Exciting Launch For TRON (TRX) Coming, Justin Sun Announcement Sent This Token 24% Up

TRON (TRX) Founder Justin Sun made an announcement earlier today that created expectations about whats coming to the ecosystem. Additionally, a second post by Sun made the price of a token surge by 24% in a matter of minutes. TRON-Based Inscriptions Market To Launch Soon Recently, the TRON network made it into the news after [...]

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Tron Price Prediction: Why TRX Could Outperform BTC and ETH

Tron price is up over 5% and showing positive signs above $0.055 against the US Dollar. TRX could outperform bitcoin and rise further towards $0.060. Tron price is trading in a positive zone well above the $0.0520 pivot level against the US dollar. The price is showing positive signs above $0.055 and the 100 simple moving average (4-hours). There is a major bullish trend line forming with support near $0.0530 on the 4-hours chart of the TRX/USD pair (data source from Kraken). The pair is likely to start a fresh increase above the $0.0562 and $0.0575 resistance levels. Tron Price Jumps 5% In the past few days, tron price remained strong above the $0.0520 level against the US Dollar, outperforming bitcoin and ethereum. TRX gained pace for a clear move above the $0.055 resistance and the 100 simple moving average (4-hours). The price traded to a new weekly high at $0.0575 and it is currently correcting gains. There was a move below the 23.6% Fib retracement level of the recent rally from the $0.0519 low to $0.0575 high. Trx price is now trading above $0.055 and the 100 simple moving average (4-hours). It is also above the 50% Fib retracement level of the recent rally from the $0.0519 low to $0.0575 high. On the upside, an initial resistance is near the $0.0562 level. Source: TRXUSD on TradingView.com The next major resistance is near the $0.0575 level, above which the bulls are likely to aim a larger increase towards the key $0.0600 zone in the coming sessions. Any more gains could set the pace for a move towards the $0.0645 level. Dips Likely to be Limited in TRX If TRX price fails to clear the $0.0575 barrier, it could correct lower. An initial support on the downside is near the $0.0550 zone, where the bulls are currently taking a stand. The next major support is near the $0.0540 level and the 100 simple moving average (4-hours). The main support is near the trend line and $0.0530, below which there is a risk of a move towards the $0.050 support. Technical Indicators 4-hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone. 4-hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level. Major Support Levels – $0.0550, $0.0542 and $0.0530. Major Resistance Levels – $0.0562, $0.0575 and $0.0600.

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TRX Surges Over 600% Following Justin Sun’s Deal With FTX

Tron’s native token TRX has been seeing significant upside on the FTX exchange since the announcement of a potential deal that would allow users to withdraw funds. This deal is one of the only ones that have gone into effect since FTX began experiencing issues and it seems users are already taking advantage of it. However, it is not all rosy as users begin to notice the downside to this. TRX Price Explodes On FTX TRX token is already up more than 500% on the FTX crypto exchange over the last week on the FTX exchange. Tron founder Justin Sun had seemingly worked out an agreement with the troubled exchange to allow users to swap their crypto currently stuck on the platform for TRX tokens and then withdraw it. Related Reading: XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum This would obviously make it possible for users to swap digital assets such as bitcoin, ethereum, etc, to TRX, and then proceed to withdraw it, making it possible for them to withdraw previously stuck funds from FTX. It has naturally become a popular option for FTX users, causing the price of the digital asset to balloon on the exchange. In just 24 hours following the announcement, TRX’s price was already up significantly. While the token’s price remained relatively low on all other exchanges, it had traded to a high of $0.43 on the FTX exchange. Compared to the $0.05 price mark that is the case across all other exchanges, it is trading at a 600% premium on FTX. TRX price spikes on FTX | Source: TRXUSD on TradingView.com There has been some fluctuation in the price since the token hit this new high on the platform. However, the price still remains high at  $0.43 at the time of writing, with trading volumes already exceeding $630 million in a 24-hour timeframe. Not A Good Deal At first, converting digital assets to TRX on the FTX exchange in order to withdraw looked like a good idea, but that only lasted as long as prices on the exchange correlated with the broader crypto market. As the price of TRX inflated on the FTX exchange, the value that users were getting when they swapped their tokens quickly plummeted. With TRX being 500% above market price on FTX, it means that the exchange’s users would only be getting about 20 cents on the dollar when they swap. This is because after withdrawing TRX from FTX, they would still have to swap the tokens at current market prices.  To put this in perspective, say someone has $10,000 worth of bitcoin and swapped it to TRX at $0.43 (current prices), they would get around 38,570 TRX. When they withdraw and move to other exchanges for sale, taking the current price on Coinmarketcap of $0.05, they would have only $1,162 after selling. This translates to roughly 12 cents on the dollar. Related Reading: Bitcoin Shows Strength As Price Holds Above $16,500; Is This A Bear Trap? Meanwhile, Tron is making bank buying these digital assets for cheap as they are the only ones allowed to transfer TRX into FTX. At the current rate, they will be seeing millions of dollars in profit, presumably giving FTX a healthy cut of the proceeds. What this shows is that it is the end users that always get screwed over in times like these. Even deals that seem to be “helpful” turns out just to be another way to exploit users who are already in a vulnerable position from the exchange’s collapse.  Featured image from Medium, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Tron Upward Price Momentum At Risk Unless Key Resistance Is Breached

