Tron Price Analysis: Impressive dApp Statistics Are The Perfect Primer For TRX Bulls
Today’s Tron (TRX) News
Indeed, the altcoin season is on. Most coins in the top-20 are registering superior gains from a week-over-week or a MoM point of view. Leading the assault, and seeking to flip XLM to the top-10, is Tron. Backed by an aggressive team, TRX is an independent blockchain that will in sometimes in the future replace Ethereum as the go-to smart contracting platform.
If anything, it may be a long shot. However, given the milestone achieved in the last year, analysts and TRX believers cannot discount or take Justin sun’s ambitious lying down. To put it in perspective, months after being part of the CCID rank, Tron now has more USD value transactions on its platform exceeding mainstay platforms and previously dominant network as EOS.
It has thrashed Ethereum both in throughput and dApps performance and simultaneously edging out EOS by a good margin. Overly, that is impressive and sets the standard bar so high as users demand for the best.
As the community prepares to make Tron’s Independence Day, these sorts of statistics will boost their drive and ultimately, the aim for Justin Sun is to see TRX trading in the top-10, surpassing the likes of ETH.
He may be at loggerheads with Vitalik and countering Vitalik’s jab, Sun said he will build an Ethereum monument once the market cap of TRX usurps that of ETH. To that end and in a bid to directly prop prices, Justin Sun has announced a $20 million TRX buyback plan. Historically and as observed in the securities market, such moves often lead to price surges and to that end, TRX will likely edge higher in response.
TRX/USD Price Analysis
1 TRX/USD =$0.0515 change ~ 4.15%
Presently, TRX is 14.7 percent higher from last week’s close trading at 3.8 cents. Although stable in the previous 24 hours, there is room for further upsides despite the strong caps at 4 cents.
Nevertheless, from candlestick arrangement, the path of least resistance is northwards and TRX bulls are well-placed. Rejecting liquidation and bouncing back to trend through a conspicuous bull bar of June 22, buyers are in the driving seat.
All the same, what will tick participation is if there is a strong surge past 4 cents. Ideally, behind this upswing ought to be high trading volumes exceeding those of June 3rd at 28 million.
If prices explode past this level, leading bulls, not only will it affirm buyers of May but completely reverse losses of June 3rd as TRX bulls aim for 6 cents and even 10 cents. Undoubtedly, such advances could set the ball rolling for new 2019 highs as TRX reclaim its spot in the top-10 leader-boards.
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Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.