallet to provide customers with a secure and decentralized platform connected to EOS. MEET.ONE functions as a multi chain decentralized wallet which is part of the MEX exchange. Customers will also have access to an AI Grid Trading Bot that will make it easier for them to trade.

Is a New Deal on the Cards? Tron’s Founder Holds Meeting With Litecoin’s Charlie Lee

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With the year 2019 now well gone, the Tron community is certainly expectant of more deals and partnerships but no ploys in 2020. Recently, Tron’s CEO Justin Sun tipped on a new alliance with Apple’s co-founder Steve Wozniak when the pair took a meal together. As usual, critics ridiculed Sun over the move. However, others, among them icons in the digital ecosystem deemed it a shrewd move.

Just yesterday, Sun via a tweet revealed he held a meeting with Litecoin’s CEO Charlie Lee. The caption on the shared picture on the tweet claimed that the two discussed their respective blockchains and Bitcoin generally. In addition, the Tron CEO added an enigma that the two discussed “some secrets.” Usually, Justin Sun’s tweets always draw speculations and this one was no different. The tweet raised many speculations regarding a possible collaboration with Litecoin.

While Both Tron and Litecoin communities are optimistic about some sort of partnership between the Tron foundation and the Litecoin foundation; maybe the latest meeting was just a meeting. In addition, Sun did not disclose if a partnership had been initiated between Tron Foundation and Litecoin Foundation.

Moreover, we cannot just ignore the fact that the two have held talks in the past to improve blockchain and cryptocurrency sector.   In addition, the increased adoption of digital currencies to the general world has played a major role as a morale booster for both of them throughout their blockchain careers.

Sun’s Dodgy Announcements

Over the years, the Tron founder has been making headlines in all the mainstream press globally. However, he’s been creating a mixed atmosphere within the digital currency community. Many have acknowledged him for drawing as much attention as possible to Tron and the cryptocurrency sector in general; with his unconventional skills. However, others have despised him and branded his methods as misleading. Well, it is understandable for both parties considering Justin’s history of making announcements about bigger announcements.

Possibly, the canceled luncheon with the legendary billionaire investor Warren Buffet is the most notable one. Sun unexpectedly canceled the meeting after paying top dollar and apparently inviting a few guests over. He later apologized for the inconvenience and admitted that he was overindulgent in marketing the lunch.

Tron Advised on How to Become as Big as Apple

A few weeks back, Sun met the co-founder of American tech giants, Apple’s Steve Wozniak. This caused a frenzy amongst the cryptocurrency community. The expectation was that soon Tron may partner with Apple in the same way it did with Samsung.

Later on, Justin Sun revealed that he had received shrewd wisdom from Steve on how to prime his blockchain project. He claimed it was a huge pleasure to receive counsel from Steve on how to grow Tron Blockchain project like Apple.

Charlie Lee Suggests a BCH-Like Approach

Litecoin’s founder Charlie Lee, had earlier suggested a BCH-like development approach to create the Litecoin blockchain. As per him, mining pools contributing a chunk of the block reward voluntarily is a huge way to fund a project. He said:

“Currently with merged mining of Dogecoin and other Scrypt coins, miners make 105%+ of block rewards. So 1% is a reasonably small amount to give back towards funding a public good.”

Conclusion

TRX has not reacted to Justin Sun’s latest announcement. The altcoin latterly shited to position No. 10 on CoinMarketCap’s rankings. However, it has since slipped to spot 12. Tron (TRX) is currently valued at $0.016234 with 1.53% losses on the 24-hour modified timeframe.

 

Tron (TRX) CEO unveils epic Buy Back program on network’s Independence Day

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Today is an essential day for TRON (TRX), and its entire ecosystem. On this day, one year ago, TRON managed to successfully separate itself from Ethereum (ETH) blockchain, on which it was initially developed. On this day, the coin became independent, and one of the most significant forces in the crypto space around the world.

To honor this day, reflect on what happened in the past year, and announce a few plans for the future — TRON CEO, Justin Sun, held a live stream in which he addressed the TRON community, and revealed what is in store for the future.

https://www.youtube.com/watch?v=YdFsa80fAqQ

Justin Sun announces the Buy Back program

In the year following the launch of TRON’s MainNet and token migration, the project made countless achievements, big or small. Those who have been following the news regarding the crypto market are likely to remember how often the project made headlines in the past 12 months. This is seemingly not going to change anytime soon.

