Justin Sun, founder of Tron [TRX] was present at the just concluded World Investment Forum, where Changpeng Zhao (CEO of Binance), spoke about the Binance Charity Foundation and Tron’s $3 million contribution to the initiative.
Zhao admitted during the conference that the support of Tron had great impact in the project and that a lot of problems relating to financial transactions can be solved with the help of the blockchain technology.
TRON (TRX) Price Today – TRX / USD
Changpeng Zhao, popularly referred to as CZ stated that: “The world of blockchain technology has a lot of use cases and has to be remembered by everyone. Personally, I believe that with better transparency, we can have 100 times better results. Moving money to deal with social problems is also another way to increase adoption. The sheer number of people who have donated to the BCF is also amazing, and I would like to thank Justin Sun who donated $3 million to this cause.”
Tron, which is currently ranked 11th on CoinMarketCap, has put smiles on the faces of investors as well as the TRONics community after revealing to them that in terms of daily transaction rate, it had surpassed Ethereum [ETH] four times. Reports on 23rd October, revealed that the number of daily transactions had peaked to a high 630,018 while the total number of accounts had reached 500,000.
A profound impact has been created in the cryptosphere by the Ethereum takeover, due to earlier comments made by Justin Sun of Tron taking surpassing Ethereum in terms of adaptation rate as well as transaction speed. He initially said that the crypto community should prefer TRX over ETH due to its superior transaction speed and the applications built on the blockchain.
TRON [TRX/USD]: Technical Analysis
With a good number of cryptocurrencies taking massive hits, the bearish market seems to have caused a lot of problems for the cryptocurrency market. Tron [TRX] has suffered a big hit with the cryptocurrency price breaking after the support was lowered just recently.
A downward trend was revealed in Tron’s trend lines. The TRX resistance has been holding at $0.0267, while the support fell to $0.023. Multiple crests and falls were revealed in the Relative Strength Index [RSI] and currently has settled in the middle, which indicates a buying pressure-selling pressure equilibrium.
A sinusoidal movement was seen in the Awesome Oscillator, with the market momentum almost maintaining the same flow. The indicator also revealed that the presence of bullish and bearish trends were almost equal, with the graph slightly skewed towards the bear.
An angled downward trend could be seen in the daily trend lines which is a sign of the bear’s rule. The daily support is holding at $0.018.
The Bollinger bands have almost formed a pipe-like shape, a sign of the lack of outbreaks and continued sideways price movements. At the moment the bands are converging signaling the start of a bear run.
The MACD graph shows the signal line and the MACD line moving as a conjoined pair and dipping downwards. A bearish trend is shown by the movement with the histogram almost flattened towards its axis.