After testing a support level of 0.0314 the previous week, Tron [TRX] values have picked up and are on an uptrend. Tron is currently ranked number eleven on coin market cap and is trading with a market cap of $ 2.6 billion. The cryptocurrency launched in 2017 has had marvelous progress in the crypto verse. Let us have a look at what is in store for Justin Sun’s Tron.
Tron[TRX] Price Analysis
After testing a support level of $0.037 the prices exhibited an immediate spike in prices. The prices are currently testing a resistance level of $0.040. The seller pressure is hindering its progress above $0.040. The 100 EMA line exhibits an uptrend and the MACD is traced in the bullish zone. The crypto coin is in a buy region and is expected to continue the uptrend. TRX is currently trading at $0.040 and is gaining against USD by 10.72%.
Can TRX Price hit the $1 mark?
A set action plan is being followed successfully by the company. After a successful mainnet launch, TRX saw its prices climb higher in the past few days, ahead of the official launch of the Tron Virtual Machine (TVM) scheduled for July 30. The Tron community is waiting for a ‘secret project’ due to be revealed on the same day.
The Tron Foundation recently acquired Bit Torrent, the file-sharing platform. This acquisition is touted to grant full decentralization to Tron network and also enable easy access of the digital content on the network. Also, the cryptocurrency is on a spree to find bugs in their system with their bug bounty hunts to make the network more secure.
Tron also completed the third batch of their coin burn yesterday. When a digital coin is burned, the remaining coins will increase in value significantly. Even when a particular amount of token is burned, the demand for the cryptocurrency may stay the same. The decrease in supply will cause the remaining tokens of prices to increase. This factor will prod the price values even higher.