After several days of major gains, Tron (TRX) seems to have eased up. Does this mean that this high flying crypto is up for a major correction? Highly unlikely. To understand why, you just need to analyse the whole reason why Tron has dropped today.
In the last few hours, the values of Bitcoin and Ethereum have shot up significantly. We have seen bitcoin rise above $9500, and Ethereum too has crossed above $750. These gains have excited the market, and driven investors towards these two cryptos. It’s all about trying to make some short term profits. That’s easy to deduce this from the higher drops that Tron has seen relative to Bitcoin and Ethereum as compared to the drop against the USD.
Otherwise, the overall momentum for Tron (TRX) is still up. That’s mainly because everything is going well so far, with regards to the upcoming Mainnet launch. For instance, in the last few hours, two major exchanges have announced that they will be supporting the Tron token migration. The two are Gate.io and Bibox. Getting the support of exchanges is vital because it will ease any fears people have, that they might lose their tokens after the launch.
In essence, such announcements are guaranteed to continue driving up the number of people investing in Tron right now, in anticipation of the upcoming main net launch. But the mother of all supports for the migration will be support by Binance. There is a rumour going around that Binance, one of the most popular exchanges in the world, will also be supporting the Tron token migration. If this announcement is made in the next few days, the value of Tron could push up by a huge margin. People all across the world trust Binance so much that such news would instantly see an increase in the number of people investing in Tron.
Even from a technical analysis perspective, we can see that Tron (TRX) is still in an uptrend. In intra-day trading, it is showing an RSI reading of 44, which is indicative of an early bull run. Similarly, the money flow index is showing signs of an uptrend. In intra-day trading, the Tron money-flow index is at 30, which indicates that money is flowing into Tron. As more money flows in, so does the demand, and consequently, the price. That’s why chances of the price of Tron going up in the next few days are quite high.
With this in mind, this is probably the best time to invest in Tron. That’s because it is almost guaranteed that with the upcoming Mainnet launch, the value of Tron will go up. As such, the current price drop is an excellent opportunity to stock up on Tron. Once the upward trend gains momentum, Tron could easily get to $0.15 and above in the next few days.
Long term, Tron (TRX) could easily get to over $0.50. All it will take is for some significant Dapps to start running on the Tron blockchain and value will shoot to the moon. If its technical capabilities are anything to go by, then there is no reason why Tron won’t hit such valuations.