Tron on Monday appreciated 12 percent against the US Dollar to restest August high near $0.028. The spike came hours after Justin Sun, CEO and Founder of the Tron Foundation, announced that their super representatives reached consensus to launch the Tron Committee Function and Tron…
Tron on Monday appreciated 12 percent against the US Dollar to restest August high near $0.028.
The spike came hours after Justin Sun, CEO and Founder of the Tron Foundation, announced that their super representatives reached consensus to launch the Tron Committee Function and Tron Virtual Machine (TVM). TVM launch marks an important step towards the functionality of Tron network. It is expected to test and execute large-scale decentralized applications similar to that of Ethereum. The TVM launch also marks the introduction of its very own smart contracts, called Era.
TVM, according to Sun, will make the Tron blockchain 200 times faster than Ethereum, and 100 times cheaper than EOS.
Sun also appeared in a brief interview round with Investopedia, the leading financial news and education websites, in which he predicted that Tron would be among the top ten cryptocurrencies.
“If we look at the top 10 cryptocurrencies, many of them are not motivated to continue innovating or improving their product. They represent the older generation of cryptos. TRON, on the other hand, is a young company with cutting edge technology, with much more room for growth. We are confident that TRON will surge into top 10 in the next 6 months.” – he told Investopedia.
The latest upside action has pushed Tron closer to top 10 coins. The cryptocurrency now stands at the 11th position, according to the data available at CoinMarketCap.com.
Tron has regained its September’s high near $0.027 following the latest uptrend and is now in the process of adding more dollars to its market cap. The TRX/USD has already broken above the August high of 0.028-fiat by a small margin and owing to the fundamentals that are still fresh; the pair could see more long entries on higher highs.
Taking the last 30 days into account, which includes price performance of September, TRX/USD has already surged by 67 percent, making it one of the most robust 30-day performance among the top coins. Only Ripple has achieved more than 100 percent gains within the same timeframe owing to its very own bullish updates.
When BitBay added TRX pairs on its European trading platform, the coin reacted with a 13 percent gain. A 10 percent jump was seen when BitFinex introduced three TRX-to-fiat instruments this week. More major push followed with BitTorrent, which announced TRX blockchain was taken to 1 million users on uTorrent, which resulted in another 7 percent spike.
And now, with the launch of TVM, Tron has all the fundamentals backing its rally.
The TRX/USD pair is supported by an ascending trendline and is trending sideways in the medium-term perspective. The pair has reversed from August high before and is currently inside a breakout action scenario. It could be a false breakout signal considering the historical performance of the TRON market. The August and September price action had also witnessed rallies owing to robust fundamental scenarios but erased all their gains once the hype dried off. That said, those entering longs on higher highs must wait for TRX/USD to break above the false breakout zone, whose upside target is near 0.302-fiat.
A long position towards 0.302-fiat on a close above 0.268-fiat should make day traders decent profits for now, given they also have a stop loss order somewhere marginally below their entry positions. A pullback, if it happens, could TRX/USD towards the ascending line support, from where we could expect to enter a long position towards the nearest interim resistance. A breakdown action is also possible, but not convenient to discuss in times of a “bull run.”
Featured Image from Shutterstock. Charts from TradingView.
Last modified: October 8, 2018 1:29 PM UTC