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Most intriguing about Tron as a project is their multi-faced, multilateral approach. While they strive to make the world a better place via blockchain, they are also caught up in a race for supremacy. On one hand, they are more dominant Ethereum which despite market downturns continues to draw developers who prefer the legacy proof of work systems save scalability concerns.
#TRON breaks two records today! 2.53 MM Txs per day and 32,284 daily increase address! More developers from #EOS and #ETH have migrated to TRON! #TRX $TRX pic.twitter.com/6siaP4hw61
â Justin Sun (@justinsuntron) December 14, 2018
Read: PAX Surpasses $5 Billion In First Quarter Since Release As Stable coin Market Continues To Thrive
But at the pace of development, this might be changing and very soon Tron might be a dApp arena of choice for developers. After all, Tron is better, faster and as reiterated by the platformâs founder is âveryâ cheap.
Thatâs not all, various milestones as the launch of their Virtual Machineâwhich by the way is compatible with Ethereum has made it easier for Tron account holders to issue tokens just for 1024 TRXs. Token issuing is pretty straightforward and there are two categoriesâTRC-10 which is native to the platform and TRC-20 for smart contracts.
Also Read: TRON Announces 70 TRX Investors Will Be Awarded Exclusive Blockchain Cuties In-Game Items
Of course, this is the kind of development the community is desirous of. Add that to incentives and Tron inroads to the multi-billion gaming industry via Arcade and itâs a sparkling future. But, amid the dropping prices, a take away is the rate of adoption, the dedication of the platform towards development and the support Tron has on the community. In less than eight months, Tron has seen account numbers swell and transactions spike surpassing those of EOS and Ethereum. This is overly positive more so for TRX hodlers.
TRON (TRX) Price Analysis
TRX/USD Daily Chart
Not surprising, TRX is the top performer in the last week adding close to three percent. Better still, it is very steady in lower time frames and though prices continue to slide to new lows, we expect a recovery as the year draws to a close.
Note that TRX is down >85 percent from 2017 peaks, trading within a bear breakout pattern after crashing several supports throughout the year. Now, itâs only natural for prices to snap back and correct higher. For that to happenâand as reiterated in previous TRX/USD trade plan, bulls must build up enough momentum and edge past 1.5 centsâprevious support now resistance.
Assuming it prints, this surge must be accompanied by volume spikes showing support in lower time frames.
TRX/USD 4HR Chart
Here, TRX/USD is consolidating and itâs a disarray to say the least. None of our last trade conditions have been met and until there are moves above 1.5 centsâ1.7 cents resistance levels as laid out above, bears are in control.
But, with the optimism around the space and on-chain development and partnerships, odds are TRX/USD will expand drawing interest/demand.
If not and there it will be a slide back below 1 cent towards Jan 24 lows.
This is how our TRX/USD Trade plan will be assuming there are gains above 1.5 cents:
- Buy: 1.5 cents
- Stop: 1.4 cents
- Target: 2 cents, 3 cents
*Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and arenât investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.