Tron [TRX], now the tenth-largest cryptocurrency after taking over IOHK’s Cardano [ADA] is currently running the tough miles to escape the red capes.
At press time, the token had slumped by 5.9%, trading at $0.013 with a market cap of $903.9 million. The total trading volume in the past 24 hours is observed at $70.3 million.
In the 1-hour time frame, the TRX candlesticks are experiencing a slight downtrend that ranges from $0.016 to $0.015. Here, the uptrend is steeper than the downtrend and is extending from $0.018 to $0.013. There is no major possibility of a trend breakout at this point.
The Parabolic SAR has turned its back on a positive price prediction as the dots have switched sides to lay above the candlesticks, pushing the price down.
The Relative Vigor Index is also bearish on the case as the RVGI continues to slump after making a bearish crossover by the signal.
The Aroon indicator has denied suggesting the fate of Tron as the uptrend and the downtrend continue to move in sync on the graph.
In the longer timeline of 1-day, the price candles are witnessing a downtrend that is suspended from $0.039 to $0.024. Here, the support level is set at $0.018. Similar to the above case, there is no possibility of a trend breakout here as well.
The Bollinger Bands are showing a lower volatility in the TRX price, narrowing down the tunnel path that was being followed earlier.
The RSI crashed to the oversold zone in the last week of November. However, it managed to pick itself up but is again approaching the same road to predict a bearish presence in Tron’s quest.
The Klinger Oscillator made a bullish crossover in its last run by the signal. However, the indicator is moving below the 0-line to side with the bear. However, the stance cannot be confirmed as the reading line has not made a bearish crossover as of now.
Most of the indicators in this technical analysis have turned bearish on the Tron market with downward crossovers and slumped graphs. Furthermore, the Bollinger Bands have predicted a lowered volatility in the market, strengthening the bear’s foot in the space.
Tron [TRX]’s weekly report: New multi-signature wallet underway, Accelerator program gains momentum
Tron foundation’s founder and CEO, Justin Sun released the foundation’s weekly report on Twitter on December 10. The report contained an overview of Tron Foundation’s progress in the past week. Along with the progress aspect, the report touches upon community activities and the global community.
The report was divided into multiple parts including the work completed and the work that was in progress. The report indicated that there has been an optimization in the structure of the synchronization module and to improve the processing of messages. The foundation claims to have achieved a dynamic resource ceiling.
Meanwhile, the report highlighted that the tests for a multi-signature wallet are underway, which will enable full nodes to interact with SolidityNode.
Tron foundation’s other activities include the launch of the Tron Accelerator program, a developer contest, with a prize pool of $200,000. It also teased the launch of Tron Ecosystem Co-Builder Plan [ECP], which will facilitate Tron-based startups and developers in communicating directly with the foundation.
It also announced the launch of Tron Arcade, Tron blockchain game fund, with an investment of over $100 million in the coming three years. Also, with Tron’s mainnet version 3.2 update, the foundation now has over 1200 developers.
The coin which achieved the tenth position on the CoinMarketCap’s list has maintained its position even after a rocky ride. At the time of press, TRX was valued at $0.0132 with a market cap of $877 million. The coin had a 24-hour trade volume of $58 million and had plunged by 4% in the past 24 hours.
Tron’s Justin Sun Predicts The TRX Surge of 500% in Dapp Activities on the Network
Over the latter months of 2018, it’s been the collective effort within the investment world to get rid of the downwards trend that cryptocurrencies have been enduring. The problem is that this bearish market continues to push ahead with attempts to ease and stop it proving more than a challenge. And while it’s been a broader initiative by investors, there’s no such thing as a coin that hasn’t, in some way, been impacted.
This downward trend, or what we could regard as a drastic bearish swipe, has impacted a large number of coins, including the most prominent ones such as Ethereum (ETH), Ripple(XRP), Monero (XMR) and TRON (TRX). While these have all been undergoing some serious declines, compared to its larger cousins, TRON has proven itself highly adaptive, as well as having the potential to recover very quickly when compared to other coins.
