- Tron (TRX) flat-lining, stable at 3.1 cents
- BitTorrent Speed launching on July 8.
Tron’s dApp ecosystem is growing, reaching 500, which is a milestone. Meanwhile, the BitTorrent test net is live, and the launching of BitTorrent Speed is significant for Tron and BTT owners.
Tron Price Analysis
Fundamentals
Boasting of superior throughput and scalability, Justin Sun is not afraid to brag about Tron achievements. Notwithstanding possible damage to his reputation, he continues to execute an aggressive marketing strategy. From making announcements encouraging front running to securing a $4.6 million lunch with Warren Buffet, Tron and Justin Sun’s chess moves dominate headlines.
Add that to their superior dApp performance and a real possibility of toppling EOS from the CCID ranking, it is understandable to see why Tron will soon be an on-demand dApp launching platform.
Presently, over 500 dApps “breathe on TRON blockchain online.”That alone is a milestone revealing the level of confidence amongst users.
Then again, the launch of BitTorrent‘s test net would, in the long run, draw more users to the Tron network. BitTorrent Speed, a variation of InterPlanetary FileSystem (IPFS) protocol, will launch on July 8.
Notifying the Tron community, Justin Sun said:
“[BitTorrent File System] BTFS Mainnet will be launched for public access and will power all TRON decentralized applications that require a decentralized storage network. Preliminary developer tools will be available, and a few outstanding popular DApps built by the community will be running on the platform, including the upcoming TronMovie and BitTorrent Pix.”
Candlestick Arrangement
Despite this announcement, TRX prices are flat. Consolidating, the coin is down 17 percent on a week-to-date basis. Finding support at 3.1 cents, buyers have a chance. However, price resurgence is highly dependent on price action in the next few days.
It is vital for buyers to reverse losses of June 27. From the chart, the candlestick reaffirms bears of June 26 which is correcting the overvaluation from June 23 through to 25th. Since TRX is trading within a bullish breakout pattern against the USD, risk off traders can buy the dips as long as prices are trending above 3.1 cents.
Later-and once there is a break out above 4 cents, conservative traders can initiate longs as they target 6 cents and even 10 cents. On the flip side, any breach of the 3.1 cents floor means TRX will likely slide to 2.5 cents.
Technical Indicators
Anchoring this trade plan is June 27 candlestick. Bearish, it has high trade volumes of 32 million versus 13 million. Therefore, any break above 4 cents or liquidation below 3.1 cents respectively, affirming or canceling this trade plan ought to be with high participation.
Chart courtesy of Trading View. Image Courtesy of Shutterstock