Tron is a blockchain-based decentralized application platform that was founded by a non-profit foundation. The project was started to decentralize the entertainment industry, but now it has expanded to other industries and aims to cover the entire dApps market.
It allows digital content creators to avoid mediators such as Google stores and Apple stores to cater the content directly to the consumers. It works as an open-source distributed storage technology.
Google controls a large portion of traffic, but TRX aims to decentralize the medium of content consumption by making the content creators the owners of their content.
It offers digital assets for content development, marketing, and personal ICO for distributing digital assets- all of these are accessible by content creators.
TRC20 token holds the value of individual content owners, and Tronix is a medium of exchange on the platform. The platform aims to seek a long-term investment and wants to be treated as an asset, not as a short-term profit-making tool. If you are ready for long-term investment, then read this price analysis.
Interestingly, TRX was trading around the initial support level of $0.083. It has tried to break the strong resistance level of $0.087 many times in the last few weeks. On the daily chart, you can find that $0.075 was the previous resistance level broken with a good volume, so if the TRX price comes back, it will take support around that level.
The MACD line is bullish with consecutive green histograms on the daily chart; RSI is around 60, indicating bullish momentum. Bollinger Bands are also reflecting bullishness.
We think it is the ideal time for investment. Will the TRX coin continue to trade upwards? Get the answer and important Tron price prediction by clicking here.
After taking support around $0.55, the trend in the weekly chart is bullish. $0.11 is the immediate resistance level, and the price may come back from that level. Indeed, it is a good time for a short-term investment.
MACD and RSI indicators are bullish in the weekly chart, but a negative start in this week is forming a weekly red candle on the upper half of the Bollinger Bands. However, the TRX price may turn bullish.
We think it is the ideal time for the investment, and if you have brought this coin to the upper level, you should hold it for the long term. The future of TRX is bright, and it will provide a good return in the long term.
Source: https://www.cryptonewsz.com/tron-rises-despite-bearish-sentiments-in-the-crypto-market/