Live TRON Price Chart - (TRX) Price News, Analysis & History
TRON is a cryptocurrency based on a decentralised operating system. Tron aims to provide a free content entertainment system that is available globally. Its blockchain is then used for the distribution and storage of material. All those that access the blockchain can publish, store and own data via the decentralised content entertainment ecosystem.
This unique concept has plunged TRON into the limelight and resulted in the crypto project becoming hugely successful. In just a few years since it was founded in September 2017 by a Singapore based non-profit organisation called the Tron Foundation, Tronix (TRX), the token of TRON, has become one of the top cryptocurrencies.
So in this article, we’re going to assess the future price direction of TRON, and examine some related issues.
Key TRON Price Metrics
TRON (TRX) Price History
TRON is one of the lower valued cryptocurrencies in terms of its individual tokens. It has never risen to the heights of some of the more well-known cryptocurrencies, but it did experience one massive peak in value back in January 2018, which is generally considered to be a major bull market for the cryptocurrency niche.
At that time, TRON was valued at $0.20, but it has since slipped back to just over $0.02. However, sentiments relating to this cryptocurrency project have generally been positive, and it is hoped that the innovative nature of TRON will see it make major gains in the future.
3 Key Instances for the Evolution of TRON Price
Firstly, early in 2018, TRON switched its protocol from an ERC-20 token on top of Ethereum to an independent peer-to-peer network. This resulted in bullish prices moves for TRON in the early weeks of 2018, with the token becoming one of the top 10 cryptocurrencies as a result.
In February 2019, after being acquired by the Tron Foundation, BitTorrent started its own token sale based on the TRON network. This provided another possible use case for the blockchain and cryptocurrency project going forward.
On 23rd January 2020, Tron founder Justin Sun met Warren Buffett, Chairman and CEO of Berkshire Hathaway for dinner, at Buffett’s suggestion. A variety of other major leaders from the cryptocurrency sector were also present, and the meeting suggests a positive future direction for TRON and other cryptocurrencies.
Key News for TRON Price
While a variety of issues could affect the price of TRON going forward, there is no doubt that the ongoing health crisis related to Covid-19 is the most significant. This attempted to create a sentiment that is bullish for cryptocurrencies, but it should also be noted that the road ahead is extremely uncertain.
In particular, the recovery that will be required following a period of global lockdowns will dominate the economic climate of the planet. No one is quite sure of the direction of any aspect of the economy at this juncture, and it is possible that cryptocurrencies could benefit as an alternative store of value.
This would appear to be positive for TRON, but there is also the possibility of a volatile market for the foreseeable future.
TRON Price Technical Analysis: How to Identify Good Entry/Exit Points when Trading
Trading TRON should always involve technical analysis. This is one of the most commonly used and highly valued aspects of training, and one that can help investors achieve profitability more regularly.
Technical analysis enables investors to generate trading signals, meaning that they can, for example, enter long positions when prices hit stronger support levels. Technical analysis enables investors to chart patterns, and then draw informed conclusions from this data.
Have a Clear Goal
Another important principle when investing in TRON and other cryptocurrencies is to always bear a clear goal in mind. Indeed, set your investment goal before you begin the investment process, and you will create an excellent mindset for success.
There is no specific rule related to the entry and exit of the cryptocurrency market, so developing a strategy and sticking to this overtime is all important. Remember why you entered a particular market, and what you intend to achieve overall, and this will help you make more rational decisions even in volatile market conditions.
Above all else, you should always practice proper risk management on all of your trades, as this helps mitigate against any unwanted circumstances.
Make Use of Analysis Tools
There is a range of analysis tools at your disposal as a cryptocurrency trader, but one of the most valuable for TRON is laddering.
Laddering essentially means that it’s not necessary to either enter or exit a trade in one movement. You can instead enter or exit a position gradually, in order to mitigate against any market volatility.
So if the price of TRON is going down, and you believe that this will reverse in the foreseeable future, you can enter your position gradually with a series of small trades. Laddering ensures that you don't put all of your eggs in one basket, and engage in trades that are effectively dangerous.
Volume indicators can also provide a lot of insight into the cryptocurrency market. When there are significant changes in the volume of trading, this is a strong indicator that the market is about to enter a new cycle. Using this information can give you a trading advantage.
Charting is another aspect of trading that should be considered important. Stock charts include a lot of valuable information that investors can use in order to gain market insight. Price and volume, moving average lines, and relative strength index can be plotted over a period of time, and this can provide a valuable impression of the future direction of the market.
Fundamental and Sentimental Analysis
Two aspects of analysis that merit particular consideration when trading TRON are fundamental and sentimental analysis. The first of these involves evaluating the value of an asset based on the fundamentals of a project. Investors engaging in fundamental analysis will research the underpinning qualities of an equity, commodity, or company, before making decisions based on this data.
Conversely, those engaging in sentimental analysis will deeply examine market sentiment before making investment decisions. Investors can find entry and exit points by observing the changes in sentiment, and learning how this affects market movements.
Frequently Asked Questions
The developers of TRON have indicated that they intend to build an ecosystem that is truly democratic, while also reducing the costs relating to the blockchain.
TRON uses a consensus module, which is intended to be more efficient than systems used by some cryptocurrencies. Its developers have expressed the notion that the TRON blockchain will eventually shift to a Delegated Proof of Stake (DPOS) consensus.
This aspect of the TRON project contains two parts. Firstly, is the configuration model, which enables users to customise their own digital tokens, and secondly, the issue/deployment module makes it possible for users to choose to issue a token based on a customising parameter.