Over the past few weeks, the price of Tron (TRX) has experienced an upward movement. However, it has struggled to break through a crucial resistance level for a significant period of time. In the last 24 hours, TRX saw a 1% increase, while on the weekly chart, it recorded a 3% gain. The bullish momentum has been maintained since surpassing the $0.68 price level. The technical outlook suggests a potential shift towards bullish influence. Related Reading: Cardano Price Threatens Multi-Month Low Unless Bulls Defend This Support Demand and accumulation indicators have shown improvement in the daily timeframe. While Tron has managed to resist the broader market sentiments affecting other altcoins, it remains vulnerable to fluctuations in the Bitcoin price. To sustain its daily gains, it is crucial for TRX to surpass the immediate resistance level. Failure to do so may result in a reversal of its upward trend. The increase in the TRX market capitalization indicates that demand has started to revisit the market. Tron Price Analysis: One-Day Chart At the time of writing, Tron (TRX) was trading at $0.078. The altcoin faced overhead resistance at $0.079, and a successful move above this level would likely propel TRX above the $0.080 mark. However, if it is rejected at $0.079, the coin could experience a significant decline. It is worth noting that TRX has previously faced rejection at the $0.083 level, which will serve as an important resistance. On the downside, the nearest support for Tron is located at $0.074. If TRX fails to hold above this support level, it may drop further to $0.068. The trading volume of TRX in the last session was green, suggesting that buyers have started to establish control over the price. Technical Analysis Following a period of decreased investor interest earlier this month, Tron (TRX) is currently showing signs of recovery in terms of demand on the daily chart. The Relative Strength Index (RSI) indicates that buyers are exerting dominance in the market, as it is above the half-line. This suggests a positive sentiment and increased buying pressure. Additionally, the price of TRX has moved above the 20-Simple Moving Average (SMA) line, indicating that buyers are in control of the price momentum in the market. This further supports the notion that buyer dominance is prevailing. To sustain this buyer momentum, it is crucial for TRX to break past the $0.079 resistance level. If TRX successfully surpasses this level, it may continue its upward movement Contrary to rising demand, TRX has maintained sell signals on the daily chart based on the Moving Average Convergence Divergence (MACD) indicator. The MACD histogram formed red bars, indicating sell signals for the altcoin. This suggests a potential decline in price if TRX fails to move above the immediate resistance level. Related Reading: MATIC Price Shows Bullish Formation – What’s Next? Furthermore, the Chaikin Money Flow (CMF), which measures capital inflows and outflows, is below the half-line. The upcoming trading sessions will be crucial for TRX to determine its future direction. Featured Image From UnSplash, Charts From TradingView.com

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TRX Bulls Charge Ahead As Tron Network Prepares For Major Upgrade

The Tron (TRX) Network is set to undergo a major upgrade on July 11th, and TRX and other key metrics have seen a steady uptrend as the upgrade approaches. The upcoming Periander upgrade brings significant enhancements to the Tron Network, while TRX experiences a surge in on-chain metrics. Tron Network’s latest update, Great Voyage—v4.7.2 (Periander), [...]

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BitTorrent Bridge Breakthrough: Justin Sun’s TRX To Reach Ethereum Network

Justin Sun, the founder of the Tron blockchain, has announced that the Tron network’s native asset, TRX, can now be fully accessed on Ethereum (ETH), the largest altcoin network in the cryptocurrency industry. This has been made possible through the BitTorrent Bridge, which allows for seamless interoperability between the two blockchains.  BitTorrent Bridge Paves The Way To Ethereum Integration Interoperability in the context of blockchain refers to the ability of different blockchains to communicate and exchange information with each other seamlessly. In this case, the BitTorrent Bridge enables Tron’s native asset, TRX, to be transferred and accessed on the Ethereum network, and vice versa. Related Reading: Litecoin Breaks $95 As Whale Transactions Spike This means that TRX holders can now access the larger Decentralized Finance (DeFi) market and decentralized applications (dapps) available on Ethereum, while Ethereum users can now access TRX and its associated dApps on the Tron network. The BitTorrent Bridge acts as an intermediary between the two blockchains, facilitating the transfer of assets and data in a secure and decentralized manner. The move is a significant development for the Tron ecosystem, which is currently the second-largest DeFi ecosystem with over $5.6 billion in total value locked and more than 2.9 million active users, according to DeFiLlama data. Justin Sun’s tweet regarding the Ethereum expansion via BitTorrent Bridge has already had a positive impact on TRX’s price, with the asset jumping by 2% following the announcement. This further demonstrates the potential for Tron to expand its reach and appeal to a wider audience in the cryptocurrency industry. With Tron’s expansion to Ethereum, the cryptocurrency industry continues to see the growing importance of interoperability between different blockchains. As more projects explore the potential of cross-chain functionality, the industry is likely to see further development and innovation in the coming years. TRON Sets New Daily Transaction Record Despite the challenges faced by the cryptocurrency industry in recent months, TRON has continued to perform strongly, defying expectations and posting impressive growth. According to a Twitter thread by Justin Sun, the network hit a new record high in daily transactions, processing over 10 million transactions in a single day. Furthermore, Sun notes that the robust performance of the TRON network is a result of its quality and efficiency, as well as its ability to continuously improve and deliver concrete results. Looking ahead, TRON has set an ambitious target for the year, aiming to double its transaction volume. Sun emphasizes that this increase is not just a measure of quantity, but also a reflection of the network’s ability to maintain its strong fundamentals and generate revenue even in a challenging market. Related Reading: Galaxy Digital CEO Mike Novogratz Says This Will Kickstart The Bitcoin Bull Market Moreover, the growth in TRON’s transaction volume is expected to further bolster protocol revenue and demonstrate the strength of the TRON ecosystem. As the cryptocurrency industry continues to evolve and face new challenges, TRON is positioning itself as a leader in the space by focusing on innovation, efficiency, and delivering results. Featured image from Unsplash, chart from TradingView.com

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