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ID In the midst of tight stock exchange competition cryptocurrencies Indonesia, Tron is present as one of the strong players. It didn't take long for the TRX coin to gain the trust of investors since its launch in 2019. However, how big is Tron's potential to bring in profits in the future? Let's study it together!
Daftar Isi.
What is Tron Coin (TRX)?
Tron is a blockchain-based ecosystem project was originally founded and managed by a non-profit organization called the Tron Foundation from Singapore. The head of this organization is Justin Sun, whose name was once included in the 30 Under 30 list in the leading magazine Forbes Asia.
Initially, the Tron network was created based on the Ethereum decentralized blockchain. However, as it developed, Tron also migrated to its own network protocol. TRX tokens are also used for transactions and interaction in this ecosystem.
The Tron Network was founded with a big goal. Not just a digital currency, but also a decentralized social ecosystem. The main focus is on the digital entertainment sector. For social media users and digital artists, it is hoped that Tron can become a means to buy and sell and distribute their work safely, privately and cheaply.
Advantages of TRX Coin as Crypto Currency
The strong performance of Tron coin on cryptocurrency exchanges is due to several advantages it has in blockchain, among others are as follows:
Transparent Roadmap
Not many blockchain projects have clear goals and plans from the moment they are launched. However, Tron already has a clear roadmap and is stated in the whitepaper. Justin Sun, as the founder of Tron, often provides the latest news regarding Tron's development, which is still consistent in its roadmap.
High and Fast Transaction Volume
Tron's service is capable of processing up to 2,000 transactions every second. High transaction volume is not a problem for this cryptocurrency. This characteristic makes it reliable for various types of business activities that involve many people. This advantage is what makes the potential for Tron tokens to be adopted even higher.
Low Fees with Smart Contracts
The smart contract innovation used by Tron makes it even more efficient. Currently, the TRX coin transaction fee is only $0.000005. Apart from that, there are no administration fees from third parties because of Tron's decentralized system which allows you to transact directly with other parties without a central intermediary.
Protection of Copyright
One of the unique blockchain technologies in the Tron system allows content creators to ensure copyright of their work safe. Apart from minimizing the risk of plagiarism and copyright infringement, content creators also have the freedom to manage the distribution process for their work and eliminate the need for intermediary fees if they do it on the Tron network.
News and Market Developments Related to the Tron Network
The development of the Tron blockchain project from time to time often becomes news in various media. In a way, these various news will influence Tron price fluctuations on the stock exchange. That's why you can't miss it.
Good news comes in early March 2024 Then Justin Sun announced that he would launch a Tron-based marketplace platform. This was a major achievement for the Tron network that was responded to with great enthusiasm by investors. Not surprisingly, this news also caused the price of TRX on the stock exchange to experience a drastic increase to 24%.
Not long before, namely on end of February 2024, Tron formalized a strategic partnership with Merlin Chain, known for their Layer 2 Bitcoin solution. This collaboration increases Tron's opportunities to be increasingly adopted and integrated with various other digital platforms. For TRX coin users and the entire Tron community, this collaboration can be likened to the opening of a big road.
Another interesting news is on end of January 2024 where Tron has officially been integrated with Huawei Cloud's Web3 service. This achievement is quite interesting considering that Huawei itself is a fairly large technology company. This integration provides benefits in the form of increased efficiency, usability and performance. Apart from that, transaction fees in the Tron ecosystem can also make users save more when making transactions.
The rapid development of blockchain technology on the TRX decentralized network has made the price of Tron increasingly valuable in the Indonesian crypto market. Of course, not all news is good news. News on February 22, 2024 then reported that one of the well-known technology companies, Circle, decided to stop supplying USDC support to the Tron network because it was suspected that TRX assets were only Justin Sun's personal wealth. But of course, this news did not have a significant impact on the Tron community.
Tron Coin Exchange Strategy and Analysis (TRX)
Even though the news shows very promising developments, technical analysis is still needed to be able to determine the right trading and investment strategy. For TRX coins, you can pay attention to the following analyzes.
The chart above shows that TRX's long-term potential is quite promising. Tron price is predicted to reach levels $0.45, $1.47, and even around $5.1$ – $6.7. Of course, these predictions still have to be reviewed regularly to adjust circumstances from time to time to ensure their accuracy.
For Tron trading purposes, you need to carry out a more short-term analysis. For example, you can see the following chart. This chart was taken in December 2023 as material for price predictions in 2024.
In this chart, you can see an increase in Tron's price of around 3%. If drawn, the projected price of this token forms a resistance triangle. The yellow line indicates that a major bullish reversal level is very close. Meanwhile, the green line is the formation meridian at level $0.103.
From this analysis, it can be concluded that the price position is increasingly cornered in the resistance triangle. Most likely, soon there will be a bullish event that can bring in profits. Many swing traders and investors also increased their respective Tron investments. So, will what happen in 2024 match predictions and expectations?
The following is a chart showing TRX's position on the crypto market in March 2024. It's really interesting, because the TRX price movement turns out to be in accordance with what experienced traders had previously projected.
It can be seen that the price of Tron is very steadily bullish as far as successfully breaking out of the resistance triangle. In terms of transaction volume, it tends to be stable. The increase in asset value that occurred in those 3 months even reached more than 30%. With the right timing, imagine how much profit we can get just by buying and selling TRX in this period.
