Tron (TRX) Can Regain Lost Ground Sooner Than You Think
March 31st appeared to have set TRON (TRX) on the path to greater growth. The crypto had just released its Testnet and was awaiting the launch of the Mainnet by May 31 the TRON community had every reason to be excited, but as the mainnet approached, excitement gave way to exasperation.
What’s the reason? TRX prices had failed to rally, even as the entire market capitulated under pressure from the bears.
CEO Justin Sun’s role
One thing has remained evident throughout the tough period: the enthusiasm of the CEO and founder Justin Sun. His constant tweets about the token and its upcoming migration have kept the belief going. However, as the Mainnet takes shape, much of the hype should be replaced by actionable and well-intentioned communication with the community.
If the community develops further trust and the investors and partners see openness, then Q3 could be the beginning of TRX’s march towards redemption.
Is it, therefore, possible that TRON will regain the lost ground and harness once more the momentum to reach missed opportunities? I believe it’s possible, with more TRON hodlers (42%) saying that they are in it because it’s geared towards a better future.
Only 10% state that they are there for the money. So if there’s one more thing that will count in favor of the coin’s recovery efforts, it is the community. According to the TRON site, there are 1,219,514 TRX hodlers.
TRON’s Price drop
At the end of April, TRX was valued at $0.101 and investors were upbeat that the coin would ride the hype and euphoria to gun for higher gains. As it turned out, prices stagnated within a wide range, but steadily dropped till it touched a low of $0.03 on June 13th. Such prices had last been witnessed in late March/ early April this year.
After reaching the $0.101 value, TRX lost momentum and slid alongside the rest of the market. It hasn’t helped that Bitcoin has probably failed to stem its own decline. The result is most of the altcoins have been dragged down the drain with it.
TRX was one of the coins that faced immense selling pressure as prices crumbled. To its credit, the coin slipped moderately over two days of a bloodbath. It dropped from a high of $0.05 to touch lows of $0.03 before bouncing to touch $0.038.
Will the prices recover?
The TRX coin will likely begin to recover towards new highs by July after the token migration. In the event that the platform completes this process without any hitches, then the expectation is that confidence will trickle back into the investor community.
It might as well coincide with a general upturn in the market. The expectation is that sentiment will have begun to look up and other market fundamentals will help push TRX prices higher.
TRX/USD is valued at $0.044, over 4% higher than its previous value in the last 24 hours. The move may be temporary, but it illustrates the resilience and probability of a push towards the April 30 prices. More importantly, TRX intraday volumes remain high as a total of over $274 million worth of the token have been traded.
What is next for TRON?
At the end of May, TRON officially launched their token migration from the Ethereum network to its own Odyssey 2.0 blockchain. At the moment, the process remains in Beta. There are tests going on to ensure everything is set before the transition from ERC-20 token status to TRX Mainnet coin happens between June 21st – June 25th (GMT+8).
The independence that comes with this process will also include an election of the platform’s Super Representatives.
The excitement around TRON may have dampened but the support its token migration has received is huge. At the moment, about 27 exchanges have pledged their support to the coin.
TRON’s prices may have dipped over the last two months, but the platform has seen tremendous growth over the same period. There are numerous dApps that already run on the platform, with more expected after the Mainnet launch.
Also of importance will be TRON’s chance to prove its advantages over most other cryptocurrencies in relation to high transaction throughputs and much lower fees. If it can deliver and maintain the 2000tps, then its recovery will be hastened by an influx of entertainment-based dApps.