37.1 C
Wednesday, June 19, 2024
HomeCryptocurrencyAltcoinsWhile the Crypto Market Dumps, Tron makes +10%! Why is TRX up?

While the Crypto Market Dumps, Tron makes +10%! Why is TRX up?

Rudy Fares

The crypto market is continuing its downtrend. This comes at a time when Warren Buffet bashes cryptocurrencies in an interview. On the other hand, Tron was seen on the increase making more than 10%. Why is TRX up? Will it retrace lower following other cryptocurrencies? In this TRON price prediction, we’ll assess TRX from a technical standpoint. Read on till the end of the article as you might want to hold your buying horses 😉

What is TRON Crypto?

Tron is a blockchain that aims to reduce the processing time of transactions. While Bitcoin and Ethereum are able to handle 6 and 25 transactions per second, Tron claims to be able to handle 2,000 transactions per second (TPS). It is a decentralized platform that hosts content sharing and entertainment. Back in 2018, Tron acquired the famous BitTorrent, a well-known website for file sharing.

Join the Chat Discord

In their list of goals, Tron is looking to build an all-in-one platform for file sharing through financial rewards, and allowing content creators (especially in the gaming industry) to monetize their work. They also are among the most popular blockchains to host decentralized apps (DApps).

Why is TRX up today?

In a previous price prediction article, we discussed how TRX price was moving inside a symmetrical triangle. What followed is basically a break in the upper triangle, forcing TRON buyers to enter the market. This in turn pushed prices higher, despite the bearish crypto market. In figure 1 below, we can see how the break in the upper trend line sparked the buying power, pushing prices higher. This proves that most crypto traders are looking strongly at technical formation and place limit orders accordingly.

TRX/USD 1-week chart showing the break in the upper trendline
Fig.1 TRX/USD 1-week chart showing the break in the upper trendline – TradingView

TRX Price Prediction – Will Tron dump soon?

After such a rise in TRX prices, it is only normal that prices will readjust. This is partly due to profit-taking, as TRX prices reached a high of $0.09 on certain exchanges. The big target for TRX is the $0.10 psychological price, which was reached last year on several occasions. However, prices are currently lower due to the overall bearish crypto market.

Once the crypto market picks back up, the $0.10 price mark should be reached. Meanwhile, we expect prices to adjust back towards $0.067 to eliminate any inflated prices due to that sudden price increase. Afterwards, it’ll depend on the crypto market. If the market sentiment remains bearish, TRX should continue lower towards $0.060.

TRX/USD 4-hours chart showing the retracement of TRX
Fig.2 TRX/USD 4-hours chart showing the retracement of TRX – TradingView

You might also like

More from Altcoin

➜ Source


Most Popular

Recent Comments