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- 1 Tron is a rapidly growing decentralized digital platform.
- 2 Tron has its own crypto-currency name TRX listed on more than 130 exchanges.
Tron is a decentralized digital platform based on a blockchain. Tron has its own cryptocurrency known as TRX. Tron was founded in the year 2017 by the Singapore-based Tron Foundation. Moreover, the main objective of Tron is to host a global entertainment system for sharing digital content in a cost-effective way. In the initial stage, Tron operates only in Asia but as of now it went global with approximately 190 million accounts as of October 2023.
Tron is challenging the media industry with a slogan of “Decentralize the Web”. The objective of the Tron is to remove middlemen from the process of consuming media.
At the time of writing Tron has 193 million accounts with 6.6 billion transactions. TRX Tron cryptocurrency ranks 10th among cryptocurrencies in market capitalization. It is listed on over 130 exchanges.
Tron was founded by Justin Sun who is now the CEO of the company. Justin Sun is a Grenadian cryptocurrency entrepreneur who was born in China. Sun launched the TRX in 2017 few days before the Chinese gov banned ICOs, despite this condition Tron raised about $70 million with its ICO, and later on Sun left China for the United States.
TRON DAO reserve also issued a stable coin named USDD whose main objective is to provide a reliable, decentralized cryptocurrency for blockchain transactions. The main uses of USDD are for payments, trading, staking, and as a value store. Usdd is backed by some major cryptocurrencies like Bitcoin, Ethereum, and TRON.
Best Projects on Tron Blockchain
Tron blockchain network is now quite popular across the world and some interesting projects operate there. Some interesting projects are discussed below.
JustSwap
On the Tron platform, JustSwap was the first decentralized token exchange protocol on the TRON platform. It was one of the biggest platforms on the Tron network launched in 2020. JustSwap allows its users to exchange any TRC20 token instantly at the system price. On JustSwap you can exchange different types of tokens for example SUN, NFT, WBTT, WTRX, USDT, BTC, ETH, USDC, and others.
Wink
WINk is a gambling-based blockchain platform that operates on the Tron protocol. It is a widely popular casino-based blockchain platform in the world. The platform is user-friendly and easy to use so users can engage easily. You can play a wide range of casino games here like ‘E-gaming’ classics, a quality poker offering, “rolling the dice” games, live casino room, and sports betting products.
Kraftly
Kraftly is a decentralized NFT marketplace where u can create, buy as well and sell NFTs. Kraftly as of now operates on Tron and BSC network blockchains. On Kraftly users can directly trade with each other. The cryptocurrency that is used on Kraftly is TRX and the prices and bids are based on TRX.
Luminous
Luminous is a crypto gaming platform that works on the Tron protocol. It provides gaming services that enable you to play games with cryptocurrency and earn some rewards. Megabit and Lucky Dice are the games you can play on Luminous and new games are on the way. Megabite is a prediction game where you have to predict the price of bitcoin on the other hand in Lucky Dice users can roll the dice and win the price in crypto.
Unifi Protocol
Unifi Protocol is a digital platform with building blocks based on the smart contract. It also connects and creates various DeFi marketplaces. The main objective of the Unifi Protocol to permit low-cost cross-chain trading.
Lets Look at the On-Chain Data of Tron
As per the DefiLlama, the total value locked is $7.834 Billion with an 8.33% change in 24 hours. The JustLend Dominance is 72.39%. Moreover, the 24-hour fee is $1.47 million, the 24-hour revenue is $1.47 Million and the 24-hour volume is $7.31 Million. The 24-hour active address is 1.61 Million. furthermore, on October 31, 2023, transactions on the Tron were 5.47 Million TXs.
As per Tronscan, the top account holder has a total assets value of $9,024,125,391.76 and holds 93,512,727,847.3843 TRX with 2442 transactions. Moreover, the 2nd top holder has a total assets value of $138,487,953.69 holding 1437,077,255.435434 TRX with 260 transactions.
Reading the Tron Crypto Price Chart
TRON price prediction suggests that the TRX crypto is presently in an uptrend after breaking out of the bears’ stronghold. The price is trading above the critical EMAs on the daily timeframe. The volume is seeing a slight decline which indicates that there is a fall in buying and selling activity.
TRON ( USD: TRX) has steadily seen its crypto price rise for the past three months, gaining 22.47% and 4.48 % in the last month. Currently, TRX crypto is trading at $0.09598786 and has been trying to hold on to this level after an unexpected surge in price.
If it can keep this level, the TRON price could continue to go up and reach the first and second targets of $0.11000000 and $0.1104328, respectively. However, if the TRX price cannot maintain this level and falls, then it might hit the closest support levels of $0.08802691 and $0.08413178.
Currently, TRON crypto (USD: TRX) is trading above the 50 and 200-day EMAs (Exponential moving averages), which are supporting the price momentum.
Summary
TRON crypto technical oscillators support the bullish trend. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the TRX crypto price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, Investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: $0.08802691 and $0.08413178.
Resistance Levels: $0.11000000 and $0.1104328.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
