Tronix price prediction: bulls charging ahead?

1:41 am ET, 31 Jul 2018

Tronix (TRX.X) is trading at $0.04, down by 8% from yesterday.  At $0.042  resistance level, Tronix hit a temporary ceiling,  after which it pulled back, depicting a bearish trend.

What is Tron's price forecast? What news should investors be paying attention to?

Tron's acquisition of BitTorrent makes a lot of sense to the majority of cryptocurrency investors. The company now claims to be the world's largest decentralized internet ecosystem.  BitTorrent's 150 million active user base could help Tron grow in the market by driving up the demand for digital assets. BitTorrent is the first decentralized internet protocol in the world, from which Tron will learn the decentralized technology as well as strengthen its own ecosystem.

After the BitTorrent acquisition, Tron's price surged by a whopping 17% in a few hours, from $0.329 to $0.388.  Even though Tron's value declined precipitously in the last few months, it is still one of the most important virtual currencies with a market capitalization of $2.42 billion. Investors are watching out for SEC's decision to gain enough reasons to invest in cryptos such as TRX.

Investors are also excited about the Tron Virtual Machine (soon to be launched), which will act as Tron's operating system and will enable ecosystem expansion. The Tron Virtual Machine will also enable new coin public offering, as well as smart contracts creation.

In order to support Tron's new proprietary blockchain, BitTorrent and uTorrent have both declared their intent to become Tron's super representatives. These representatives will play a vital role in acting as Tron network's guardians and take part in the network's calculation and validation.

Here are the major technical indicators for Tronix:

  • MACD is moving towards a bullish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is pointing downward which indicates that there is some selling pressure on buyers who might not be able to wait a little longer before a rally resumes. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at  $0.046;
  • A new major resistance level is forming at  $0.035.

Over the last 30 days, TRX.X lost -37.72%, which is 67.47 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Tronix price forecast: a reversal from the downtrend?

8:41 pm ET, 22 Jul 2018

Tronix (TRX.X) is trading at $0.04, down 1% from yesterday.  Tron has broken the descending trend line which indicates a reversal from the downtrend.  

What is the Tronix price forecast (i.e., prediction)? How substantial are recent Tron developments?

Tron's founder, Justin Sun won a position as one of the super representatives on the Tron network by getting enough votes. The supernode named "JustinSunTron" became the eighth highest-ranking super representative in the organization by getting more than 120 million votes.

Tron is making some progress to enhance its commercial viability.  Tron users can now use the Ledger Nano S wallet to store money, and the currency can also be bought with a Visa or Mastercard.  Second, it has become easier to exchange TRON,  as Changelly (a cryptocurrency exchange service between digital currencies) has added the cryptocurrency to its selection.

The Tron is making some important steps towards becoming independent from Ethereum.  The cryptocurrency migrated to its own blockchain platform which will be helpful in getting the tokens out of ERC-20 without causing any potential losses.

Tron wants its users to have full control over their online activities through internet decentralization, which is a tough feat to achieve.  The data uploaded on the Tron platform resides in the personal computers of its network members instead of servers. Users need to acquire Tronix (TRX.X) in exchange for this decentralized functionality and storage, which will be a default virtual currency in their everyday virtual trades.

 Here are the major technical indicators:

  • MACD  has entered into a bullish zone.  MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is moving down. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $0.035
  • A new major resistance level is forming at $0.044.

Over the last 30 days, TRX.X lost -37.72%, which is 46.44 percentage points lower than the 30-day return of Bitcoin (BTC.X).

The bull base for Tronix (TRX)

4:32 pm ET, 19 Jun 2018

Tronix (TRX.X) is trading at $0.05, up 7% from yesterday.  This rebound comes after a very difficult month for the cryptocurrency.  What is the Tron price prediction?  

Many altcoins are experiencing a nice bounce, including Tronix.  The cryptocurrency is having a nice breakout.   Looking at the technical analysis for the cryptocurrency, we notice many positive bullish signals for TRX:

  • A strong, confirmed breakout; 
  • MACD trending up, entering the bullish zone.  MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is now in the bullish zone--and trending bullish.   RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A strong bounce is a good signal that bottom was reached.

What events are driving the Tron price rebound?   The coin has experienced much excitement amid reports that the founder Justin Sun is now in the final stages of closing a deal with the peer-to-peer protocol developer BitTorrent. 

Tron has not publicly disclosed how they intend to use BitTorrent, which has approximately 170 million users.  It’s speculated that the Tron network will leverage the peer-to-peer file distribution architecture as it seeks to build its Web 4.0 platform and shake off plagiarism concerns.

Tronix is led by Justin Sun, a Forbes Asia 30, who is being actively coached by Jack Ma, the AliBaba Founder. Tron is designed to become a decentralized content sharing platform based on the blockchain technology.  With Tron, content creators can become the owners of their own creative work, so that they no longer have to rely on channels such as YouTube.

The Tronix virtual currency is undergoing a major token migration, where all ERC-20 tokens will be swapped by the official TRX mainnet tokens.  The currency owners will be required to send all of their tokens to exchanges to complete this migration.

Over the last 30 days, TRX.X lost -37.72%, which is 19.15 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Are hacking issues alone responsible for cryptocurrency price drop today?

