Bitcoin [BTC] sluggish below the $9,000 mark on the back of the most successful month-on-month gain since December 2017 has given way to the rise of the altcoins. Tron [TRX] is firmly leading that altcoin rise, given the current market conditions.
The Justin Sun-led cryptocurrency has now amassed a massive 17.41 percent price gain in the past 24-hours as the founder hinted at an imminent big reveal. The first inkling of this mention was on May 31, with Sun stating that something “huge and amazing,” was in store for Tron and BitTorrent, and that his stake in the same was “70%.”
Sun’s ‘announcement of an announcement of an announcement’ read,Something huge and amazing going about #TRON and #BitTorrent. I will share with you after June 1. I think I have 70% to win and nail it. Fingers crossed! $TRX$BTT
— Justin Sun (@justinsuntron) May 26, 2019
Following up the above tweet, Sun, without mention any further details stated that “I did it,” adding that this accolade was yet another ‘big win for the blockchain community,’ while not mentioning or even hinting at any concrete decisions taken.
Sun’s announcement of an announcement’ read,I did it! Big win for the #blockchain community! Big reveal June 3. Stayed tuned! #TRX $TRX $BTT #BTT https://t.co/C2ZcINfcKb
— Justin Sun (@justinsuntron) June 1, 2019
Despite many in the crypto-community dismissing this ‘announcement of an announcement’ primed on enticing investors to purchase the cryptocurrencies without any concrete reason to point to, the price pushed ahead. Justin Sun, the master marketer, managed to amass a double-digit price gain, even as the king coin traded sideways and propelled TRON into the top-10 with just two tweets.
Prior to the two announcements, the coin was trading at $0.03 on May 30 and rose steadily to $0.036, a consistent 20.65 percent price gain in over 30 hours. The first correction dropped the price to $0.035 prior to a move up to $0.038 a 10.13 percent gain in less than 2 hours as anticipatory bulls buoyed the TRX market. At press time, the now 10th ranked cryptocurrency is trading at $0.039, its highest price since July 2018.
Market capitalization reflected the same, as TRON added over $600 million to its overall valuation since the first domino of the announcement was made. Stellar Lumens [XLM] is now on the outside of the top-10 looking in trailing TRON by under $20 million, while Cardano [ADA] chase the duo by over $150 million.
BW.com and OKEx take the top two spots in TRX trade volume with 8.06 percent and 7.7 percent of trade respectively in the trading pairs TRX/USDT each. Other notable exchanges are Bit-Z, Huobi Global and Digifinex, however, the only exchange with “real” volume is Binance on the 11th spot with 3.59 percent volume in the BTC pair.
BitTorrent was also enjoying a brief bullish build-up as the cryptocurrency, on the 29th spot at press time inclined by over 7.7 percent in 24-hours, taking its weekly price pump to almost 40 percent.
Sun’s tweet highlighting TRON’s entrance into the top-10 read,
According to @CoinMarketCap, #TRX is back to TOP 10 with a recorded market capitalization of $2.59 billion! #TRON $TRX pic.twitter.com/Ae9CUjouQz
— Justin Sun (@justinsuntron) June 1, 2019
Tron Price Analysis: TRX Moves Downward Today; Traders Still Hold Hope For Improvement In Price
Tron price was seen suffering from quite a long time. The coin was spotted improving from last week. Well, the scenario is exactly contrary to what it was yesterday. The opening hours were quite accelerating, and now, the TRX coin is trading below the baseline. Let’s have a look at the Tron price chart.
Current Statistics of Tron:
- TRX price is trading at $0.017900.
- ROI stands at 772.42%.
- The Market Cap is noted as $1,193,300,472.
- Circulating Supply is at 66,682,072,191 TRX.
- The 24-hour volume is marked as $469,893,103.
TRX to USD Price Comparison:
The chart is taken from TradingView on 24th August 2019, at 04:48:34 UTC.
