TRON Must Use Its Opportunity To Grow
Dmitriy Gurkovskiy, an analyst at RoboForex, reports that TRN is going down and trading at $0,0256 at press time.
The coin was bullish in its daily chart last week. The strong bearish pressure was lost after a drop in the price of the cryptocurrency to the lower support level of $0.024. The bulls took over the market from the bears, confirmed by the formation bullish engulfing candle. The price was pushed up to the supply level of $0.26 and broke out rallied to the resistance level of 0.028. It made an attempt to break this barrier at $0.028 but the Bears prevailed over the market pushed it back gradually; this could be a kind of retracement.
TRX/USD Long-term trend is Bullish with resistance levels at $0.028, $0.031, $0.041 and support levels at $0.026, $0.024, $0.023.
Justin Sun, Tron CEO, believes that Odyssey 3.1 update will make TRON faster than ETH and cheaper than EOS. The last quarter of this year and the first quarter of 2019 will see them delivering on various milestones that will ensure Tron’s position among “top 10 in the next 6 months”.
TRON Virtual Machine (TVM) will offer developers with features needed to create decentralized apps (DApps) as well as conduct smart contracts on the cryptocurrency’s blockchain.
TRON has several advantages over its competitors even though the competition in entertainment industry is not high right now. TRON development strategy is set 10 years in advance and aiming at achieving the goal of decentralized entertainment system based on block chain technology and actualize the real freedom of individual and value. However, TRON does not support mining on the platform.
Long run support of TRON is based on the closed deal made in July when the project bought the file-sharing service BitTorrent. Neither side disclosed how much Tron paid, but TechCrunch reports the price was around $126 million in cash. The BitTorrent and uTorrent clients are not going away, nor should its more than 100 million active users have to start paying for the base service any time soon. Justin Sun says the deal makes his firm the “largest decentralized Internet ecosystem in the world.”