8:41 am ET, 11 Jun 2018

The Bitcoin price dropped 7% today.  Ripple, Ethereum and Litecoin have followed suit.  

A closer look into altcoin prices reveals that some other cryptocurrencies have suffered even more--EOS is down 17%, while Tronix is down 12% and Bitcoin Cash declined 10%.

The sharp drop in the price of bitcoin and other virtual currencies is attributed to the hacking of the South Korean cryptocurrency exchange Coinrail, which was compromised over the weekend.

The obvious question is, why did the price of Bitcoin and Ethereum remain relatively more stable than the price of other virtual currencies?

It's important to note that EOS, Tronix and Bitcoin Cash are all more susceptible to panic selling than the mainstream coins.  

Coinrail is a relatively minor cryptocurrency exchange in South Korea, and the volume traded on Coinrail will not impact the price of altcoins dramatically.  However, when a panic attack hits the market, manipulators are going to be most noticeable in those areas where liquidity is lacking.  

Low liquidity is an issue for most altcoins because it allows individual traders to manipulate the price of cryptocurrencies.  What follows next is a wave of panic selling from individuals who don't believe in the long-term opportunity for those altcoins, and are looking to curtail losses by liquidating their positions. 

The current decline in the price of cryptocurrencies is a move perpetrated by market manipulators who can, for all intents and purposes, drive down the price when it's opportunistic for them.

To follow the price and news about cryptocurrencies, please visit Finstead (and type "BTC.X price" or "BTC.X news" to get the latest scoop and information).

Tronix (TRX.X) price speculation: what's the forecast?

12:16 am ET, 31 May 2018

Tronix (TRX.X) price is a far cry from the January 05 peak (at which point the coin was valued at 25 cents a piece). What is the Tronix price forecast, or prediction?  

TRON is a platform for building and storing applications.  It allows users to execute smart contracts based on its blockchain. The TRON platform makes it easy for users to publish content as well as data, and solves some of the major pain points encountered in the entertainment and media industries.

As more and more developers start using the platform, it will result in the appreciation of the cryptocurrency as well.   Justin Sun, the founder of the TRON Foundation, mentioned the TRON platform has 200 million users today; however, it's not clear where those users are coming from, and what their contribution to the platform is.

The founder of TRON announced the launch of Tron’s own Main Net, which will see the TRON platform become a fully autonomous blockchain and cryptocurrency independent from Ethereum and the ECR-20 blockchain.  There are also rumors of Tronix being listed on Coinbase.

The foundation has announced a huge giveaway, while its website was completely redesigned. This has given community members motivation to join the team to make the cryptocurrency’s environment more successful. 

We polled investors on Stocktwits and asked them about short- and long-term prospects for Tronix.  While many of them are skeptical about the altcoin's likelihood of reaching the January peak level again this year, the majority of polled investors and traders think that the price will reach $1.00 in the next 3-5 years.  

Stocktwits investors' sentiment about Tronix is quite positive at 92%.  

You can access the latest news and trading data for Tronix on Finstead.com (just type "TRX.X news" or "Tronix price").

Tronix prediction: why the price keeps creeping up

5:39 pm ET, 04 May 2018

Tronix (TRX.X) has been working hard to move into the field of institutional investing.  So far this coin has been very popular on retail exchanges such as Bitfinex and Binance.

The Tron team is pushing to be added to the platforms that serve institutional clients.  They hope to benefit from block trades that GDAX institutional clients have access to.  Also, there are some rumors that Tronix may be added to Gemini.

As we pointed in our previous post on Tronix, you should know that Tronix is a 9-month-old coin,  which introduced almost 3k nodes in under 2 weeks, a fairly impressive achievemnt.  

The fact that TRX is already able to challenge and in many ways beat Etherium has some investors running from the hilltops screaming: "take my child’s milk money".

If you visited the Reddit sub for Tronix,  you may be pretty surprised to see an extremely enthusiastic fanbase.  Being a Tronix fan feels like rooting for Boston Redsox for now. 

For the latest information on Tronix and its price, please visit Finstead (and type "TRX.X news" or "TRX.X price").  

For further guidance on investing in cryptos, read the Finstead Bitcoin investment guide

Tronix (TRX.X): why is the price going up?

2:09 pm ET, 24 Apr 2018

Tronix jumped 25% over the last 24 hours.  What's driving this spike?

The TRON (TRX) main net is being launched at the end of May.  The launch of the TRON main net means that TRON will be eliminating its ERC20 identity and moving off of the Ethereum platform.

Crypto enthusiasts are wondering why the Tronix founder Justin Sun decided to drag Ethereum down.  There was even a Twitter fight between Justin Sun and Etherium founder, Vitalik Buterin. 

You should know that Tronix is an 8-month-old altcoin, while Etherium is now over 4 years old.

Tronix has introduced almost 3k nodes in under 2 weeks, which is fairly impressive.

The fact that TRX is already able to challenge and in many ways beat Etherium has some investors running from the hilltops screaming: "take my child’s milk money".

But a potential problem with Tronix is that it has too many day traders and a good number of bear hands.

Traders will be looking to make quick bucks from Tronix, so be careful about jumping in without having done your due diligence.  

For further guidance on investing in cryptos, read the Finstead Bitcoin investment guide.

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