The Tron Foundation and Justin Sun, the Chief Executive Officer [CEO] of the organization, were in the news multiple times due to the sheer number of updates and developments from the company’s roster. Tron [TRX] recently announced its partnership with Tether [USDT] to create a new stablecoin.
In a recent post, the Foundation revealed features that would make the USDT-Tron pair better than stablecoins like OMNI. Tron tweeted,“TRON’s partnership with @Tether_to to bring $USDT on the #TRON blockchain will make transactions faster and free, and provide more use cases. This is a significant improvement from the last generation of stable coins like Omni.”
The report showed that with respect to transaction speeds, Tron was far superior than OMNI. Transactions on the Tron network are settled immediately, whereas it takes up to 3 hours on the OMNI network. In terms of fees, transactions on Tron are free, while people using OMNI are required to pay $7 per transaction. According to Tron, USDT-Tron can be used for trading the Tron DApp House, as well as its latest acquisition, BitTorrent.
Earlier, Sun talked about Tron’s superiority over OMNI by talking about the multitude of features that are only available on Tron’s network. He stated,“First of all, USDT Tron will offer the liquidity in Tron decentralized exchange. Second, USDT Tron will offer TRX holder, a new way of value storage. Third, USDT Tron will provide the DApp users, a new way to play DApps, which also minimize the risk of the cryptocurrency. Fourth, USDT Tron will give Tron blockchain new legitimacy and the increase the confidence of the institutional investor in that show.”
OMNI is a renting service based in San Francisco and Portland, and it made news previously, when the company introduced XRP as an option for cash outs. Thomas McLeod, the CEO of OMNI, stated,“So there’s a world in which everything that you have you should be able to connect with other people and other people should be able to use those things as well so if you have a bike and you’re not using it someone else can use it when you’re not using it and now you can also make money on top of that.”
Tron’s popularity shoots up on Github as Ethereum, EOS get left in the dust
Tron’s influence in the space was made evident after its DApp industry dominated its closest rivals, EOS and Ethereum. This clear disparity in DApp numbers has predominantly been the main reason why Tron has shot into the limelight and also why Tron’s parameters are equally, if not more, comparable to that of bigwigs like the Vitalik Buterin-led Ethereum.
In his latest tweet, Justin Sun, Chief Executive Officer of the Tron Foundation, stated,
“According to http://cryptomiso.com , on #Github in past 6 months, #TRON ranked 13 with 1258 commits which already surpassed #ETH (511 commits) and #EOS (311 commits). Hard work always shows! We don’t take it as progress, it’s just a beginning. #TRON onwards. #TRX $TRX”
According to the analysis, Tron’s in-app purchases had boomed during the month of March, reaching a peak on March 18. The later time period showed a decrease in purchases, although the commits steadily increased to 1258.
Ethereum, at the same time, calculated its parameters in terms of programmable contracts and money because of the number of tokens based on the ETH platform. Programmable contracts and money reached a peak on February 13 as usage dipped over the following months. The number of commits for the second largest cryptocurrency was a little more than a third of Tron’s at 511.
EOS, which had shot to fame for its mass adoption in gambling applications, was negatively affected the most with a commits number of 311. The number of decentralized applications on WebAssembly was calculated and it was revealed that the numbers spiked during the second week of February, post which it fell to abysmal depths. This can be counted as the main reason why the 311 commits for EOS was the least among the lot.
Tron was also in the news recently after the block height of the Tron blockchain broke the 10 million barrier, creating a new record for the Justin Sun-led Tron Foundation.
Tron (TRX) Price Testing Major Hurdle: Bulls Eyeing Upside Break
- Tron price remained well above the $0.0300 level and recently traded higher against the US Dollar.
- TRX price traded above the $0.0330 resistance, but it is facing a solid resistance near $0.0340.
- There is a key bullish trend line forming with support near $0.0322 on the 4-hours chart (data feed via Bitfinex).
