TRON is one of the popular cryptocurrencies that competes against Ethereum. It is an open-source blockchain network that runs on the Proof of Stake consensus and supports smart contracts and decentralized applications.
TRON was first started by Justin Sun with an aim to compete against the second largest cryptocurrency Ethereum. It also aims to decentralize the world of the Internet and dethrone competitors like Facebook, and Google, which control 90% of the Internet’s data. It is like a decentralized Internet that helps users control their information and monetize the content as needed. It allows content producers to directly deal with the consumers without a centralized authority.
Users need to stake a certain amount of TRX to use this network’s resources like CPU, storage, bandwidth, or RAM. After that, users can transact or use smart contract facilities on this network.
The dApps segment holds several popular platforms like BitTorrent for the decentralized file-sharing protocol and PoloniDEX as a decentralized exchange. It has been following its roadmap, as highlighted in the whitepaper.
After breaking the support level of $0.60, it has been recovering smoothly. At the time of writing this post, TRX was trading around $0.65 and as of now, it suggests short-term bearishness on the chart.
Moreover, most of the technical indicators are bearish on the daily chart, which means it is not the ideal time to invest in the short term. To know when it will turn bullish, you can read our TRON price prediction.
However, you have to consider the weekly chart, which shows a red inverted hammer followed by another red candle which suggests bearishness for the long term. MACD is neutral, candlesticks are forming around the baseline of the Bollinger Bands, and RSI is 45- all of them suggest a consolidation phrase or bearishness.
That means this is not the best time to accumulate the TRON (TRX) coins, neither for the short-term or long-term. Traders may wait for some time and keep an eye on the price movement before making any purchase decision.