Tron (TRX) has declined in the last few weeks, and had already broken below major support at $0.04. However, signs of a bullish reversal are emerging, and it might be a good time to be a Tron (TRX) investor.
In the last one hour, the value of Tron (TRX) has pumped by over 6%, and pushed above the 55-day and the 100-day moving averages. These are major resistance levels and the fact that Tron (TRX) has broken above them, is a sign that a bullish reversal is happening. These could be the very beginnings of a new uptrend in the Tron market, one that could see it test $0.10 and above in the next few weeks. A sustained push above this price could see Tron (TRX) hit a new high possibly $1.
While today’s bitcoin (BTC) pump may have caused Tron (TRX)’s push, Tron has the fundamentals to sustain this momentum. For instance, Tron has successfully migrated from the Ethereum blockchain, a process that has been flawless when compared to other main net launches such as the EOS main net launch. This is a major plus to Tron (TRX)’s long-term value, since it will play a role in attracting developers to the network.
On top of that, Tron will be launching the Tron Virtual Machine (TVM) on the 31st of July. Through the TVM, Ethereum developers can port their projects to the Tron blockchain. That’s because it is designed to allow for compatibility with Ethereum’s solidity programming language. Besides, there are a host of reasons that will see Ethereum developers cross-over, the biggest one being efficiency. When compared to Ethereum, Tron is superior in terms of transaction speeds, cost, and scalability. These are critical factors for Dapps developers and will incentivize them to cross-over, further giving impetus to Tron (TRX)’s upside move.
Going forward, the rate of adoption of the Tron (TRX) blockchain will also play a role in the rise of this crypto. A few days ago, Tron (TRX) was adopted by PornHub as a currency on its website. While this is not one of the most glamorous use cases of Tron (TRX) it points to the effectiveness of Tron (TRX) as a currency. Tron (TRX) has also been adopted by Posteezy as a form of payment, for featured posts on their website. Tron also looks set to take over the gaming industry with its partnerships with companies like Game.com, partnerships that will give Tron a foothold in the fast growing online gaming industry. As more organizations continue to adopt Tron, its long-term value will continue to rise.
Therefore, jumping on the Tron (TRX) train at current prices is a good idea. Its value will most likely continue to rise, and at some point, trade independently of Bitcoin (BTC). Besides, it is sitting on a long-term support-level, and is unlikely to trade lower than $0.03 relative to its fundamentals. It’s time to buy into Tron (TRX).