Tron (TRX) started off as a token on the Ethereum blockchain but, ultimately, migrated to its own blockchain – the Tron. The Tron blockchain is aimed at transforming the entertainment sector. The network is also expanding into smart contracts and decentralized finance, following the footsteps of Ethereum.
Tron offers better scalability than other older cryptocurrencies and employs modern technology which sets it apart which is why it has started garnering increasing support from the community. Traders and investors believe Tron possess great potential and is a viable long-term investment.
Throughout the year, Tron has been growing at a steady rate. The cryptocurrency started from a price level of $0.007 in April and eventually reached $0.06. at the time of writing, the cryptocurrency stands at $0.049. The market sentiment for Tron is bullish with a majority of the technical indicators giving out a signal of buy.
A trader has identified an inverse head and shoulder formation in the price action of the cryptocurrency. The inverse formation is indicative of bullish pressures on the coin. The formation has been identified in the longer time frame starting from 2018. Tron can be seen to be towards the end of the formation and; hence, an upward break out can be expected. Per the trader, Tron is heading towards the resistance level of $0.08 followed by $0.2 – which is also the all-time high of Tron.
According to the projections on Wallet Investor, Tron is a good long-term investment. Tron is estimated to have a price level of $0.0767 in one year’s time and continue to grow over the years and by the end of five years, Tron is expected to be valued at $0.182.
Trading Beasts, on the other hand, estimate a rather stagnant price level for the cryptocurrency. It is estimated that the price of Tron will be growing at a very slow rate and have a price of $0.07 by 2024.
Partnership with Reef Finance
As Tron delves into the world of decentralized finance, it has started accumulating partnerships to strengthen its position in the market. Reef Finance is a cross-chain decentralized finance platform and with the partnership between the two firms, Reef Finance will be helping Tron develop its DeFi ecosystem. The partnership will help ease the entry of Tron into DeFi.
Controversies in the world of Tron
All has not been well lately for the cryptocurrency. Despite the phenomenal performance of Tron, the coin has found itself tangled in some controversies. As Tron’s performance picked up, various well-known figures took it to social media to support the cryptocurrency including singer Lindsay Lohan. However, soon, word emerged about Tron bribing celebrities to support the coin online. Justin Sun, the founder, has denied all such allegations. Furthermore, Justin Sun also found himself in a hot bed with US lawmakers as questions about the monitoring of extremist content on the platform emerged.