- TRON is the best-performing coin of the day, but the upside may be limited by DMA100 $0.0220.
- Tron’s founder makes optimistic forecasts and outlines the company’s plans.
TRON (TRX) is the best-performing cryptocurrency out of top-20 coins with over 10% gains in recent 24 hours. TRX/USD is changing hands at $0.0270 with market cap registered at $1.7B. Tron’s trading volume has doubled from $162M on October 6 to $340M at the time of writing.
What’s going on
Tron’s founder Justin Sun demonstrates miracles of marketing, pushing the price higher with optimistic forecasts. Speaking in the interview with Investopedia, he said that Tron will be among top-3 coins in the nearest future.
“TRON is set to surpass Ethereum on the road to becoming the world’s largest decentralized protocol. We will be delivering on these key milestones in the last quarter of this year and the first quarter of 2019,” he said.
Mr. Sun outlined the steps that need to be done to achieve this ambitious goal, including the merge of BitTorrent and Tron technologies, which will allow the company to capitalize on BitTorrent’s 100 million user base and experience an exponential growth. Apart from that, Mr. Sun is focused on improving the company’s image and expanding Tron’s brand awareness and recognition.
“Our second goal is to expand awareness and recognition of the Tron Protocol. Between the fourth quarter of 2018 and the first of 2019, we will continue to position ourselves more solidly in the cryptocurrency market, as well as in more exchanges,” he explained.
Technical improvements and extended functionality are also at the top of Tron Foundation to-do list.
Tron’s technical picture
From the technical point of view, TRX/USD is capped by DMA100, located marginally above the current price at 0.0271. If it is cleared, the upside will be extended towards the next psychological handle $0.03, which is the highest level since August 6. However, the ultimate bullish target is created by $0.04 (78.6% Fibo retracement level for the upside movement from March 18 low).
On the downside, the support is produced by DMA50 at $0.0222. If it is broken, the sell-off may be extended towards $0.0212 (October 3 low) and $0.02 (psychological level).
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