Reasons Why Tron (TRX) Could Breakout Before Q2 Ends
We've all watched in anticipation as TRON (TRX)'s prices have lingered outside the green zone, staying in the red even after the excitement following the mainnet launch. In the lead up to May 31st, the TRX community kept hoping that the coin's price could surge.
We’ve all watched in anticipation as TRON (TRX)’s prices have lingered outside the green zone, staying in the red even after the excitement following the mainnet launch. In the lead up to May 31st, the TRX community kept hoping that the coin’s price could surge.
Well, none of that has happened so far. To some who couldn’t fathom the future, TRX was just one more overhyped project. That may have pushed some to panic and sell-off their holding.
The general market decline of crypto prices
The market is gravitating towards some form of recovery and June remains a month that could see a TRON breakout. May was a tough month for cryptocurrencies, as has been most of 2018. One factor that has undoubtedly contributed to the poor show for TRX is market volatility.
Crypto assets have been known to experience extreme price swings. Coins have been known to go on remarkable rallies, like TRON’s own 400% run in April. The coin began April trading at $0.02 against the US dollar. However, it embarked on a 400% price surge that saw its price rise to $0.10 on April 30th.
What this means is that even though the coin isn’t doing very well at the moment, it could still rise before Q2 ends. Here are some of the reasons that support this assertion.
Reasons that could see a TRON breakout in Q2
Tron’s strong market presence
Tron has strong market fundamentals. Currently, TRX is ranked 10th on the market and trades at $0.059 against the USD. Even though it hasn’t had a great run in the last 7 days or last 24 hours, the coin remains one of the most appealing in the top 10 market.
There are 65,748,111,645 TRX in circulation and an average 24h trading volume of $350 million in the last 30 days. The crypto even managed a total of $2,124,440,000 daily trading volume in April.
Apart from that, the coin’s low price could be a positive factor for it. It’s a popular coin that is cheap and easily accessible. It has so far been the buzz of crypto and more and more new investors find it to be the most appealing. It accords would-be investors a chance to buy low and reap massive returns.
One point of reference is the 400% surge in April. With bullishness returning to the market, TRX could see such a move materialize. This scenario, coupled with other factors could see it break above $1.00 in June.
The one factor that could propel TRON (TRX)’s price higher is the spate of partnerships it’s signing. The TRX community is excited at the speed at which different firms and companies are joining the TRON juggernaut. From the various companies running for the June 26th Super Representatives to the numerous exchanges listing the coin, the future is really bright for TRX.
More importantly, strategic partnerships with platforms like Game.com, oBike, UPlive and the recent vSports are all likely to be very lucrative.
Another major partnership is the one signed with ShiftMarkets that it will “increase its liquidity not only the crypto-markets but also the traditional FX markets”. All these partnerships are drawing users to the TRX platform, increasing demand. This may spike in coming days and if the coin rallies, a breakout in Q2 is possible.
Increased listing on Exchanges
The TRX token has gained much more traction in recent weeks, driving demand and providing accessibility. At the moment, the coin has 100 pairings as recently announced by TRON CEO Justin Sun, who tweeted,
“Over 100 trading pairs for $TRX! #TRON never sleeps.”
In addition to the many exchanges already offering TRX pairs, the coin was recently added to sites like BitForex, CoinEx, and OTCBTC. With increased visibility, the coin is ready for the next phase that could see value rise.
The Justin Sun impact
The impact of founder and CEO Justin Sun is that he has put the coin on the crypto map. His tireless desire to see the coin deliver has made TRON one of the most popular coins. However, it’s not just his dedication. The CEO has some of the best connections in blockchain and in mainstream tech companies.
Some of his connections in China could prove very influential towards adoption efforts. Perhaps the one that has all eyes on TRON is with Jack Ma and by extension Alibaba. If a partnership came out of such a relationship, then a definite breakout in Q2 is possible
TRON (TRX) is an exciting project and its efforts to transform the content and entertainment industry are going to make it one of the top cryptocurrencies. June is just the beginning and $0.059 is really an opportunity.