Just two day ago, TRON (TRX) went higher than it was on Aug 30, but it did, however, lose the momentum by the end of the day. TRON is now trading at $0.025776 which is actually lower than it was last week.
The long-term trend is still declining and it will maybe spend some time until the price boosts out of the major resistance phase. In the short-term, there is a correctional trend forming with the target price at the descending resistance phase. This current price is testing the short-term channel support although it is trying to go upwards to reach a higher price. The current price point might be broken out and the price might start testing the lower region at $0.016. The biggest news for Tron is the official launch of the Tron Virtual Machine. This launch happened three days ago and it showed that is actually one of the most anticipated events of the summer. Developers managed to fix bugs that showed in the testing phase so everything went as desired.
As we mentioned in our previous articles, Tron has attracted more users this year than any other. Tron is also one of the cryptocurrencies that have partnered with a number of big names, especially from the entertainment industry. These partnerships can help increase the popularity of Tron and also to make it more desirable for other corporate partners. But, The currency was also criticized for making misleading announcements about further partnerships. Another key factor that might have a huge influence on the value of TRX will be the widespread adoption. This means that TRX has to compete with giants such as Google, Instagram, and even Facebook because its main goal is to be an established content channel.
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