9 Oct, 2019

Tron (TRX): Analysis

Tron was a relatively unknown Cryptocurrency which never existed same time last year and shot into popularity when John McAfee tweeted about it. The cryptocurrency has been extremely popular in India that during a recent poll which Koinex conducted, more than 75% of the people voted for Tron to be included in the exchange. This was more than other popular cryptocurrencies like Stellar, Nano, EOS and Kyber combined.

Looking at Tron fundamentally, it sounds amazing. But it has its own set of issues. Tron is looking to solve multiple problems and it is not clear of the team is capable of achieving it. Also, Tron has been accused of plagiarising their Whitepaper from other ICOs in the past.

Coming to the technical analysis, Tron is nowhere close to its previous all-time high of 0.02 mBTC. It is currently being traded at 0.0057 mBTC. Tron currently has support at 0.0031 mBTC and 0.0021 mBTC. Though these supports are very far, they are the closest supports.

Tron has resistances at 0.006 mBTC and 0.0088 mBTC. The last time Tron surged, it was in Early January where it jumped by more than 800% in just five days. Though there are not healthy movements and was faced with heavy correction, they’re still opportunities to make money.

This is just a beginning! #TRON Test Net Launch Countdown 7 days, 168 hours, 10000 minutes, 605000 seconds! #TRX $TRX pic.twitter.com/VCVSWoIzll

— Justin Sun (@justinsuntron) March 24, 2018

We might be on the cusp of another such opportunity. Just last week, Justin Sun, the creator of Tron announced that Mainnet would be launching on 30th of this month. The price of Tron immediately jumped by more than 30% on this announcement against BTC. Set your buy orders above 0.006 mBTC to catch the trend reversal and take profits at 0.0089 mBTC.

If you’re up for the risk, you can hold Tron beyond the second resistance. But it would be a very risky move because a mainnet launch is just the first step towards completing Tron and theres so much more work to be done. Tron is more volatile than other cryptocurrencies and HODL might not be the right strategy. Look to get in with clear places to take profits and stop-loss.