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Latest Tron News
At the end of the day, it’s going to be a tough race, a march of dominance. Even with Ethereum’s head start—organizational assets, high participation levels and time-tested platform, the emergence of new, well-marketed, cheap and scalable systems as Tron is proving a challenge.
Besides the advantages the platform offers, there are tones of programs and initiatives that are nearly irresistible. Recently, BitGuild shifted camps and more are planning to ditch Ethereum for Tron’s bait and for good reasons.
The result, therefore, is the dominance of Tron related dApps in the top 10 list as listed by dApp trackers. According to dApp Radar, the top 10 are commandeered by Tron and EOS smart contract applications with gambling apps as TronVegas taking the lion’s share. As a result, up to 95 percent dollar-to-dollar transactional values are via TRX as the latest Diar Report shows:
“Of the $5.5Bn already transacted on EOS, 70 percent go towards gambling DApps. This number is over 95% for Tron. Gambling DApps only account for a tiny 2 percent of total US Dollar transaction volume on Ethereum despite nearly half of the applications being betting spots. The overwhelming majority of trading went towards trading on DEX – and even that now faces a continuous adoption downfall.”
TRX/USD Price Analysis
Price wise and TRX is still one of the biggest performers in the top 10. Aside from usurping XLM, it is likely to replace LTC and become the seventh most valuable coin in the sphere. After all, the gap between these two megaliths is narrow at $200 million at the time of writing.
All the same, we shall retain our bullish outlook and like before, as long as TRX prices are oscillating above 2.5 cents, buyers have a stand. This preview has the backing of fundamental and technical reasons. On the macro point of view, TRX will likely expand because of BTT demand and the expected airdrop scheduled for Feb 11.
Technically, it is the resilience of bulls to reject lower lows. The main support line at 2.5 cents is well defined moving on, we expect risk-off, aggressive set of traders to buy on every dip with first targets at 4 cents—our immediate resistance line.
But this is largely dependent on how market participant reacts in the next couple of days. If assuming, prices trickle down below 2.5 cents, then our minor support level will be at 1.8 cents and 2.1 cents—lows of the double bar bull reversal pattern of Jan 13-14. If not and there are rallies above 3 cents—or the inverted hammer of Jan 27, the medium-term trajectory of TRX would have been laid bare. In that case, both sets of traders would be free to buy on every correction with first modest targets at 4 cents and later 6 cents.
All Charts Courtesy of Trading View–BitFinex
Disclaimer: Opinions are those of the author. Do your Research.
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.