TRON is one of the popular blockchain-based decentralized applications, which was founded by the Tron Foundation. The target was the global entertainment industry which is valued at $1 trillion. However, now the network has expanded its market.
As a decentralized storage technology, it allows the creators of digital content to cut the role of any third-party organization like Play Store or Apple Store. Now the creator can get the funds directly from the clients.
Even in 2022, lots of users’ data will be controlled by organizations like Facebook, Amazon, and Google. However, Tron aims to eliminate this gap between creators and users by placing data ownership back to the creators.
In the initial whitepaper, it is mentioned that TRON is an asset from the very first day and not a ‘make quick profit’ coin. Tron is already backed by Chinese developers, and they are continually expanding the team with technical experts.
While writing, the TRX price is trading at a price of $0.056. After reaching an ATH of $0.172, it consolidates from the last eight months. Now the price of TRON is at the support area, and we think it will not break the level. The $0.09 will be a strong resistance level, but it has good fundamentals, so long-term investors should not worry about future growth.
On the daily chart, the MACD is neutral, but RSI is in the oversold zone. The Bollinger Band is also coming downwards while candlesticks are forming in the lower half of it.
Overall, it is bullish, but the situation is changing all around the globe. The major world’s indices are back on track, and now it is the time for a reversal.
On the weekly chart, the MACD, RSI, and Bollinger Band are bearish, but it is around the support level. Now we have to wait until it breaks the support level or makes a reversal.
As it is a potential cryptocurrency, if it breaks the level, it will be a good buying opportunity for investors, but if it makes a reversal, it is still good to get some profit.
According to the TRX price prediction, it is the right level to buy this coin, but you should preserve some amount to buy it in dips. TRON has a lot of potential, and analysts believe it will provide a multi-fold return in the next 5-10 years.
