There are many laggers in the cryptocurrency market. Those coins usually take time to follow the overall market trend. Tron (TRX) is one of those altcoins that saw a massive boom of close to 25% in the past 7 days. Other than its interesting project and mission, TRX’s technical formation perfectly followed the rules of setting up a buy trade. After reaching its strong support area, TRX shot high and reached an important area. Should you Buy Tron now and still make a profit? Or will prices adjust heavily after such a rise in prices? In this article, we’re going to talk a bit about what is Tron, if it’s a good investment, and analyze its prices.
What is Tron (TRX)?
Tron is a blockchain that aims to reduce the processing time of transactions. While Bitcoin and Ethereum are able to handle 6 and 25 transactions per second, Tron claims to be able to handle 2,000 transactions per second (TPS). It is a decentralized platform that hosts content sharing and entertainment. Back in 2018, Tron acquired the famous BitTorrent, a well-known website for file sharing.
In their list of goals, Tron is looking to build an all-in-one platform for file sharing through financial rewards, and allowing content creators (especially in the gaming industry) to monetize their work. They also are among the most popular blockchains to host decentralized apps (DApps).
Is it worth it to Buy Tron (TRX)?
When approaching any asset to invest in, one must always look at the underlying technology and the problem that the project solves. For Tron, it is obvious that they are trying to create a nice decentralized community that helps content creators while building for efficiency and speed. Many projects are attempting to do that, but Tron tapped into a big industry first (entertainment) and will definitely expand from there.
Disregarding the breakouts from the average uptrend, we can clearly see in figure 1 how the price of TRX is increasing with time. Investing in such a project at the beginning of 2021 would have yielded big time.
Should you Buy Tron (TRX) at the current price?
In the past 26 days, Tron (TRX) managed to rise by more than 80% (figure 2). The TRX token increased from a price of $0.05 to reach a current price of $0.09 with relatively no proper adjustments. We might expect lower prices in the coming few days before prices continue on their uptrend. Plotting the Fibonacci retracement shows an adjusting area of $0.07 as a first step. This scenario might happen in case the entire cryptocurrency market is also adjusting lower. That’s why it is advisable to wait for further adjustments in prices to catch TRX at better prices.
On the other hand, prices can continue higher, and TRX is eyeing currently its psychological price of $0.1.
How to Buy Tron (TRX)
Today, there are many exchanges that offer TRX in their crypto listings. Here’s a list of the solid exchanges we recommend here at CryptoTicker:
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