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TRX on the RiseThe recent surge in the price of TRON ( CRYPTOCAP:TRX ) has set the digital asset space abuzz, which has now caught the market's eye more than ever following bold statements from its founder, Justin Sun. Sun's comparison of TRX to XRP, especially in the wake of XRP's significant rally, has not only sparked investor interest but also reignited discussions about TRON's potential in the altcoin market. Here, we delve into both the technical and fundamental aspects that are driving TRX's current market dynamics. Fundamental Analysis: Project Vision and Utility: TRON was conceived to revolutionize digital content ownership by empowering creators directly with blockchain technology. Since its inception in 2017, TRON has evolved from an ERC-20 token on Ethereum to its own independent network. This transition underscores its commitment to providing a platform where content creators can earn directly from consumers without intermediaries. This model of direct-to-consumer interaction could be pivotal as digital content consumption grows exponentially. Market Position: With a current market cap hovering around $20 billion, TRX ranks among the top cryptocurrencies, indicating robust investor confidence. The platform's focus on decentralized applications (dApps) and its support for smart contracts places it in competition with giants like Ethereum, yet TRON distinguishes itself by targeting the content creation sector, potentially carving out a unique niche. Leadership Influence: Justin Sun's active engagement on social platforms, where he likened TRX to XRP, plays a significant role in shaping market sentiment. His vision for TRON as the "next XRP" taps into the current narrative where XRP has shown substantial growth due to legal clarifications and market sentiment shifts. Sun's comparison might not just be about price but also about TRX's potential role in the global financial ecosystem. Technical Analysis: Price Movement: TRX has experienced a notable rally, with a 17% increase in a single day, pushing its price to $0.236. This surge has been accompanied by a dramatic rise in trading volume, up 116% to $2.49 billion, demonstrating strong market interest. Over the past week and month, TRX has shown gains of 23% and 44%, respectively, illustrating a consistent upward trajectory. Technical Indicators: Relative Strength Index (RSI): Currently at 80, the RSI suggests that TRX is in overbought territory, which might hint at an impending correction or consolidation. Investors should watch for potential pullbacks to the 38.2% Fibonacci retracement level as a buying opportunity if the selling pressure subsides. Three White Soldiers: The recent chart pattern, known as 'Three White Soldiers', indicates a strong bullish trend, where three consecutive long-bodied candlesticks signal a reversal from a downtrend to an uptrend, reinforcing the current momentum. Market Sentiment: Despite signals of potential overbuying, the market sentiment around TRX remains bullish, fueled by Justin Sun's statements and the general altcoin market dynamics. The increase in futures open interest to $184.82 million suggests that traders are betting on further price increases. Market Reaction and Future Outlook: Speculation and Hype: The market's reaction to Sun's statements has been immediate and positive, with investors jumping on the bandwagon, speculating that TRX could indeed follow XRP's path. However, the sustainability of such a surge depends on more than just hype; it requires continuous development and adoption of TRON's ecosystem. Challenges Ahead: While the comparison with XRP is compelling, TRX must navigate its challenges, including competition from other blockchain platforms, the need for more widespread adoption of its dApps, and maintaining its technological edge. Investor Strategy: Given the technical indicators, short-term traders might look for entry points during any dips or consolidation phases. For long-term holders, the focus should be on TRON's adoption rate, partnerships, and the expansion of its DeFi ecosystem as these will likely be the true drivers of sustained value growth. Conclusion: TRON's recent rally, bolstered by Justin Sun's provocative comparison to XRP, has indeed placed it under the spotlight. While the immediate future might see some volatility due to overbought conditions, the fundamental vision of TRON, coupled with its technical performance, suggests a cryptocurrency with significant growth potential. Investors and traders should keep a close eye on both the technical charts and the broader market trends, as well as TRON's strategic moves in the blockchain space, to make informed decisions. However, as always, the crypto market's unpredictability requires caution and a well-thought-out investment strategy.
