Coming to you at the speed of light we have TRON, known for its staggering processing rate of 2,000 transactions/sec. (For reference, the processing rate for your everyday visa card is 1,700 transactions/sec)
As we speak, TRON is readying up to release Tron 4.0, with advanced security feature, zk-SNARKs.
From being originally based on the Ethereum Network as an ERC20 token, TRON has since moved to its own smart computing network, and intends to compete against Ethereum.
Tron dabbles into the DeFi Space
The Tron Foundation has been making huge strides as of late, releasing their very own stable coin, JUST, which was sold out in just under 5 minutes in an IEO back in May 2020! Capitalising on this, the CEO of TRON, Justin Sun, recently also announced on Twitter that they have upcoming plans for their decentralized finance ecosystem, centered around the JUST token.
- Price has established a strong support zone formed from the previous resistance zone (around 0.015 to 0.0155), showing multiple long-wicked rejections.
- Rejection shown from fibo extension zone (-27.2 to -61.8).
- 17 & 50 EMAs still in bullish territory.
- Strong daily candle broke and closed strong within the current resistance zone (0.018 to 0.019).
- Bullish trend-line drawn and has yet to be tested.
- Taking fibo from the latest low to high, we can see a potential confluence level in the near future, with the crucial fibo zone (61.8 to 78.6 level) aligning with the active bullish trend-line.
- There is still a healthy bullish momentum ongoing based on the gap between the 17 & 50 EMAs.
Things are looking up for TRON, be it on or off the charts!
Setting the candle-chart to line-chart, we can vividly see a strong horizontal level at 0.01715, which had provoked several rejections, be it acting as a minor support or minor resistance level.
Based on the positive sentiments on TRON’s development, coupled with their bullish technical outlook, this shall be my prediction for the near future for TRX/USDT on BiKi Exchange. Not to mention the potential take profit target (-27.2 fibo extension) is within the resistance zone, and coincides with the previous high as well;)
Disclaimer: The above does not constitute as investment advice. Do note that trading cryptocurrencies (or any other financial market) involves substantial risk, and there will be a potential for loss. Your trading results may vary. Please practice the proper risk management to avoid risks of approaching account zeroing and liquidation.