TRON (TRX) Is Up Over 42% This YearTRON (TRX), now the 8th largest cryptocurrency, has been on a tear since mid-December, spurred on by the impending launch of BitTorrent Token (BTT).
Bittorrent
TRX need to chill down a bit. Here's why:If you are non leverage trader and play swing on Tron, you already showed by a nice ping-pong trade with 20% - 35% range profit if you catch the bottom and sell top. If you are a leverage trader, even better, since you can short them on Bitfinex.
Tron has acquisition of one of the largest peer-to-peer network BitTorrent. They was winning against NEO bid with more than US$170M. This is a significant amount of money and also showing us that TRX are really not playing cheap for the long-run. This will be assure your moves on this coin that even though you are buying top and then goes underwater, you're can still rely on their fundamental background.
I believe Tron will be one of the strongest coin and company out there through the blockchain tech. Technically I'm making Tron as my favorite swing. Which right now from what i see, I believe that TRX need to chill down to 336 or for worst case 309 before seeing another leg. With resistance 376 and i will switch my analysis to long.
Will Atlas save Tron?Coin of the day is Tron
While TRXBTC continues to draw a bearish pattern already reaching its April lows, its famous CEO Justin Sun reveals the secret project, the was a huge part of the hype around the coin at the beginning of 2018.
So, will it help the price to find a bottom or will Justin Sun just ruin BitTorrent for every pirate on the net :)
Recap for those, who don’t follow on TRX: Developed by famous “Jack MA protégé” Justin Sun, Tron is a blockchain-based decentralized platform, seeking to build a free, content entertainment ecosystem. The system is developed with the use of distributed storage technology, which will allow cost-effective sharing of digital content. The project was founded by the Tron Foundation, a Singapore-based non-profit, back in 2017.
Atlas
“Finally, I would like to say a few things about our project, our secret project, now we name it Atlas, after the BitTorrent acquisition.” – Justin Sun
Tron foundation promises to release a detailed three-month roadmap on the project in August.
For now, it is clear that project Atlas would be an integration of BitTorrent and Tron and the primary goal of the project will develop the main idea of the Tron – global content ecosystem.
The Foundation is exploring the possibility of improving the BitTorrent protocol with the help of Tron protocol to make it faster and lengthen the lifespan of BitTorrent swarms. They aim to improve the current Altruism with the integration of Tron network to BitTorrent. The Foundation intends to extend rewards to peers who seed torrents infusing more resources into the Torrent ecosystem. The Tron network will serve as the online protocol for Project Atlas.
Tron team expects that BitTorrent will be the largest application on the Tron network which will allow Tron to surpass Ethereum on daily transactions and also become the most influential public blockchain in the world.
Moreover, the integration is set to add on to the global payment and settlement of the online content. The creators of the content will be able to reach 100s of million users without any intermediaries on the decentralized network.
The team also states: The project will not be associated with any mining projects and it is not going to have any negative impact on the BitTorrent users. For BitTorrent users, the project is going to strength the current BitTorrent protocol by making it stronger and more competent.
Technicals
From the June TRXBTC price stays in a bearish pattern, unable to draw any convincing turnaround signs. For now, the price reached the April lows, and not much remains to the 2018-year lows. 0.000004 level recently has shown a supportive nature and sent the price in a lateral movement. So, to consider a turn-around pattern we will need to see the price holding-on above the 0.000004 level, a breakthrough above the Bearish Trend Line and, a crossover above 0.000005 – 0.000006 zones and lastly a closure above 100-days EMA. Don’t expect to see such development in days, most likely it will take weeks. But if this project is meant to survive, then it is a time to start drawing a turnaround. Otherwise, falling below 0.000003 will wipe all 2018 gains and turn the outlook to strictly negative.
Tron [TRX] Acquires BitTorrent - Great Potential [LONG]• 61.8 Fib Retracement clear and concise
ª ABC Elliot Wave correction currently underway
• If current support holds we’ll see a rise to previous descending lower-high of .00000914 BTC.
• Once that has been tested, if resistance is broken, next long target will be .00001080 BTC
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only. it should not be considered financial advice***
