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UpBots Academy – Know your coins: TRON - Last week we analyzed together the CAKE project, which is none other than the main decentralized exchange available on the BSC blockchain. This week we will focus on a rather old project, since it was created in 2017, Tron.

UpBots Academy – Know your coins: TRON

Last week we analyzed together with the CAKE project, which is none other than the main decentralized exchange available on the BSC blockchain. This week we will focus on a rather old project, since it was created in 2017, Tron.

Creation

TRON is a project that aims to solve the problem of excessive centralization of the Internet due to companies like Amazon, Netflix, Google, and Twitter that have total control over user-generated data. The use of a decentralized protocol then makes sense and would give users back control over their data through the TRX coin.

The founder of TRON is Justin Sun, a former Ripple representative in China. He also created Peiwo in 2015, a live audio app used by more than 10 million users in China, in which the TRX token is now integrated, which notably allows content creators to be paid within the app.

An ICO was organized from late August to early September 2017. This resulted in the sale of 40% of the TRX tokens. The remaining tokens were sold during the pre-sale and equally divided between the TRON Foundation and future applications on TRON.

Usage

The TRON blockchain is used for several things, developers can for example develop decentralized applications. TRON is indeed based on the value proposition of Ethereum for the creation of TRON.

According to the DappRadar website, there are more than 1300 applications on TRON, which is not negligible but still far below the two main players in this sector, ETH and BSC with more than 3000 applications on them.

TRON is also a very fast and low-cost way to exchange USDT. It is much cheaper than using the ETH blockchain, which is often overloaded, but it remains more expensive than using the BSC blockchain.

Technical analysis

From a technical standpoint, TRX has managed to hold above the extremely important support zone between $0.045 and $0.05 and is now trading just below the $0.09 level.

TRX is currently just below an extremely important level and if it is breached, then we could see a continuation of the rise to the $0.11 level.

The daily technical picture remains positive with the MACD and WaveTrend pointing up. On a 4-hour time frame, the indicators are also bullish.

As long as TRX stays below the 0.09 level, nothing more to do. If prices manage to rise above this level, we will open a retracement position.

 

UpBots Academy – Know your coins: TRON

How to profit on the Upbots platform?

We have only one bot trading TRON on our platform but it performs well with more than 92% in total and allows you to trade long-only sides.

It’s pretty good, right? Come and try it for yourself!

Conclusion

And here is another new coin that no longer holds any secrets for you! This one was a different project in comparison with all the others we covered in this series. Next week, we will discuss another very interesting project, NEAR.

See you next week!

 

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