- Tron Price add to their gains, surge 44 percent from last Wednesday
- Questions linger on whether proof of work alternatives truly embody blockchain principles
- Transaction volumes on the rise, daily printouts exceed recent averages
TRX is back to the top 10 and is a top performer adding 44 percent in the last week. With trend and pattern defined, traders should aim at 4 cents in the near term.
Tron Price Analysis
Tron is on an uptrend, posting impressive gains and short $800 million from the top 4. It’s up 7.5 percent in the last day and a whopping 44 percent in the previous week cementing our bullish stance. At this rate, we expect TRX prices to expand towards the elusive 4 cents by the end of February 2019 with accelerants being significant company partnerships, the revival of Bitcoin and more defection from Ethereum.
There is a conundrum out there. Following an unfortunate fraud in the Ethereum classic network, a poser is whether a truly decentralized and open source must be open for such attacks. It’s a thought-provoking statement by a curious internet user who despite the apparent loss of business by CoinBase and confidence on Charles Hoskinson product, is confident that such attacks should be a norm on every proof of work platform controlled via distribution.
Tron’s founder Justin Sun will always be an influencer. Although we don’t expect hackers to have a majority of hash rate and things like those because of the network’s delegated proof of stake algorithm, a lingering question is whether proof-of-work alternatives like dPoS is binning decentralization—a core principle in blockchain—for expediency and scalability.
Social media is full of Sun’s shills, and at one point Charles Hoskinson offered Mantis to Tron saying the solution would increase efficiency, a goal Tron was seeking at that time.
— Charles Hoskinson (@IOHK_Charles) June 25, 2018
Ironically, Mantis—aside from efficiency, could bolster network security, ensure complete decentralization and immutability. If Tron went ahead with the implementation, is there some risk of exploitation?
From the charts, it is clear that bulls are in charge. Expansion numbers are boosting, and in a classic breakout pattern, we expect prices to edge and close higher by the end of the week. We are confident of this position. Backing this assertion are high volumes feeding the last three days price action. Although TRX bulls are firmly in control, today’s volumes, for example, are above daily averages—21 million versus 15 million. With every higher high, there is a confirmation of Jan 6 volumes.
Driving prices to new territories are increasing levels of market participation. As aforementioned, average volumes are high. Therefore, every dip in lower time frames—30 mins to 1 hours chart—should be a buying opportunity in this bullish breakout pattern and early stages of a larger bear trend reversal pattern.