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.