Altcoin
Tron may be a hero as per Sun’s latest remark but TRX’s state revealed this
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contributor
- Tron’s founder reveals an ambitious goal for the network for the next 10 years.
- A look at why TRX might be about to give in to the bears in the short term.
Do you ever wonder where the crypto market will be in the next 10 years? Justin Sun is confident that the Tron [TRX] network will surpass the leading networks such as Ethereum [ETH] to become the top blockchain.
How many are 1,10,100 TRXs worth today
The Tron CEO revealed that his conviction regarding Tron’s future is based on the impressive performance that the network has achieved so far. Especially its total value locked (TVL) which is now well over 15 billion.
As of Sept. 27th, stats from @TRONSCAN_ORG reveal #TRON‘s thriving ecosystem:
? 9T transfer volume
? 15B TVL
? 6.5B txs
? 187M accounts@justinsuntron chats with @coinbureau about #TRON‘s growth as we welcome millions more into the #Web3 space! ??https://t.co/qLqfx4V9k2 pic.twitter.com/pIlcWaZ6hs— TRON DAO (@trondao) September 27, 2023
Tron has arguably been one of the fastest growing networks judging by the TVL, as well as address growth. These factors have contributed to an overall bullish outcome for the TRX cryptocurrency. If Justin Sun’s prediction turns out to be true, then TRX might be headed for a bullish long-term future.
While there is a possibility of Tron being the top blockchain and a bullish long-term outcome, that outcome depends on various factors. Tron has to keep up with its focus on growth while staying ahead of the competition.
It will also have to capitalize on present and future growth opportunities in multiple segments in the crypto and blockchain segments to maintain its competitive edge.
TRX could be headed for a short-term bearish outcome
TRX’s long-term prospects might suggest that current prices are a steal. However, the short-term performance might favor the bears, and there is good reason to believe so. The cryptocurrency has been overall bullish since mid-August after retesting a short-term ascending support line.
According to TRX’s price chart, TRX, at press time, was trading at a significant resistance level previously retested in June and July. In addition, the cryptocurrency was almost oversold which means it is in a psychological profit-taking zone. TRX traded at $0.085 at press time.
Source: TradingView
The bearish expectations were further enhanced by the fact that its Money Flow Index (MFI) indicated that liquidity was starting to flow out of TRX. Perhaps a sign of profit-taking after the recent upside.
But what does on-chain data say about the potential price movement?
Is your portfolio green? Check out the Tron Profit Calculator
TRX’s weighted sentiment just soared to its highest weekly level in the last 24 hours. This suggested that it might be approaching peak excitement. On the other hand, open interest in USD per exchange is starting to dip, which may indicate that bearish momentum might build up as the weekend rolls in.
Source: Santiment
TRX might dip by over 5% if it secures enough bearish momentum. However, traders should note that TRX has so far demonstrated a strong affinity for the upside hence sell pressure might be limited.
