Regardless of Tron’s (TRX) alleged achievements, there is still a lot of justified distrust in the project in the broader crypto community

Tron’s price had a couple of interesting movements throughout the past month. It peaked on October 8th with the value of $0.027070, behind a volume of $382,100,796. From here the currency dropped alongside the rest of the market, reaching a monthly low of $0.021112 on the 12th. TRX bounced from this bottom towards $0.026629 on the 15th. This turned out to be its last peak point as the price went into a solid downtrend ever since.

TRX can be purchased for $0.022235 USD (0.32% rise in the last 24 hours)/0.00000354 BTC (0.61% rise in the last 24 hours). This price is 92.42% lower than the currency’s all-time high of $0.294743. Daily trade volume of TRX sits at $58,883,983, with platforms like Rfinex (14%), Bit-Z (9%) and Binance (8%) delivering most of that. With a market cap of $1,461,905,440, Tron is currently the 11th most valuable cryptocurrency on the market.

InvestingScope is currently short on TRX:

“Tron has made a Lower High (0.02362) on the 1D Channel Down (RSI = 43.026, Highs/Lows = -0.0012) and was immediately rejected on a strong bearish candle that crossed the 0.500 Fibonacci retracement level (0.022663). It is necessary now to break through the previous Lower Low (0.020712) in order to keep the bearish momentum on the 1D Channel Down intact. We remain short on the long term, TP = 0.01600 (1W Support).”

Check out his full analysis here.

As always, there were several project updates that the team diligently promoted online. Tron’s weekly report covered various achievements that were completed in the penultimate week of October. Regarding technical development, several optimizations were implemented, including the one of the SolidityNode’s index and TVM’s execution process.

Community updates naturally didn’t lag behind as we saw plenty of activity here as well, from 4th episode of the introduction videos for the Japanese Tron community, over 4th lesson of TRON 101 (series which demonstrates the advantages of blockchain and blockchain knowledge) to a giveaway campaign organized by Bishijie.com which will look to share some TRON related bling with the community. Hoodies, t-shirts, caps, notebooks, commemorative coins, USB sticks, Justin Sun’s book and other items are up for grabs here.

Developer community saw some expansion as more than 350 members joined the project’s Discord. 33 exchanges completed the version 3.1.2 upgrade. Last Trip, TronDice, TronBet were among the dApps that went live. A partnership with DappReview will make sure that these dApps are listed in the project’s Discovery section where users will be given a chance to test them out. Dapp community saw several new developments, including Tronscan launching its smart contract feature and DApphouse going live. Dapphouse works as an app store for dApps as it stores every dApp built on top of the TRON blockchain.

Team/partnerships section was booming with activity, as Tron’s founder opened the activities by welcoming the team from Oracle blockchain into the Tron Foundation’s offices.  Justin also visited the UN World Investment Forum where he attended the “Blockchain for Sustainable Development” session alongside Binance CEO Changpeng Zhao. Finally, JOYSO, a “hybrid decentralized trading platform for cryptocurrencies which reduces the risk of being hacked and provides users with cost efficient trading” has confirmed its official partnership with Tron. The teams will cooperate on developing a hybrid decentralized exchange for TRON Networks.

Besides the official weekly report, there were a couple of tidbits on the side as well. Tron Society was officially given the role of a TronSR.

Tronbet, a betting dApp built on top of the TRON blockchain, has reached 200 million TRX won by its users. Data shows that “the house” still managed to remain in the green here. Trust Wallet expanded its lineup of storable cryptocurrencies by including TRX. Finally we saw a market demo release of TronWatch Market, a decentralized exchange based on the Tron blockchain. This DEX will look to provide its customers safe, fast and enjoyable TRON, TRX10 and TRX20 token trading.

Overall the TRON project was extremely busy and hasn’t failed to impress with the quantity of updates. It remains to be seen if this will materialize into any real quality in the future.

Nevertheless, there is some unease about legitimacy of this project, no matter how melodic Justin Sun and his promises sound. Perhaps it has something to do with the marketing methods Sun uses: pre-announcing announcements, dodgy white paper and partnerships with flimsy companies which others have tracked back to being Justin Suns own side projects.

Time will tell, but in my eyes Tron is still more likely a flop than a top.

coinmama
 
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

2 Comments
  1. In my eyes you are a nobody so “in your eyes” no one cares… there is no legitimate technical analysis here.

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