Let's look at the information and one more interesting analysis below regarding Tron's price fluctuations from the beginning of its release until now.
Some traders may still remember the peak of TRX asset investment glory in April-May 2021. Not long after that, the price also rose steadily around September-December 2021, although it was not as strong as the previous price peak. If it is withdrawn until 2024, Tron's price position will have reached the same level as in September-December 2021. With movements that are still bullish in the long term, it can be predicted that the glory of the value of this crypto asset may return again.
Tips for Investing and Buying and Selling Tron
Tron tokens do have huge profit potential as an asset, both for short-term trading and long-term investment. However, the risk still exists. Therefore, you have to be careful. Try to apply the following tips so that everything is safe and you can optimally minimize risks.
Understand the Technology
Understanding the system and how Tron's decentralized ecosystem works will help you gauge the investment potential of this cryptocurrency. For content creators, understanding the Tron system may also give you the opportunity to use it directly as a content sharing platform. Complete information about TRX and the Tron network in general can be read directly in the whitepaper or through various articles on the internet.
Adjust it to your investment plan
Observe Tron price fluctuations, transaction volume market, and market analysis to predict future price movements, both short and long term. Make sure the existing price predictions are still safe and in accordance with your trading or investment plan. Also consider whether you will only trade, invest, or will also be an active user of this token.
Use Cold Money
When it comes to investing or trading crypto, avoid using money that you currently need to use. So, you can carry out transactions when price movements are right. Apart from reducing risk, using cold money will also prevent you from panic buying or panic selling. Imagine if the money used for trading suddenly had to be withdrawn when the market was bearish. Of course, this will cause losses and disrupt your long-term investment plans.
Active in the Community
Getting to know and communicating with other TRX investors will help pushYou can dig up more valuable information with this blockchain project, so you can be more accurate in managing your transactions and investments. A strong community will also be more effective in encouraging adoption of the Tron currency, which will ultimately increase the investment value as well.
Follow News and Developments
Blockchain-based cryptocurrency is a rapidly developing technology full of fierce competition. Following news about Tron will give you insight into how the quality and performance of this ecosystem is. The information you get will help you determine when to buy and sell and how large the transaction volume should be.
Also pay attention to other crypto assets
Portfolio diversification is very important when it comes to investing in crypto or any other asset. Therefore, don't mobilize all your assets in the form of TRX alone. Regularly check what tokens are trending on the crypto market. Look for information and carry out in-depth analysis to check whether Tron is still superior and reliable, as well as what other crypto tokens are suitable to be used as assets.
Choice of Crypto Exchange for Tron Transactions
Of course, you shouldn't just choose a platform for crypto transactions carelessly. For safety and comfort transaction, you should use one of the following crypto exchanges:
Binance
One of the largest cryptocurrency platforms in the world, Binance offers easy investment and trading for various digital assets, including Tron coin. Binance also has various useful supporting features such as staking, spot trading, and so on. Apart from that, Binance's liquidity is also relatively good, so it can be relied on by traders 24 hours a day.
Bybit
Famous for having a very user-friendly interface, Bybit is the right crypto exchange choice for both beginners and experienced traders. Apart from TRX and various digital coins, this application also offers various financial products related to crypto networks. One of the interesting features of this application is grid trading, where you can set your own trading strategy which allows you to harvest profits automatically 24 hours every day.
Kucoin
The Kucoin platform provides various advanced features to facilitate transactions and increase profits, for example Kucoin Earn, leveraged tokens, and margin trading. This crypto exchange is liked by many Indonesian traders because of the large selection of crypto assets available even reaching more than 700 types, which of course also includes TRX. However, the most prominent advantage of this crypto exchange is its high security features, thus providing a sense of security for investors.
MEXC
Available in more than 170 countries around the world, MEXC is a crypto exchange worth considering because it has a high level of security and low fees. Not only TRX crypto, this platform also has many other cryptocurrency options for trading or long-term investing. MEXC also has a Kickstarter program, where users can vote on various new blockchain projects to be listed on the platform.
HUOBI
This crypto exchange, which is very popular in Asia, offers more than just a trading application for TRX and other crypto assets. HUOBI is a complete digital asset ecosystem with various interesting features such as derivative trading, crypto loans, and various crypto yield products. In terms of security, this crypto exchange can be said to be superior because there have never been any reports of cyber attacks or similar problems since its launch in 2013.
BingX
TRX buying and selling transactions can also be done via the BingX application which also has lots of interesting features. Most beginner traders like the Copy Trading feature, where you can replicate the trading strategies of big players so they can apply them automatically to your own trading machine. The BingX application security system is also equipped with AI to detect various possible cyber attacks and other security threats.
Etoro
Apart from investing in TRX and other crypto coins, the eToro platform also supports other investment assets, such as stocks and ETFs. Uniquely, this crypto exchange application also offers a virtual brokerage account, where you can simulate investing or trading according to real-time prices without using real funds. This feature is certainly very useful for beginners who are still unsure about their own trading analysis abilities.
As a crypto product that experiences consistent development, Tron tokens are worthy of consideration as an investment or trading asset. What do you think? Would you consider adding this TRX token to your portfolio?
