TRON (TRX) to the MOON! 25% shot in 7 days … Can you still BUY TRX?

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There are many stragglers in the cryptocurrency market. These coins usually take time to follow the general market trend. Tron (TRX) is one of those altcoins that has seen a massive boom of almost 25% in the past 7 days. Apart from its interesting project and mission, the technical formation of TRX perfectly followed the rules for setting up a retail trade. After reaching its strong support area, TRX shot up and reached an important area. Should you buy Tron now and still make a profit? Or will prices adjust sharply after such a price increase? In this article, we’re going to talk a little about what Tron is when it’s a good investment and analyze its prices.

What is Tron (TRX)?

Tron is a blockchain that aims to reduce the processing time of transactions. While Bitcoin and Ethereum can process 6 and 25 transactions per second, Tron claims they can process 2,000 transactions per second (TPS). It’s a decentralized platform that hosts content sharing and entertainment. In 2018, Tron acquired the famous BitTorrent, a well-known website for file exchange.

In their list of goals, Tron wants to build an all-in-one file sharing platform through financial rewards and allow content creators (especially in the games industry) to monetize their work. They are also some of the most popular blockchains for hosting decentralized apps (DApps).

Buying Tron - Is This The Time To Invest In Tron?

Is it worth buying Tron (TRX)?

When approaching an asset to invest in, one always has to consider the underlying technology and the problem that the project is solving. It’s obvious to Tron that they are trying to create a nice decentralized community that will help content creators while building on efficiency and speed. Lots of projects are trying to do this, but Tron entered a large industry (entertainment) first and will definitely expand from there.

Aside from the breakouts of the average uptrend, we can clearly see in illustration 1 how the price of TRX increases over time. Investing in such a project at the beginning of 2021 would have achieved a lot.

Buy Tron - TRX / USD 1-day chart showing the uptrend of TRXFig.1 TRX / USD 1-day chart shows the uptrend of TRX – TradingView

Should you buy Tron (TRX) at current price?

In the past 26 days, Tron (TRX) has grown by more than 80% (Figure 2). The TRX token went from a price of $ 0.05 to a current price of $ 0.09 with no appropriate adjustments. We could expect lower prices in the coming days before prices resume their uptrend. The graph of the Fibonacci retracement shows an adjustment range of $ 0.07 as a first step. This scenario could materialize if the entire cryptocurrency market also adjusts downwards. Because of this, it is advisable to wait for further price adjustments to catch TRX at better prices.

On the flip side, prices may continue to rise and TRX is currently watching its psychological price of $ 0.1.

TRX / USD 4 hour chart shows potential retracement for TRXFig 2 TRX / USD 4-hour chart shows potential retracement for TRX – TradingView

How to Buy Tron (TRX)

Nowadays there are many exchanges that offer TRX in their crypto listings. Here is a list of the solid exchanges that we recommend here at CryptoTicker:

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