While most crypto-enthusiasts are still wrapping their minds around the impressive surges of high profile currencies like Ripple (XRP) and Qtum (QTUM), the young TRON (TRX) has grown faster than any of them this week. It’s been quite a journey for digital currencies, prompting more investors to inject funds into a hyped market of bulls and incredible stories. And TRON has a story of his own. Let’s dig deeper into details.
TRON (and its associated “TRX” coin) leverage the work of Peiwo’s CEO Justin Sun. The project is a blockchain-based, open-source platform for the global digital entertainment industry. TRON’s ICO had actually the bad luck of colliding with the Chinese ban in September 2017.
So TRON is trying to reinvent the Internet by launching a worldwide free content entertainment system on the blockchain. It aims to empower users by allowing them to ultimately decide when, how, and at what information to share, and at which cost.
TRX is the cryptocurrency that fuels the TRON platform. As of press time, TRX is ranked 19th in terms of Market Cap, with a little over US$ 2 Billion. By means of 24th volume, TRX just made the top 10 with a US$ 1,017,350,000 trade volume. This puts the young coin ahead of notorious currencies such as Monero and Dash. It’s currently trading at US$ 0.031 mostly in Asian exchanges like Binance, Coinnest. More exchanges are likely to join the rally soon, which will boost the coin’s liquidity and its market cap to unprecedented levels.
Technical Analysis of the weekly chart
Here’s what the weekly chart looks like, according to coinmarketcap.
The chart unravels an impressive price surge of 745%, for this week-long upswing. As a matter of fact, a sustained uptrend is constantly lifting the coin’s price. Just a few days earlier, TRX was just gaining momentum, battling to overcome the US$0.008 level. It finally broke through on December 14th, setting a new support at around US$0.015 ever since. The bulls have been uplifting the currency’s value, and, speculations aside, the accumulated steam will likely push TRX towards the top-15-milestone in a matter of days.
It’s fair to say that TRX has stolen the show, and built a solid reputation in the crypto-arena. And speculations are nothing short of a fairy tale for the upcoming Jack-Ma’s project. Let’s wait and see.