One of Justin Sun’s most significant announcements during the recent live stream was the TRON Buy Back program, which will see the recovery of TRX. The program is set to last for a year, and it has already started.

Sun called it the ‘industry’s largest’ Buy Back program, which will ‘drive the community activities and market stability.’ It will include buying back TRX from the secondary markets in batches. Sun also stated that the TRON Foundation would increase TRX holding to express its confidence in the coin.

https://twitter.com/justinsuntron/status/1143396084816814085

The move certainly shows confidence in the coin and its future, and as such, it might even further drive the coin’s price. TRON has already seen significant advances in the past few days after it made a successful comeback to the list of top 10 largest cryptocurrencies by market cap.

The coin was pushed out of the top 10 list for the more significant part of the year, and earlier this year, Justin Sun stated that TRX would be within the top 10 and BTT within the top 30. Many have taken this announcement with a grain of salt, as the market conditions did not promise such development at the time.

However, the coins performed exactly as Sun predicted, with BTT even making its advance earlier than the prediction stated. At the time of writing, BTT sits at 35th place on the list of largest cryptos, while TRX holds the 10th spot again.

While significant, this is far from being the coin’s only, or even its most prominent achievement in the past year.

TRON achievements in 2018/2019

The TRON ecosystem started its evolution on June 25th, 2018. Since then, it made accountable moves that impacted not only the coin but the entire crypto space. The first most significant move was the acquisition of BitTorrent — a mysterious move at the time, as nobody knew what Justin Sun was planning to do with it. In months that followed, TRON announced its Project Atlas, and the reasons for acquiring BitTorrent became clearer. This also led to the launch of BTT in early 2019.

Another significant achievement is that TRON’s network exceeded 3 million individual accounts. This is a massive growth in a single year, and it certainly shows the amount of interest in the cryptocurrency and its ecosystem. TRON also hit numerous milestones, and even set up new records, breaking the old ones, most of which were held by Ethereum. Its dApp development surged, and the number of smart contracts on the TRON network is growing steadily.

TRON is also responsible for significant charitable donations. Its CEO, Justin Sun, donated large amounts to charities himself. It is estimated that Sun and TRON donated more than $9 million, in total. TRON also entered some significant partnerships, including the ones with Opera, Binance, numerous exchanges, and more.

All of this is still only a handful of the project’s most substantial achievements, and there are countless others, all of which took place in only 12 months. This is truly an essential day for TRON, and in extent — for the future of the internet.

In his live stream, Justin Sun ended his official statement by saying that he is excited to see where TRON will be when its next Independence Day comes around. Considering TRON’s rapid advancement, he is certainly not the only one who wonders.

In the end, there is no doubt that apart from the strides Tron made itself, some projects and teams played a vital role in the success of Sun-led blockchain so far. Some of them include Ante, Dice, ACE, TronEurope and of course, Tron Weekly.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Tron hits another milestone as Math Wallet adds support for TRX

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Math Wallet has finally added support for Tron-based TRC10 and TRC20 tokens for users of its wallet service. The cryptocurrency wallet was established by a company called Medishares, which is a relatively new name in the cryptocurrency world.

The support came in the form of the 1.9.0 update to the wallet and the wallet now finally allows users to transact with Tron Foundation tokens.

The company behind the wallet, Medishares, is a new entrant into the cryptocurrency business and it has styled itself as “the first global mutual insurance marketplace” in the world that is based on blockchain technology.

What this means, in effect, is that users who buy into the native token of the company (known as MDS and trading at $0.012 as the writing of this article) are given the ability to be a part of a mutual aid program. People who buy the MDS token help fund a smart contract for this mutual aid scheme.

Math Wallet and Tron both extending their reach

The news means that both Tron and Medishares are extending their reach and adding a completely new user base to their existing portfolios. The inclusion of TRC10 and TRC20 tokens means that Math Wallet will be able to entice more Dapp users into its ecosystem.

Coming to the Sun-led blockchain, Tron is adding another notch to its already impressive belt, and helping make TRX a more accessible and more open cryptocurrency by having another wallet add support for their tokens.

This is not the only news regarding Math Wallet as it has also upped the features available in the wallet by being able to use some of the functionality of the Tron blockchain, which is becoming among the top Dapp blockchains in the world at lightning pace.

