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Tron network records 500 million smart contract triggers; Tron-based USDTs in circulation continue to surge

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The Tron Foundation’s native cryptocurrency, TRX, has been bouncing up and down CoinMarketCap’s cryptocurrency charts. The coin was once the 10th largest cryptocurrency in the market, maintaining its position for quite some time. During the last few weeks however, the coin has been plummeting down in terms of market cap and was found at the 13th position yesterday. However, TRX had jumped back into the 12th position, at press time.

Come what may, Tron Foundation’s Justin Sun is always updating the community about the network’s several advancements and achievements. In a recent update, CEO Justin Sun shared another one of Tron’s many accomplishments with his 1.5 million Twitter followers. CEO Justin Sun announced that Tron Network’s smart contract triggers had reached 500 million. Sun’s tweet read,

This tweet was followed by a series of other tweets by the Tron Foundation, with the Twitter handle citing several other achievements of the network as well.

The latest tweets announced that the circulation of Tron-based USDT had surpassed 110 million as Tether worth $112,402,010 was presently in circulation on the Tron network.

The Tron Foundation wasn’t done with blowing its own trumpet however. The next few tweets claimed that Tron’s success is not limited to the DApp space alone, as the transaction volume on the Tron network has surged significantly since the date of its launch.

Despite several achievements in the name of the Tron Foundation, the price of Tron’s cryptocurrency was falling by 0.35% in the last 24 hours. At press time, Tron was valued at $0.0205 with a market cap of $1.37 billion. The 24-hour trading volume stood at $434 million and most of it came from Cat.Ex exchange via the trading pair ETC/TRX.

Source:ambcrypto

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Tron

Tron (TRX) Price Analysis: Trend Remains Bearish Below $0.020

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  • Tron price declined heavily after it settled below the $0.0200 support against the US Dollar.
  • TRX price is currently correcting higher after trading to a new monthly low at $0.0159.
  • There is a significant bearish trend line forming with resistance near $0.0184 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to remain in a downtrend until it settles above the $0.0184 and $0.0200 resistances.

TRON price is trading in a major downtrend against the US Dollar andbitcoin. TRX price could only start a strong recovery once it breaks $0.0184 and gains strength above $0.0200.

Tron Price Analysis

This past week, TRON price accelerated its decline below the $0.0200 support against the US Dollar. The TRX/USD pair even broke the $0.0185 support level and settled below the 55 simple moving average (4-hours). It opened the doors for more downsides and the price tested the $0.0160 support level. A new monthly low was formed near $0.0159 and the price recently started an upside correction.

There was a break above the $0.0170 resistance plus the 23.6% Fibonacci retracement level of the last major decline from the $0.0212 high to $0.0159 low. Additionally, the price managed to pop above the $0.0180 level. However, the upward move was capped by the $0.0184 and $0.0185 resistance levels (the previous supports). The 50% Fibonacci retracement level of the last major decline from the $0.0212 high to $0.0159 low is also near $0.0185.

Moreover, there is a significant bearish trend line forming with resistance near $0.0184 on the 4-hours chart. Therefore, tron price is likely to face a strong selling interest near the $0.0184 and $0.0185 levels. The 55 simple moving average (4-hours) is also near the $0.0185 level to act as a hurdle. If there is a break above $0.0185, the price could recover towards the $0.0194 resistance.

The main resistance is near the $0.0200 level, above which the price could gain bullish momentum. Conversely, if the price fails to climb above $0.0185, there could be another bearish wave. An immediate support is near the $0.0172. The next key support is at $0.0165, below which the price might aim $0.0160.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is still trading in a major downtrend below $0.0185 and $0.0200. A successful close above $0.0185 might increase the chances of more upsides. However, a clear break above $0.0200 is needed to decrease the current bearish pressure.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is losing momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is about to break the 50 level.

Key Support Levels – $0.0185 and $0.0200.

Key Resistance Levels – $0.0172, $0.0165 and $0.0160.

