TRON aims to create a decentralized online infrastructure that aims to eliminate middlemen in the entertainment-based business industry. It wants to make decentralized communication between content creators and consumers. It prepares a platform that can deliver content directly to the audience without the interference of any third-party authority.
The transaction speed, higher scalability, and utility make it one of the popular options in the crypto industry. The daily use of TRON has exceeded Bitcoin and Ethereum because of the faster transaction speed and higher scalability.
However, the biggest drawback is the lack of product or inevitability, and there is no product to verify the true market value of TRON. On the TRON network, there are three types of nodes that play a vital role in maintaining network performance.
- Witness Nodes generate new blocks.
- Full Nodes provides APIs and broadcast transactions.
- Solidity Nodes take care of reversible blocks that are already confirmed.
It has been running on delegated Proof of Stake consensus with elected super representatives who take miners’ roles. This consensus generates blocks and transaction packing. The future is bright, and the team and management are working hard to develop the coin as the most valued cryptocurrency in the world.
At the time of writing this post, TRX was trading around $0.0654. On the daily chart, $0.0671 is a resistance level, but if the price crosses this level, then $0.0703 will be another resistance. After considering the technical indicators, the daily chart of TRON is not bullish.
Candlesticks are forming in the lower half of the Bollinger Bands. The RSI and MACD are also not reflecting bullishness, at least for the short term. We think the TRX price will consolidate within a range or fall to the level of $0.058, which could be a good opportunity to buy the token. However, for a detailed technical analysis, click here and read our TRX predictions.
On the weekly chart, $0.046 is a strong support level. This week, TRON is forming a green candle that suggests the price will be in an uptrend for the next two weeks to the level of $0.07, which is a strong resistance.
However, you should not invest in this coin for the long term until it crosses the immediate resistance. If you believe in the use cases and fundamentals of TRON, then you can accumulate the TRX coin for the long term, but you should not invest for the short term at this moment.