BINANCE:TRXUSD.PLong
by DEXWireNews
4
TRX Surging: Sun’s $6.2M Banana Purchase Sparks Market BuzzJustin Sun Buys "Comedian" for $6.2M In a move that blends art, memes, and crypto culture, Justin Sun, the founder of TRON, has acquired Maurizio Cattelan’s iconic artwork, *Comedian*, at a Sotheby’s auction for $6.2 million. The infamous banana duct-taped to a wall has sparked debates in both the art and cryptocurrency communities. Sun described the artwork as a “cultural phenomenon” and plans to honor its quirky legacy by eating the banana 🍌 in the coming days. This purchase, according to Sun, symbolizes a bridge between traditional art and the digital revolution, showcasing TRON’s innovative spirit and cultural relevance. TRX: Riding the Momentum The news of this high-profile purchase appears to have given CRYPTOCAP:TRX a boost in the market. The token is up 2.76%, trading within a bullish channel. The technical indicators point to a strong upward momentum: - RSI: At 69, TRX is edging toward the overbought zone, signaling strong buying pressure. - Chart Pattern: A bullish engulfing pattern suggests continued upward movement. - Moving Averages: TRX is comfortably trading above key MAs, adding to the bullish sentiment. A Stable Anchor in Volatile Waters* Justin Sun’s strategic moves have helped CRYPTOCAP:TRX maintain stability amid market fluctuations. By aligning the token with headline-grabbing cultural events, Sun ensures TRON remains relevant and appealing to investors. As CRYPTOCAP:TRX continues to trade within a stabilized threshold, it seems poised to attract more attention from both crypto enthusiasts and art lovers. The innovative combination of art and blockchain could lead to more institutional interest in the token. Final Thoughts Whether it’s a $6.2M banana or blockchain innovation, Justin Sun knows how to keep the spotlight on TRON. With CRYPTOCAP:TRX maintaining a strong technical position and benefiting from renewed attention, the token could see further gains in the coming weeks. Will the banana become the spark for TRON’s next big rally? Stay tuned.
BINANCE:TRXUSD.PLong
by DEXWireNews
Tron Long-term analysis from February (update)This is TRON (TRX)/USD. I made this chart back in February to highlight the fact that Tron had broken out of a 3 year resistance. It has played out really well as far as my predictions from an Elliot Wave perspective.. however, TRON exceeded my expectations and reached near-term goals MUCH faster than anticipated. Way to go TRONICS! TRX to the moon. If you love Tron check out my show Cosmic Crypto on Youtube and watch Episode 4- All aboard the Tron Train!
BINANCE:TRXUSDLong
by NoobTraderTV
13.11.2019 - Tron (TRX / USD)Hi Traders! Tron (TRX) comes from China and we will take a closer look at it as it has a very nice chart. So we continue to analyze Chinese coins. We chose TRX deliberately because it hasn't yet performed anything and the graph indicates that this could change . NEO has already made strong growth, BNB and XLM are also keeping up nicely. This whole group of coins is Chinese coins. Day chart We are currently on strong support and something like a round bottom is beginning to form. We estimate it's the fourth wave. On the chart, we can again see a beautiful channel that has been broken . Thanks to Elliot's waves theory we know that the third wave always breaks the channel. It is a wave that is regularly the longest, has the highest volume and breaks resistance and trendline. This scenario suits the current situation. The chart is currently rounding up and we've seen several positive news by Justin Sun (Tron CEO) on Twitter, along with many signals from foreign groups. Globally, the chart looks really good. Will Tron follow the growth of his Chinese colleagues? According to us, yes! May the crypto be with you!
BITFINEX:TRXUSDLong
by DolleroTechnology
30.10.2019 - Tron (TRX / USD)Hi Traders! Today we are going to look at TRX coin. Tron is a big Chinese cryptocurrency and its CEO Justin Sun is a great marketer. Why are we going to analyse just this coin? Chinese president announced last week they must increase investment into blockchain and prioritize cryptocurrencies. Chinese coins immediately reacted with growth. Justin Sun has been preparing the public for big news that came just yesterday on Twitter. Does it mean growth of TRX? What does the graph say? Exactly this is cryptocurrency manipulation. If a common person read this news, he would take it as a guaranteed growth. Is that really like that? De facto, oftentimes, when some news come out, this is already included in the graph, even before common people learn about it and it's just the case with TRX too. Divergences on RSI and rising wedge doesn't mean anything positive. The overall perspective of TRX is possible growth. However, we anticipate a decline in the upcoming hours. The price is already compressed and the decline is just around the corner. We recommend considering purchase only after this decline. However, we have to wait for the style of the decline. Due to this reason, we don't highlight the purchase zone until we see the style of upcoming correction.
