The year 2023 started on a positive note for cryptocurrencies. In fact, the average return in the crypto market is around 30% since the start of January 2023. Tron however was among the lower-performing cryptos with an average return of 20% during that same timeframe. Today, Tron price is showing interesting technicals as prices are about to break a major resistance. How high will Tron price reach? Can Tron reach 10 cents soon?
What is Tron (TRX)?
Tron is a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system with distributed storage technology. It allows users to share and publish digital content, such as music and videos, without the need for intermediaries. The platform also includes a cryptocurrency, called TRX, which can be used to pay for content and other services on the network.
Who started Tron?
Tron was founded by Justin Sun in 2017. He is a Chinese entrepreneur and the current CEO of the Tron Foundation, the organization that oversees the development and maintenance of the Tron network. Sun is a graduate of Peking University and has a background in business and technology. He also founded a mobile social application Peiwo and served as the Chief Representative of Ripple in Greater China before starting Tron.
Why is Tron bad?
Tron as a project is not bad. On the contrary, having a decentralized platform to build digital content is amazing. However, the founder Justin Sun has been in the spotlight several times for bad practices:
- Plagiarism: In 2018, it was reported that the whitepaper for Tron had significant similarities to other projects, leading to accusations of plagiarism.
- Misrepresentation: Sun has been criticized for exaggerating the capabilities of the Tron platform and making false claims about partnerships and collaborations.
- Acquiring Steemit: In 2020, the Steemit community accused Sun of acquiring Steemit, a decentralized social media platform, through a hostile takeover, and centralizing the network.
- Overhyping the project: Critics have also accused Sun of overhyping the project and its potential, leading to unrealistic expectations for investors.
- Personal conduct: Sun has also been criticized for his personal conduct, including a controversial $4.57 million winning bid for a charity lunch with Berkshire Hathaway CEO Warren Buffett, and his involvement in a lawsuit with his former employer, Ripple.
Tron Crypto Price Analysis: Why is TRX up?
As the entire crypto market advances higher, TRX price managed to also increase. In the past month, TRX crypto managed to increase by more than 20%. Tron price increased from a low of $0.50 and reached the current price of $0.62. The current price is very critical for TRX, as any higher breached could signal an extended uptrend higher.
Tron Price Prediction: Can Tron reach 10 cents?
As shown above, Tron prices reached a critical resistance level. Usually, prices should retrace lower towards the $0.58 price mark. However if crypto prices continue to increase higher, Tron should follow and breach this resistance higher. Can Tron reach 10 cents? Well, there are two price targets that Tron needs to achieve first. Here are the potential targets for Tron crypto:
Where to Buy Tron Crypto?
There are many exchanges that sell the XRP token. Taking into consideration the biggest, here’s a list that we at CryptoTicker recommend:
If you are trading CFDs, eToro is a good alternative to buying the actual tokens and trading the price differences instead of worrying about the safekeeping and security of cryptos.
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