Altcoin Thursday: TRON


27 May 2021 | ZebPay Trade-Desk

As always, you pick the coin and we cover it. This week, for our Altcoin Thursday, we have TRON (TRX) in store for you all!

TRON has created an environment for itself where content creators can connect with their audiences directly. Centralized platforms are eliminated, such as streaming services, app stores, or music sites. This means,  creators won’t lose as much commission to middlemen, which results in cheaper services for consumers. As the entertainment sector grows and becomes highly digitized, TRON has a head start in implementing blockchain technology in this sector.

Tron (TRX) has a market capitalization and rank of $8.2bn (24). As we can see from the chart above, TRX has been on a downtrend over the past three weeks, and the prices have plunged almost 70% from their peak and made a low of $0.55. On the technical front, The asset has made a ‘Bullish piercing’ pattern (Trend Reversal Pattern) at the support level and has started to move upwards making ‘Higher Top Higher Bottom’ formation. For TRX to go further up, it needs to break and sustain above the resistance level of $0.096 whereas $0.069 should act as a crucial support level. The asset currently trades at $ 0.0782.

Support 2Support 1TRONResistance 1Resistance 2

This concludes on Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!

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