BITFINEX:TRXUSDShort
by DolleroTechnology
Tron's global mission and goal is to eliminate intermediaries beThe sloping white line keeps the growth trend, 4 touches are visible on the story. 18 days of growth is now perhaps the correction is close. Below a little more about the project threw thoughts: Tron's global mission and goal is to eliminate intermediaries between content producers and content consumers. I’ll try to explain this in my own words on the example of Appstore, Google play, Youtube, platforms that essentially do nothing, just placing the content of producers on their resources for content consumers and not making decent amounts of money on it when the author himself, the producer of the same content receives only a miserable commission at the same time for his work. The Tron project tells us - stop it! We will now develop a certain ecosystem in which the content owner (game developer, video blogger, etc.) will receive money for its consumption directly from the consumer of this content, in other words from the user, bypassing all the snickering and lazy intermediaries. In general, Tron will have video hosting and a social network where there is its own internal digital currency. That is, in their system, everything will be essentially decentralized, without a central owner, and each will be the owner of his content, he will profit from his content, and profit from distributed applications working on this content, social. networks, video games, author reward system and so on and so forth. Also, rewards will be paid for the manifestation of activities, likes, comments, reposts, etc. The idea is cool in itself, and truly revolutionary. But, as always there is a fly in the ointment, this is the protocol itself, which essentially depersonalizes the content and is capable of violating all copyrights in the classical economy, making essentially the person who reposted the author of this content, which is not legally correct to say the least . It is precisely this inconsistency of the discrepancy between the project plan and the current legal law that is the main risk of this coin. If the Tron team has successes, and they can still solve the main dilemma of this very legal discrepancy, then this project can grow at times and it’s nice to please all its investors. Tron is definitely the project for which it makes sense to observe and track all the top news!
BITFINEX:TRXUSDShort
by IgorPorokh
1
$TRX/BTC 1D: Close to the bottom? Justin Sun has some explaining to do... Daily time frame, the orange line is resistance. Potential bottoming out here shortly on TRX, I am watching the moving averages for a potential long entry but this chart does look like a bloodbath. If things start to turn around here a long entry under 200 would be ideal, with the first target of around 330. Not taking this position yet, mainly neutral here seeing how things play out in the lower part of this TRX chart.
by TheDragonBTC
1
TRX FAITH UNCERTAIN, POSSIBLE SMALL BULL RUN?TRX is currently on a trend line on RSI, it was been crossed but not broken yet, so we are waiting for a confirmation. Also the red candle touched with it's shadow on bollingers range so a small bull run could happen in the given range angle. Take caution also that we are following a down trend that is marked aswell in red and a btc drop could easily make this all go away, so keep watching for a confirmation, if we break the triangle support then we are going even further down.
BITFINEX:TRXUSD
by CRYPT0VEST
How do you not like Justin Sun? Tron Up, Up, Up The young man's resume is impressive and I for one and not betting against him. He says there's news coming. Given his pedigree, I'll be very disappointed if it's a significant announcement. -Creator of Peiwo App -Forbes 20 under 20, -Forbes 30 under 30, -One the the first students of Hupan University (Understudy of Jack Ma -owner of Alibaba and founder of Hupan University), -Alibaba delevopers on team/board -Ripple chief representative of Greater China Source: www.forbes.com Over the next to 1 1/2 -2 days I anticipate BINANCE:TRXBTC to continue to pull down into the green rectangle denoted on my chart. With the rise in price of BTC , COINBASE:ETHBTC and COINBASE:LTCBTC , I anticipate many to keep money there. This should help continue to pull BINANCE:TRXBTC down into the area denoted on the chart by the thumbs up. I will be looking to add BINANCE:TRXBTC in this area and could be a great place to pick some up for a short trade. This would be a good entry point for someone looking to get started with BINANCE:TRXBTC because of the strong resistance levels in this area. 1. Combine a reasonable entry point with a well publicized announcement this weekend of a NASDAQ listed company partnership and the possibility exists for a short and profitable trade with measured downside risk. 2. In the worst case scenario, the news is already priced in. You have to hold the coin at a good entry level until the money comes back from BTC , COINBASE:ETHBTC and COINBASE:LTCBTC . I'm doing my best to reputation up, so if the idea rings true to you - hit up the like button ...
Short
by cryptdoe
6