Users can choose to activate or deactivate Tron power through two buttons in the wallet called “freeze” and “unfreeze.” These are options that are also available in many Tron based Dapps and the Tron Dapp browsers. There is also a resource library that shows the ranking of Tron Dapps, in addition to a Dapp store called Spiderstore. All this allows users of the wallet to have easy access to Dapps that are based on the Tron blockchain.

Mainstream adoption the goal

Justin Sun has never been shy about setting his sights on big moves, but he has always been careful to keep the smaller news trickling in slowly but surely. Adding the support of another wallet is just such a move and can only help with the more mainstream adoption of his brainchild. Tron is already one of the premier Dapp blockchains despite having started relatively late compared to Ethereum or EOS.

None of that matters to Sun though, as his knack for marketing and getting the right partners on board are proving to be a winning combination that is pushing Tron forward faster than any Dapp ecosystem before it.

Many industry observers believe that it is only a matter of time before Tron becomes the ‘de facto leader’ of the Dapp marketplace and continued announcements like the addition of Math Wallet only serve to reinforce that view.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Tron (TRX) price analysis for May 24th, 2019: A good day to be a Tronix trader or holder

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The eleventh cryptocurrency by market capitalization is trading at $0.02825 as we write this, which means it’s gone up by 6.80% in the last 24 hours.

Tron has been slow to react to Bitcoin’s recent bull push, but in the last 48 hours, it seems it’s finally gathering momentum and gaining value.

The Bollinger bands for Tron are perfect. They’re narrow enough so that the prices’ volatility shouldn’t scare anybody, but they’re wide enough so that you know there’s a trend going on, and the trend is decidedly green.

Technical analysis indicators for all time frames are in “strong buy.” In the 1-day analysis, we have the first resistance level at 0.029568, and the second one at 0,30506. This means that TRX is reaching its first resistance level and, as it keeps going up, it’s very likely to break both of the resistance levels soon as well. The third resistance level is at 0.032653, which seems far for today, but it’s within reach given the market’s momentum. If the market breaks the third resistance level, anything can happen.

TRX price chat 24th may 2019
Source: CoinMarketCap

The monthly technical analysis, which is more relevant when detecting turning points in the market, is pretty much the same. The first resistance level is already behind the price, and the second resistance level is at 0.035357.

Except for the MA20, every moving average (both simple and exponential) are in the deep green zone.

Other favorable indicators for today are RS (14), MACD (12,26), CCI (14).

The market is 93% buyers as we write this. So everything is auspicious.

TRX is rising in value, as it’s done for a couple of days now. It’s gone up by 11.52% over the last week, and almost every available indicator points to a continued upward trend that should last for long enough for traders to profit from trading in Tronix today.

Conclusion

Today is a good day for the enthusiastic Tron community which has been waiting for ages to finally see the vast Tron potential and network performance turn into market performance. That’s happening now, at last, and 79% of polled investors by invstor.com believe that the coin will be in bullish mode for some time.

Yesterday, the upward trend was a bit shy and somewhat unclear.

Confirmation for the bullish trend comes in the form of the trading volumes. The price has fluctuated along the day, but losses have had small trading volumes while the highest volumes we’ve seen during the day have happened when the price rises, especially as the price surged a couple of hours ago.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Tron (TRX) daily trading volume surpasses $1 billion

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It’s been a good day for the cryptocurrency market with lots of green numbers in the mix. And Tron’s performance has been among the best on a perfect day.

The trading volume for TRX has been above the USD 1 billion mark in the last 24 hours. While this is not a rare thing for Tron (it had surpassed the billion level only 14 days ago). It’s excellent news for the project as well as for TRX holders and in this article, we’ll explain to you briefly why.

Traders, professional or otherwise, have a set of tools to observe and construe the cryptocurrency market. The best-known among them is technical analysis (which despite the name is neither that technical or scientific) which is a set of rules that, based on past market behavior, are supposed to be able to forecast or explain current and future behavior. These techniques are hit or miss, which means that none of them works 100% of the time.

The trading tools we refer were not developed with digital assets in mind. They’ve been around for ages in other, more traditional markets such as the stock market or the foreign exchange market. Applying those devices to crypto means to assume that the digital currency market is intrinsically the same as Forex or the stock exchange. That is a very complicated question that we won’t tackle here, but it’s worth mentioning because, in the future, the correct answer could make all the difference.

