- Justin Sun is looking to spend $1 Billion on Digital Currency Group asset
- Technical indicators of TRX are favoring an upside move.It has seen a gain of more than 0.25% in the intraday session
Tron is a decentralized blockchain-based platform that aims to build a free, global digital content entertainment system with distributed storage technology. The platform allows for the creation and distribution of digital content, such as music, movies, and games, without the need for intermediaries like Apple or Google.TRX can be used to pay for the creation and distribution of digital content on the Tron network. It can also be used for transactions and smart contract execution on the network.Tron network uses a Delegated Proof of Stake (DPoS) consensus mechanism, which allows for fast and efficient transactions. The network also has a high throughput, allowing for the simultaneous processing of thousands of transactions per second.Tron network has also been actively developing and promoting its own ecosystem, including various dApps and decentralized finance (DeFi) products. Meanwhile Tron founder Justin Sun is ready to deploy over $1 Billion of assets for DCG assets.
Tron is currently ranked 16th in the CMC and has a market cap of $5.2 Billion. Volume to market cap ratio of TRX suggests a consolidated trend in price.
Bulls Of TRX Are Ready For A New High
The weekly technical chart of the Tron suggests a weak upside trend in price. On the daily chart it is trading near $0.06 with a gain of 1.5%. The upside momentum of Tron can see a halt near $0.1. Meanwhile the support of the asset price can be seen near $0.04. It is trading above the 50 and 100 Daily Moving Average. It can see a positive crossover which can push the asset price to a new high.On the 4 hour chart it can see a strong bounceback to a new high in the future.
MACD of the Tron suggests a bullish trend in price. Signal line of MACD suggests a bullish trend in price.
Conclusion
Justin Sun is currently ready to deploy $1 Billion for DCG assets. Tron price is currently in an upside move and can see a new high in the future.
Technical Levels
Major Support:$0.04
Major Resistance:$0.1
Source: https://www.thecoinrepublic.com/2023/01/20/tron-price-prediction-is-justin-sun-trx-ready-to-jump-for-0-1-in-2023/