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New cryptocoins are poping everyday, the risk of putting you money in a so called "shitcoin" is pretty high if you don't do your research. Also, every time you invest in something, it doesn't matter how promising it looks, there are chances that it might fail, but as Warren Buffet says, "Never put all your eggs in one basket".
Tron or TRX was founded back in 2017 by Justin Sun and it raised over 70$ Million. Tron was a Ethereum based token but since it's Whitepaper was accused for plagiarism they changed from ERC-20 to a independent peer-to-peer network and since then they competed Ethereum. By 2019 TRON had a market cap of 1.9$ Billion and now in 2020 it raised over 2$ Billion.
There are some rumors that Tron is involved in a so called "ponzi scheme" where thousands of chinese investors lost over 30$ million after investing a scam that alleged to have ties with Tron's blockchain.
All this fuzz? Seems like TRON is a shitcoin!
Well, it's a pretty bold decision to just runaway in the first infos the pop online! There were many accusations about Bitcoin in the first days, Ripple is in top 3 and everybody loved it but got sued and then they settled for 200 Mill...In less words rumors are all the way around the internet, it takes a lot of research to find what's real and what's not. Anyhow, that's when Warren Buffet's advice comes into help.
What potential does TRX have?
Tron is a very promising crypto, it's vision and the people that support it are some really rich chinese investors including here also the billionaire Jack Ma, who also by some rumors made a deal which ties TRON and AliBaba, that will mean it will also include Aliexpress.
Tron had some free platforms with interesting names that offered free platforms of peer-to-peer distribution and storage of content. Their names go by: Exodus, Odyssey, Great Voyage which was launched in 2020 and Apollo in 2021. Later on they claim that they are working to create their decentralized gaming platform.
Let me tell you something...every time something is tied to games there are very good chances that they gain a lot of potential.
What do I think about TRON?
Well, Tron looks like the guy with a plan! They already have marked their territory and now they are just working on it! This doesn't mean that they for sure can achieve everything, at least on the predicted time...but hey, as they say, "A fool with a plan can outsmart a genius any day" so my advice, put some eggs in TRX basket, one day they might become golden eggs.
Technical Analysis
As you might know, I am a big fan of technical analysis so here goes nothing.
After a bullish run back in November, TRX created a bearish channel, which it tried to break today but found a pretty strong resistance on the 0.030 area. A nice support was found on the previous support zone at 0.024 and we broke the 0.026 area which seems to be a quite interesting and very significant zone.
Dropping down in smaller timeframes.
Price is currently standing on a minor support area at 0.028 what we can see here is bullish channel on forming. We have the Lower High and Higher Highs already formed.
First case scenario:
If 0.028 holds up then we expect another bullish push that will break above 0.030 and move higher respecting the bullish channel.
Second case scenario:
If price fails to find support on 0.028 then we should see for e bearish movement, at first to the major zone 0.026 and if that breaks we will drop as low as 0.022!
What do you think about TRON?
theatdhe!
Catch with me in Leofinance!
References: https://tron.network/
https://www.investopedia.com/tech/what-tron-trx/#:~:text=Tron%20is%20a%20blockchain%2Dbased,effective%20sharing%20of%20digital%20content.&text=This%20article%20explores%20the%20Tron,its%20cryptocurrency%20Tronix%20(TRX).
