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 Virtual Machine To Get Three New Features
- TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three new features as proposal number 32 was approved.
- Justin Sun and the TRON foundation’s moves have changed a lot of things in the virtual machine system.
TRON’s CEO, Justin Sun, tweeted that the TRON Virtual Machine will get three new features as proposal number 32 was approved. The new features of the TRON virtual machines will be support for parallel signature verification, multiple signature verification, and judge whether the address is the contract address.
TRON is one of the largest blockchain-based operating systems around the world. TRON has a high throughput, high scalability, and high availability.
TRON also has a wallet that supports TRX and other tokens on the TRON mainnet, which is available to download for various clients through their website.
The explanantion of the new features is given below:-
- Support parallel signature verification in TVM: The keyword that is to be used in the contract for parallel signature verification is ‘batchvalidatesign’.
- Support to judge whether the address is a contract address in TVM: The developers may face the problem of calling another contract in a contract, in the development of smart contracts. But in some contracts, the contract may not want to be invoked by any other contracts. This call can be restricted, and that can be done by using the ‘isContract’ command.
- Support multi-signature verification in TVM: The TRON blockchain supports the feature that lets an account use the multi-signature feature, and this is used a lot of time in scenarios such as permission control. Now the Virtual machines will also support the multi-signature feature. But the multi-signature will only support a maximum of five private key signatures.
This will further enrich the application scenarios of smart contracts. Justin Sun and the TRON foundation’s moves have changed a lot of things in the virtual machine system, and the users with open arms have welcomed these new features.
Tron News Today – Headlines for February 21
- Tron has lost more than 10% in the last 24-hours
- The coin has continued to slip amid an overall poor sentiment
- Justin Sun’s acquisitions to boost adoption haven’t paid off
Tron News Today – digital currency protocol, Tron’s price has dropped by over 10% in the past 24- hours, has today continued to slip even further down the charts in its ranking. The digital asset which wasn’t ranked among the top ten largest coins by market cap until recently has dropped to number 15 since this decline began. The most recent results for Tron have come despite the continued efforts of Justin Sun to foster growth in the Tron ecosystem with many new acquisitions.
Stiff Competition for Tron
Sun’s efforts to see that his brainchild Tron becomes a success once more has instead ensured that Tron’s native token TRX rallies only in the short-term. It appears that the digital asset has then withdrawn after the news of the decline phased out. What this implies is that even though the digital asset manages to perform well and enjoy some ‘bullish occasions’, it also nearly finds it difficult to extend this situation or climb higher. It lacks consistency.
In contrast, competitors Tezos and Chainlink have been consistent. After many weeks of rallying, both digital assets have successfully ensured that their market cap rose and now they are now sitting above Tron in the list of largest coin’s by market cap. Tezos has outdone other popular coins like Cardano and Stellar, to climb into the top ten. Meanwhile, Chainlink is just at the number 12 position with Cardano above it.
But Tron, on the other hand, could be phased out if it doesn’t rise and act more competitive against the other coins. Just like Ethereum Classic, NEM and IOTA, which were once ranked high but now only feature above number 20, Tron could act like these and follow their trend.
Sun’s Acquisitions Haven’t Paid off
Finally, the main reason why Sun’s acquisitions phase-out quickly remain to be seen. While the Tron chief continues to expand his coin’s ecosystem (as we can see from his previous acquisitions), none of these have paid off in a huge way. And with no long term plan, the projects he acquired or partnered with means nothing. These projects only create hype for the network which in turn drives in just short-term gains for TRX.
The only project that has long-term strategic partnerships is Ripple. Ripple looks for other protocols that make sure adoption comes to XRP as well as more use cases. In most instances, the XRP digital currency doesn’t make short term change. However, space places more trust in it especially on notions that it will come to the top for the long-term.
Why are TRON Genesis Tokens Used to “Swing” a Community Vote?
There is always some degree of controversy in the cryptocurrecy space. This time around, the TRON community is on fire, albeit not necessarily for a positive reason.
The TRON ecosystem operates very differently from most other cryptocurrencies.
Juicy TRON Drama Emerges
Some users are representatives, but there are also Super Representatives.
One such SR is Justin Sun, the founder of this ecosystem.
He allegedly voted on two Tron Foundation apps.
Although that is not illegal by any means, it is something the community tends to frown upon.
Sun has always claimed he would never get involved in community voting, nor would the TRON Foundation.
As such, the “approval” of these two new apps raises a lot of questions.
Many community members are not too amused about this situation, for obvious reasons.
Until an official explanation is presented, there will be ample speculation.
Using the tokens belonging to the Zion account for community votes is simply unacceptable.
Elections are supposed to be community driven first and foremost.
Incidents like these highlight that this is not always the case by any means.
This will not affect the two applications in question, however.
Their “relation” to the Zion address voting remains unclear at this time.
For the TRON project, this can easily turn into a major PR nightmare.