The cryptocurrency market is little changed this Tuesday and it is very important to say that the price of Bitcoin is not able to surpass $7 500 resistance which could be an indication that the cryptocurrency market could fall again in the upcoming days. The price of TRON is currently below $0.015 level which was very strong support and this is certainly not a good sign. TRON is a blockchain-based entertainment content sharing platform that was launched in the 2017 year and according to its official website, TRON will transform the global entertainment industry. TRON has own cryptocurrency known as Tronix (TRX) and lots of financial institutions and technical specialists are already supporting the TRON network. According to some estimates, TRON has a bright future because this network allows users to create content, websites and applications without having to rely on centralized services. The positive thing is that lots of partners are already supporting the TRON network, TRON partners include the likes of Gifto, Game.com, oBike, Peiwo among others (on the official website, you can find all TRON partners). There are also rumors that a partnership between Tron and Alibaba may be in the works because several developers from the Alibaba group joined Tron’s development team two years ago. In my opinion, this is a highly speculative cryptocurrency and still very risky, I would invest only a small sum of money in this cryptocurrency. As for the technical picture, TRX remains in the bearish phase but if the price advances above $0.020 next targets could be located around $0.025 and $0.030. In the chart below (a period from January 2019), I have marked major resistance and support levels which can help us to understand where the price could move. The current resistance levels are $0.015, $0.020 and $0.030, $0.010 represents the strong support level.
The price of TRX has weakened from $0.023 to $0.012 in less than 60 days and the price could fall even more in the upcoming weeks. If the TRX falls below $0.010 that will be a strong signal “SELL” signal and the next target could be around $0.0050. If the price jumps above this trend line that will be a “BUY” signal and the first target could be located around $0.020.
Recommendation: In my opinion, this is a highly speculative cryptocurrency and still very risky but lots of analysts agree that TRON (TRX) is currently at a point where it has the potential to make very big gains. Despite this, I would recommend to everybody to be careful and to invest a small sum of money in this cryptocurrency. TRON is a blockchain-based operating system and according to some estimates, TRON will transform the global entertainment industry. TRON allows easy and cost-effective sharing of digital content by eliminating the middleman between content creators and content consumers. If the price advances above $0.020 next targets could be located around $0.025 and $0.030. On the other side, if the price of TRX falls below $0.010 that will be a strong signal “SELL” signal and the next target could be around $0.0050.