TRON Price & Technical Analysis: TRX to Take Its Chance to Go Up?

On Tue Oct 9, Tron is going somewhat down, trading at around $0.0256, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Photo: Roboforex / TradingView

Photo: Roboforex / TradingView

On Tue Oct 9, Tron is going somewhat down, trading at around $0.0256, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

On H3, there’s an uptrend inside the correctional phase, where the MACD is diverging, which could mean a descending move. This is also confirmed with a black cross formed by the Stochastic. The nearest downmove target may live at the current short term channel support at $0.0226. Then, the price is likely to break out the short term support and head to the major one at $0.0184. Conversely, although less likely, the price may bounce off $0.0226 and head to the major resistance at $0.0300.

According to Justin Sun, TRON’s CEO, TRON is going to become much more speedy (around 200 times) compared to Ethereum thanks to the Odyssey 3.1 update, while the transactions should get around 100 times cheaper than with EOS.

Odyssey 3.1 was released the day before. Among major features, it introduced TRON virtual machine (VM) that can be used to test smart contracts before they enter the production network (this is convenient for the devs).

In fact, Odyssey 3.1 is majorly designed to optimize and speed up the work the developers are doing with the decentralized apps. As for the users, apart from TRON VM, they will also be able to work with TARON Committee, also to test the apps.

TRON is focusing on the entertainment content and has some advantages over its competition, although the competition here is not that harsh. TRON has a 10-year strategy plan, its goal being creating a global independent information pool that would enable access to the content. The users, meanwhile, will convert tokens, get new ones, and thus help in the development of TRON.

Curiously, TRON coins cannot be mined.

In Q2, Sun bought BitTorrent at around $126M, which gave TRON a long term fundamental support. The torrent users have large computing capacity which TRON managers are willing to get in exchange for financial stimuli.

Some say a new kind of network – peer to peer – may appear in this area thanks to TRON applyig its technologies to BitTorrent.

Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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