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Tron’s latest weekly report highlights new block height, surges in real-time accounts & transaction numbers

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The Tron Foundation updated the community about recent developments in its ecosystem through its weekly report. The report highlighted the progress of Tron over the past week. The community was elated by the fact that block height had exceeded 11.86 million, while registering 1,145 nodes in Tron ecosystem.

Further, real-time accounts also grew and stood at 3,483,472, along with the addition of 47,599 new accounts over the network. The total number of transactions reached 5.95 million.

It is important to note that 3 new DApps were added to the existing list of 554 DApps, registering a week-on-week growth of 0.5%. Tron enthusiasts were thrilled with the official launch of SUNNetwork Code V1.0. Further, the report also shared the news about the SUN Network getting integrated with TronLink.

Tron shared the update over Twitter, tweeting,

“#TRON Weekly Report 1. Completed code migration for part of the transaction module. 2. #SUNNetwork code V1.0 officially launched. 3. Total number of TRON real time accounts have surpassed 3.5M. #TRX $TRX”

The report also spoke about the upcoming DAppchain MainNet, a launch which will happen later. Also, the total transaction volume of Tron increased to $529,885,545, recording a growth of $49,053,189 over the past month. The Tron ecosystem cheered after the total circulation flow of TRC20-USDT, Tron’s stablecoin, exceeded $110 million. With DAU of Tron DApps reaching 186,300, Tron also registered a total trading volume of $3.25 billion.

The Tron Foundation is also looking forward to improving and implementing MPC second-stage participant action documentation.

Source:ambcrypto

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Tron price analysis: The TRX bulls show up once more, will price break up?

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In as much as we continue to see a low amount of trading volume in the market, the price of Tron (TRX) will continue to drop.

  • Tron (TRX) is currently facing a fierce resistance around the $0.018 level and at the same time testing the channel’s upper boundary.
  • While Tron (TRX) remains on a long-term bearish trend, the price is up by 2.39% at the time of writing.

Tron’s price has seen a two days steady rise with current price floating at $0.018, although the TRX market is still correcting south on the daily chart. But recently, the price actions have been trading much around the upper boundary of the two months falling channel (yellow).

More so, the token has managed to near the 2018 low at $0.011 during last week’s trading, but the price sharply rebounded after testing the $0.016 level. However, the second half of the year’s short opening has subjected the market in a bearish trend. Meanwhile, Tron (TRX) was trending decently in a rising channel (white) before it got broken on July 14.

Tron (TRX) ’s Current Statistics

Trading Price: $0.018

Market Capitalization: $1,206,489,036

Trading Volume: $409,088,386

Key Resistance Levels: $0.020, $0.022, $0.024

Key Support Levels: $0.016, $0.014, $0.012

Tron Price Prediction August 19, 2019

Taking a look at the daily chart, Tron (TRX) remains in a downward movement despite recording a 2.39% positive change over the last 24-hours if trading. Following the bearish sentiment, the next level of support lies at the $0.016 and $0.014. A further drop beneath this price levels may bring price at $0.012 support.

Tron TRX technical price analysis
TRXUSD, Daily Chart – August 19, 2019

Considering an uptrend for the TRX/USD pair, we need to see a nice build-up above the falling channel to bring us to $0.020, $0.022, and $0.024 resistance levels. As it appears now, the buyers seem to be facing fierce resistance at the $0.018 level. As we can see on the price chart, Tron’s volume appeared to be low over the past two weeks.

Conclusively

In as much as we continue to see a low amount of trading volume in the market, the price of Tron (TRX) will continue to drop. However, the price will go up until we begin to see a consistent upward movement along with an increasing volume to give the market strength.

Technical Indicator Reading

The RSI has been falling since June and now lying at the oversold level. Tron (TRX) is likely to go up if the ongoing positive move can continue for the rest of the week.

The Stochastic RSI is slowly climbing back after dropping in the oversold territory. The potential resistance levels may come into play if the indicators keep rising.

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