Yesterday, the TRX coin opened at $0.017563. The coin escalated to $0.018087 by 2.98%. The escalation continued. Tron price jumped from $0.017910 to $0.018325 by 2.32%. For the rest of the day, the TRX coin was seen around $0.018 mark. The coin closed with a profit of 3.20% at $0.018127. Today, the coin opened with an escalation of 0.42% and reached $0.018203. Later, the Tron price fell from $0.018203 to $0.17829 by 2.04%.
Tron Price Prediction and Conclusion:
TRX coin was trading upwards from the last couple of days. The traders were quite impressed by the momentum of the coin. We were expecting Tron to continue the upward movement. Well, the expectations are still intact.
The coin has a high prospect of escalation by the end of the year. Tron would be best suited for long-term traders.
Tron Price Analysis: TRX Meets Critical Resistance Again, Can it Break?
Taking a close look at the market, we can see the past four weeks of trading has presented decreasing volatility, amounting to a shrink in liquidity inflow.
- The price of Tron is likely to create a new low if the $0.018 mark rejects the price.
- Although the price has seen an increase of 6.78% in the last 24-hours, still Tron (TRX) remains in a robust downward range.
Over the past weeks, Tron (TRX) has been displaying a downward movement, subjected under firm bearish control. After the significant rebound from $0.02 in July, the price action is moving on a steady fall with a current price hovering at $0.018. Meanwhile, the bulls have been struggling along with the bearish favoring trend.
Taking a close look at the market, we can see the past four weeks of trading has presented decreasing volatility, amounting to a shrink in liquidity inflow. What this simply means is that the bears seem to be losing momentum.
The bulls are more likely to act upon this bearish weakness. However, if the upper boundary of the channel holds buying pressure, we might witness another terrible sell-off.
Tron (TRX)’s Current Statistics
Trading Price: $0.018
Market Capitalization: $1,204,523,596
Trading Volume: $541,003,115
Key Resistance Levels: $0.020, $0.022, $0.024
Key Support Levels: $0.016, $0.014, $0.012
Tron Price Analysis August 23, 2019
On the 4-hour chart, Tron has continued the rollercoaster move after dropping from the $0.030 in July. Currently, the price is currently testing the channel’s upper boundary at $0.018. If the market can break away this time, the price of TRX is likely to hit $0.020, $0.022, and $0.024 resistances.
However, if the channel’s upper boundary continues to bolster as an active defensive line for the bears, a massive sell-off is likely to floor the market at $0.016, $0.014 and $0.012 supports. Still, the long-term outlook remains bearish for the TRX/USD pair.
In as much as the price actions keep respecting the descending channel formation, Tron will remain perpetually under the control of bear radar. Meanwhile, we need a strong and consistent demand to kick-start a bull run for the TRX market.
Technical Indicator Reading
The RSI 30 level has managed to act as support for the latest price drop as the market will continue to rise if the level can remain uninterrupted.
The Stochastic RSI for Tron is already in the overbought zone; possible selling pressure is likely if it turns downward.
Tron Founder Justin Sun Bashed by Community Despite New BTT Listings
Justin Sun informs the community about BTT getting listed on FinanceX and IDAX but followers respond with a wave of severe criticism of Sun and Tron
The founder of the Tron project, Justin Sun, seems to have ruined his reputation of an innovative project creator and lost the community’s trust. Nearly each recent tweet by Sun meets a wave of criticism where crypto enthusiasts are calling Tron, Sun and even Binance crypto scams.
Many are referring to TRX nothing but a ‘shitcoin’.
One of the recent messages posted by Sun was about BTT getting listed by the FinanceX fiat-crypto exchange but the public does not seem to care about it.
Instead of positive and excited comments, they remind Sun about the failed but heavily hyped lunch with Warren Buffett and Sun’s promise to return TRX and BTT to their previous winning positions on CoinMarketCap – TRX – to the top ten list, BTT – to the top thirty one.