Tron Price Rises 53% in Five Days – Is This TRX Run Sustainable?

[cybersofts]

The Tron price (TRX) on Wednesday maintained its bullish momentum despite a watchful sentiment across other cryptocurrencies.

The TRX/USD rate today peaked towards 0.0306, up 53% for the week after posting five consecutive daily buying sessions. On a 24-hour adjusted timeframe, the pair has posted a whopping 13.56% gain against the US dollar. The strong buying sentiment has prompted Tron’s market capitalization to jump two ranks, leaving Craig Wright’s Bitcoin SV and stablecoin Tether behind.

Tron is also showing strong muscles against Bitcoin. According to an aggregate price index, the TRX/BTC pair has jumped 13.15% to 722 satoshis.


BitTorrent Token Launch
The upside sentiment appears to have surged after the launch of the BitTorrent crypto token (BTT). It is the native cryptocurrency of the BitTorrent protocol, the popular torrent file sharing platform which Tron took over last year. According to the press announcement, BitTorrent users will be able to earn rewards for seeding and sharing the files in BTT. According to the BitTorrent whitepaper, BTT is based on Tron’s TRC-10 standard.

CZ, the CEO of crypto exchange Binance, called the development an “interesting case study.”

    The grandfather of Dapp finally finds its decentralized currency and business model. Should be a very interesting case study.

    — CZ Binance (@cz_binance) January 5, 2019

The overall development appears to have attracted sentimentalists towards the Tron market, especially when rest of the top coins are finding it difficult to reach their next upside targets. The crypto token’s surge against Bitcoin alone explains that.


Will the Tron Rally Last?
The signs of sentimental trading suggest that traders will want to exit their long positions on a profitable note on the first sign of pullback action.


TRON 1D CHART | SOURCE: BINANCE, TRADINGVIEW.COM

The TRX/USD rate has overreached its upside targets according to the Relative Strength Indicator (RSI) momentum. It is now near 80, which indicates a downside correction in the coming sessions. In the best case scenario, the TRX/USD pair will be forming a bull flag as it corrects to the south, after which it will resume its uptrend to form new higher highs. In the other scenario, which is not entirely a worst case, the pair will extend its downside correction to restest 0.0182 as its support.

As of now, Tron has already formed what the market calls a cup and handle pattern, followed by a breakout. Generally, the cups with stronger Us and handle size below the size of half the cup provide strong signals. We are merely discussing the pattern to realize the interim bias of the Tron market.

In the event of an extended breakout action, such that TRX/USD breaks above 0.0310, the next upside target would shift towards 0.0443, the high from July 18 trading session.


Reference: https://www.ccn.com/tron-price-rises-53-in-five-days-is-this-trx-run-sustainable/

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[trash321]

If you have noticed that many projects have now begun to seriously increase prices, it is strange to accept this, but all I can really say is that some kind of movement has started on the market, because such a movement can be called truly manipulative.

[IgorShumilo]

The Tron project is very interesting, but I often read publications where they say that this is a marketing project and in fact their code is written very poorly and they will never be able to do what is written on their roadmap. Many say that they will not be able to integrate the torrent into their blockchain and this is a hoax in order to attract investment in their project.

[ihaveaquestion]

Tron has bought BitTorrent, has some of the highest dApps usage, and has been working incessantly for the past year. Many coins died off in 2018, Tron rose while everything else was dying. People are slowly starting to realize that the “Tron is a scam” sentiment is not more than a meme.

[Bharathi13]

The pump in price of tron is natural with their recent development & positive news about Tron on mainstream cryptocurrency websites about the rise in number dapps on tron blockchain & the expansion in their team. Their recently acquired BitTorrent company is coming with ICO on the TRON Blockchain which will bring 100+ million users on tron blockchain. There will be airdrop for the TRON holder by BitTorrent & to get the benefit of airdrop traders are accumulating TRX as much as they can.

[Awesomus Maximus]

I think the run is sustainable or we may even see further growth after a consolidation, because here we see in practice the real utility aspect of a coin (TRX in this case). Usually the price is speculatively driven. Hype, marketing and greed. But in this case we have something tangible that may launch TRX even further. Great development.  

[bananaunana]

I don't know if Tron is really something you should invest in because it's only based on hype marketing to increase price and awareness but doesn't offer really value of the platform. There is a saying: noise comes out of a cave louder than it really is. And same is Tron in marketing.