The CEO and founder of the TRON foundation, Justin Sun, has stated that he wants to keep eyes fixed on the continued evolution of its network, in spite of any downwards trends in the market. In order to redress this point, Sun announced one of the proposed plans dubbed ‘Proposal Seven’ during late November. This initiative has its aim at increasing the energy limit within the network, as well as improving the level of support given to developers.
While introduced very recently, Proposal Seven has since undergone the approval of more than 28 of the networks judging bodies: the Super Representatives, and has faced no recorded opposition from SR’s. Among those that voted in approval are: BitGuild, dAppHouse, TheLastMe, TronSpark, TronAllianc, Alle-Exchange, Lianjinshu, JustinSunTron among a large number of other Super Representatives yet to declare.
In the wake of recieving these votes, Justin Sun made the following statement through his Twitter account:
“Proposal 7 is approved by #TRON community. We will expect 500% increase of #DApp activities after the activation of Proposal 7. #TRX $TRX”
The Super Representatives themselves have a firm reputation within the Tron network due to the crucial role they play as processors of transactions and information, but also as representatives for their voters. Those that hold any number of TRX, the token native to the network, are able to vote for the candidates that they prefer. Whoever wins sufficient votes will be able to play the role of validator within the network and govern the ecosystem . to some degree.
These same Super Representatives are then entrusted with the duty of initiating the elements of the Tron Virtual Machine (TVM). To being, each of these representatives is required to make proposals for the activation of particular features. After doing so, other Representatives will then be able to confirm the proposal based on a number of different factors.
From there, this feature will go on to be activated on the Virtual Machine, but this will only happen once it’s been passed by a 2/3rds majority of the SRs and within a time span of three days. Should the proposal is passed by less than this number, then it will be considered to be as invalid, and the feature will then have to wait longer until it can be activated or is proposed by another representative.
Nopumpnodump, a Twitterati said:
“Thats how other developers should do even in the bear market.”
Adam, another Twitterati said:
“This will bring some well deserved ovrr due organic grownth imo! #TRX”
Tron Comes Up with New Plan for Improved TRX Adoption and Scaling Crypto Use Cases
The Tron Foundation has been prioritizing the innovations in the industry, helping to expand the use of cryptocurrency to make it more of a mainstream empire. The Tron Accelerator competition, announced by Justin Sun, is motivating others to get involved, and it is propelling the platform forward quickly.
Tom Mao, an executive for the Tron Foundation, recently sat down for an interview with Code Xpert to discuss the changes that Tron has been making.
One of the topics discussed has to do with the scalability of the TRON Network, which the creators believe has eliminated the problems that Bitcoin and Ethereum were facing. The proof-of-work system has been reducing the amount of energy used and has supported the mining cartels.
Elaborating, Mao said, “So what Tron does, what it brings to the table that’s different from Bitcoin and Ethereum – especially different from Ethereum – is that it’s essentially using a very unique delegated proof of stake system where TRX hodlers have the right to vote for Super Representatives who they feel best help with the Tron ecosystem and widespread adoption of TRX. So that helps to really democratize and decentralize the power – as opposed to the mining cartels – down to basically you and I who can buy TRX and exercise our voting rights.”
He continues, discussing the application process for becoming a Super Representative Candidate (SRC). The official role as a Super Representative is to “produce blocks for the Tron network.”
However, Mao notes that the adoption of TRX is truly the goal, which would hopefully lead to the sponsorship of products that help create dApps. As far as the election, Mao said,
“The top 27 Super Representative Candidates become Super Representatives, and the elections are held every six hours.”
On the technical side of Tron, new tools are becoming available to help developers with the creation of dApps, which have been experiencing success in their endeavors. The current tools that seem to have had the greatest impact lately has been:
- TronBox, which offers the entire framework needed to develop a dApp and bring it onto the Tron network
- TronStudio, which offers the necessary protocols for testing, collecting, and launching smart contracts
- TronGrid, which is an API service that connects with the blockchain on Tron
During the interview, Mao encouraged developers that are still working with Ethereum to come on board with Tron instead. With multiple incentives and comprehensive tools, developers will need to decide if these tools meet their needs with greater ease than Ethereum can.