- The price is currently correcting lower, but it is likely to break the $0.0340 resistance in the near term.
TRON price recently climbed higher and tested key resistances against the US Dollar, but declined vs bitcoin. TRX price must stay above $0.0320 to climb further above $0.0340 and $0.0350.
Tron Price Analysis
After setting above $0.0300, there was a steady rise in TRON price against the US Dollar. The TRX/USD pair traded above the $0.0320 resistance level to enter a positive zone. Moreover, there was a close above the $0.0325 level and the 55 simple moving average (4-hours). The price even traded above the $0.0335 level, but it struggled to gains strength above the $0.0340 level.
A swing high was formed at $0.0341 and the price recently corrected lower. It broke the $0.0330 level and the 23.6% Fibonacci retracement level of the last wave from the $0.0307 low $0.0341 high. However, the price remained well bid above the $0.0325 level and the 55 simple moving average (4-hours). Additionally, the 50% Fibonacci retracement level of the last wave from the $0.0307 low $0.0341 high seems to be acting as a support.
There is also a key bullish trend line forming with support near $0.0322 on the 4-hours chart. Therefore, the price remains well supported near the $0.0325 level. If there is a downside break below $0.0322, the price could move back in a bearish zone.
On the upside, the main resistance is near the $0.0340 and $0.0341 levels. If there is an upside break above $0.0340, the price is likely to surge above the $0.0350 resistance. The next key resistances are near $0.0365 and $0.0372.
The chart indicates that TRX price is trading nicely above the $0.0325 support and the 55 simple moving average (4-hours). Therefore, there are high chances of more upsides above the $0.0340 and $0.0350 resistances. Only a close below $0.0322 and the 55 simple moving average (4-hours) is likely to set the pace for more losses in the near term. The next main support is at $0.0300. An intermediate support is the 76.4% Fibonacci retracement level of the last wave from the $0.0307 low $0.0341 high.
4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is currently near the 50 level, with a bullish angle.
Key Support Levels – $0.0325 and $0.0322.
Key Resistance Levels – $0.0340, $0.0350 and $0.0360.
Tron Development Growth Sums up With Ethereum in Recent Analysis
A recent analysis shows that Tron’s adoption rate is growing faster than Ethereum, causing its cumulative transaction rate to equal Ethereum’s in a space of eleven months. The study shows a record of ETH performance since 2011 before Tron came into existence. One of the aims of the Tron team, as stated by CEO Justin Sun, is to take over the development of decentralized applications (Dapps) from Ethereum.
Not until now did Tron realize its vision to beat Ethereum. Before this time, Ethereum has enjoyed positive dominance, with a majority of the community seeing Ethereum’s development as a major support in the blockchain industry.
The analysis showed a calculation of Tron’s transaction for three years from July 18 as the starting point. But recently, Tron’s transaction rate has been on the increase with over 3 million accounts as recorded on June 13, 2019.
According to Dapp review, Dapps on Tron network saw $1.6 million in volume in the first quarter of 2019. with more than 430,000 estimated users. It also revealed that 64 percent of Dapps on the Tron network mostly facilitate gambling.
These games enabled Tron’s Dapp volume to increase to a new high on March 19, on March 15 alone, there were more than $100 million transactions. EOS and Ethereum recorded $16 million and $4 million respectively.
The report also stated that 27% of Tron Dapps are made up of casino games, another 36% are regarded as high-risk gambling games. But only 27% of all the Ethereum Dapps are categorized as gambling and high-risk dapps.
In March, Tron Foundation released a statement discouraging unlawful gambling Dapps in Japan, but so many gambling Dapps across the globe reported to CoinDesk they received over $10,000 worth of Stablecoin Tether as payment for building their games for Tron Accelerator hackathon in December 2018.
Now, do these mean that Tron has not been able to keep to its commitments towards the law and running a business at the expense of its public image.