TRON (TRX) Price Analysis: With Launch of MainNet, an Upside is Expected
Posted by NICHOLAS HOLDEN
The Tronix cryptocurrency is designed to be used on the Tron network. It can be acquired on exchanges by exchanging them for other cryptocurrencies like the BTC or ETH. They can be used by consumers to pay for content or producers to pay for blockchain services. TRX coin is showing resilience amidst the tumultuous crypto market trends rising from position 15 in February 2018 to 9th position at the beginning of May and 10th position as at the end of the month.
With the breakoff from the Ethereum blockchain to its stand-alone blockchain, the MainNet launch to be rolled out in the course of today has resulted in mixed reactions by holders of the coin. Whereas some opt to HODL, many others have decided to sell off.
Last 24 hours Price Analysis
During the last 24 hours, TRON has undergone a price drop of -6.11%. The current price now stands at 0.061193. If it is any consolation, out of the top 100 cryptocurrencies, only nine of them have shown an upward trend over the sameperiod. The king of crypto, BTC, has not been spared either. It has experienced a drop of 1.8% which though minimal in comparison, still dictates the direction the other crypto will take. For TRON and other altcoins to make a significant recovery, BTC would have to pave the way.
One of the other reasons causing the TRON decline besides the BTC continual drop could be attributed to the consumer populace. A substantial share of the market, considering it is an entertainment niche industry, is populated by youngsters who would be less likely to look into the bigger long-term picture but rather into preserving and maintaining their dollar value. In that case, they are likely to sell off their coins to cut down on any real or imagined losses of their dollar value.
Next 24 hours Price Analysis & Predictions
It is a sweaty affair for all the TRON holders torn in between the decision to trade or HODL. With the launch of MainNet, there is a likelihood to see a slight upsurge of the price which will go down well with the day traders. An oversold scenario will most likely necessitate this by the exchanges arising from the launch. However, the HODL holders are likely to benefit more by waiting for the 26th June wallet launch which will ignite an acquisition craze.
TRON has weathered severe market conditions to acquire its space among the 10 top cryptocurrencies, and there is no reason why this resilience should not hold. The fact that the future of TRON network is all mapped out with fresh, new innovative plans makes it sustainable both now and in the future.
