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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Tron Price Analysis: TRX Print Higher, ERC-20 Tokens Now “Artifacts”?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis tron TRX

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Latest Tron News

By destroying an additional 182 million TRX ERC-201 tokens, Justin Sun is confirming his distaste of ERC-20 tokens. Back in November 2018 when he announced on Twitter that the platform has burnt $800 million worth of ERC-20 tokens, he let the whole know of his sentiment although Ethereum was where Tron steadied before launching their own blockchain, virtual machine and even tokens—TRC-10 and 20 tokens.

I just burned 800 million USD worth $TRX ERC20 tokens. $TRX ERC20 tokens will soon become historical artifacts😋 Don't forget to keep one as a souvenir. 😇#TRON

— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 1, 2018

Similarities are striking but nonetheless, Tron will go on with the coin burns as they bid to tame inflation while rewarding token holders by ensuring reasonable distribution of tokens. However, there is no relation between these old ERC-20 tokens and current TRX coins because Tron now operates from their own platform complete with a functional and Ethereum compatible virtual machine.

#TRON completed the 8th #ERC20 token coinburn of 182,359,804.286079 #TRX, we welcome the supervision from our supporters and believers. $TRX https://t.co/u6R67eX8VY pic.twitter.com/2E3MJyBEk6

— H.E. Justin Sun 孙宇晨 (@justinsuntron) January 2, 2019

It is simply Tron detaching themselves from Ethereum as some exchanges that support TRX are yet to fully migrate months after Tron independence.

https://youtu.be/M2DBsEbjucA

Meanwhile the team at Tron are working hard towards accomplishing their goals. According to Marcus Zhao—the head of Protocol, the engineering team has expanded from two to 40 in nine short months. For efficiency, the team did split into three teams to satisfactorily cover algorithm, virtual machine and smart contracting departments.

Tron (TRX) Price Analysis

Tron

At prevailing rates, TRX is up 2.5 percent in the last day cementing our previous bull preview. If anything, this was expected if not inevitable after TRX prices bottled last year. The draw-down was severe that TRX tumbled more than 90 percent from 2017-8 peaks. Even propping announcements and “secrets” from Justin Sun couldn’t prevent liquidation. However, at spot prices, bulls are buoyed and price expansion depends on how bulls react at 2.5 cents—a resistance level and a buy trigger line.

As reiterated in previous mentions, any break out above 2.5 cents shall lay the foundation for 4 cents. Besides, it shall confirm late Dec 2018 bulls when prices bottomed from 1.2 cents. Ideally, it would be perfect if traders wait for breakouts but still there is opportunity for aggressive traders to buy at spot prices with stops at Dec 28 lows at 1.8 cents.

On the flip side, losses below this support level could see TRX prices plummet back to 1.2 cents as bears step in crashing bulls.

From candlestick arrangement, our TRX/USD trade plan is as follows:

Buy: Spot, 2.5 Cents

Stop: 1.8 Cents

Target: 4 Cents

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

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His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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