Tron (TRX) was founded by Justin Sun back in 2017. Tron is a blockchain OS that claims to have 2000 transactions per second in their network capacity. TRX is best described as a decentralized platform focused on content sharing and entertainment. The 45% of TRX token supply went to the founder while 55% was distributed to investors.
According to coinmarketcap Tron is being traded at the rate of $0.08434 at the moment, with a decrease of 1.37% in the last 24 hours.
Tron is being ranked at #26 with a total volume of $1,186,766,780. The coin with its progress and low value is being getting more attention recently.
Let’s dive into if it’s a good point to buy this coin or not
Technical Analysis
The market of TRX is visibly in a bullish trend, the market was previously in a downtrend for few months making lower lows and lower highs, breaking structures to the downside, but recently on5august 2021, the market broke the structure to upside putting the turned bullish.
Market from $0.09346 reacted from a rejection zone and is likely to do a correction. This is more likely to be called a pole flag pattern, giving a sense for the market to push up momentously as soon as it breaks the correction trendline. The correction may occur all the way till $0.07494 to $0.07014, and if the market seems to be holding and respecting the zones, a push to the upside is expected.
Indicators
Now an additional confluence to get for the correction to be over is to look at RSI or MACD divergence, as divergence shows a loss in momentum, which will make sense.
Diving into its potential for the long run can be affected by the partners as well. The ones with them are quite influential, including, Samsung, bit torrent, blockchain and opera. The Ethreum high transactions are driving some users and investors to TRX.
It should be taken into account that not only TRX but all the other coins are also following the BTC pattern. Before initiating a position in the market the trend of BTC should be analyzed and if it is in the favor we can expect an additional confluence in the market. Currently, BTC is swinging between $46.6k and $47.4k. In the case where the Btc breaks this resistance, we can expect a fall in TRX as well. In the case the Btc goes up we can also expect an increase in TRX as long as Btc.d remains constant or doesn’t increase fast.