Every resource available for technical analysts is based on an asset’s price. The price is the most crucial piece of information, and every indicator there is in the books is nothing but price data scrambled in some way or other. The core belief is that the price includes or implies everything you need to know about a tradeable item.

The problem with that assumption is that it’s not always correct, which is why there are traders who base their activities in fundamental analysis instead of technical – and another on is that price behavior is quite erratic in all markets.

Indeed, many statisticians have “proven” that prices change in purely stochastic ways and that any attempt at prediction is futile. While this could be true from a 100% scientific angle, such things as trends do exist, and some of the indicators available in technical analysis can indeed be useful to identify them.

So, it’s all about price, right? Well, kind of. There is another piece of data that traders use to confirm behavior. For instance, you could have a sudden dramatic rise in the price of a Forex trading pair (say, EUR/GBP). Would that be enough of a signal for you to jump in and start buying? It depends. The spike in price is not enough.

A rise in value can’t be considered to be genuine unless it’s accompanied by a high trading volume, and that’s why trading volumes matter so much. They are the authenticating factor for market trends, like the watermark or the hologram in a banknote. It means the market as a whole is noticing the asset and trading it. Trading volume means relevance.

And that’s why today’s trading volume for Tron’s TRX is such good news. It means that the crypto space, which is now quite optimistic and active, is noticing the token and going for it. The market for Tron is of 93% buyers as we write this, so the market sentiment is bullish. And if you doubt that, you can always corroborate by looking at the trading volume.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Is Tron (TRX) about to rally at last?

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Tronix or TRX is the Tron project’s native cryptocurrency. Tron is a blockchain project which aims to decentralize the web in full using blockchain technology (Tron’s specific blockchain technology, preferably) thus removing the usual central authorities on the internet (Facebook, Google, Youtube, etc.) and putting monetization of creative content back in the hands of those who do the work.

Outlook on Tron’s price

TRX’s price is rather low. It’s trading at USD 0.025111 and in green numbers. This meager price is not a bad thing. It doesn’t point to any problem with the project’s or the network’s fundamentals. On the contrary, very few blockchains have fundamentals as robust as Tron‘s.

It instead has to do with the high number of tokens in circulation (66.6 billion). Because there are so many coins around, the currency’s market capitalization is diluted, but it’s of USD 1.67 billion in total as we write this post, which is enough to earn it the 11th spot among digital assets by total value. Make no mistake because of the price, the project is valuable even by financial standards.

Strong as the fundamentals are, they’re still not translating into a market rally. Tronix has been trending downward since last January after it had a good couple of months that saw its value increase.

Markets change all the time, however, and that’s what we’re seeing with Tron now.

Upcoming rally

The current price levels have turned into support levels for the price. The usual interpretation for support levels is that the price can’t get any lower unless tragedy strikes. At the same time, some critical indicators are changing from oversold to overbought. That means that the trend is ready to change and we could see a bullish run on Tron very soon.

We didn’t expect that to happen over the weekend, however. Weekends tend to be either dull or bearish in cryptocurrency markets. So it could be exceedingly rare if Tron’s big breakthrough could have happened over the last couple of days.

But Monday, today, would see the feat happening (the Sun-led cryptocurrency is up by almost 5% today already), keep an eye on market events so you can join in the fun. The rally could be triggered by a sudden spike accompanied by high trading volumes or, maybe, by a piece of exciting news from Justin Sun’s or the Tron Foundation’s Tweeter accounts. And two new significant news hit the community today, already. Mr. Sun announced a couple of ‘very’ positive developments for Tron community today already.

One is that a tech giant would launch on Tron blockchain in Q2 this year. Other is, BitTorrent will go live on the Tron ecosystem in Q2, too. If you’re into other kinds of technical analysis indicators, Monday is a good time to start paying some extra attention.

Tron is already the most active platform in the world considering the deployments and use of decentralized applications. It’s also secured many critical strategic partnerships, and the new dApps we see popping up in the network all the time provide new use cases for Tronix. And that’s just what’s already available.

Soon, the BitTorrent network, which is the world’s most extensive decentralized system will merge into Tron’s blockchain bringing in many new users (which could be in the millions).

If only a small fraction of BitTorrent users become interested in Tron and bullish about the coin (which would be in their interest because the new BitTorrent will be incentivized using BTT, a Tron-based cryptocurrency), the demand and trade volume could increase exponentially. That could also be the event that finally triggers a rally.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.