It’s no secret that Tron (TRX) investors have gone through some turbulence these past weeks as the token went on a decline, even at some point dipping below the major support threshold of $0.04. However, Tron now seems to be garnering quite some support as it rises again, signaling a possible bullish run that could see investors rake in good profits.
A Bullish Run Is In The Corner
In fact, in the last few hours, Tron has appreciated by 6%, pushing above both the 55 and 100-day estimated moving averages. These thresholds represent the main resistant averages for the cryptocurrency, and it rising above them is a sure sign for good news to come. A bullish reversal may well be in the offing, a trend that could see the crypto step to the $0.10 mark in the coming weeks and possibly break the $1 barrier soon.
While it’s possible that today’s bump up is a result of the current rise in Bitcoin value, this may not be the case in the future as Tron is currently taking steps to free the cryptocurrency from Bitcoin effects and sustain an upward trend.
One of these efforts is the successful migration from the general Ethereum blockchain, a process famed as smooth and without flaw. This has played a key role in building confidence and attracting more investors.
Keys To Success
Another key factor set to really propel Tron to more popularity is the planned introduction of the Tron Virtual Machine through which developers can transfer their projects from the Ethereum blockchain to the new Tron blockchain.
The TVM is set for launch on July 31. Since Tron network is better than Ethereum – in regard to scalability, efficiency, cost, and speed – more developers will be inclined to join in to enjoy these benefits.
Also, the adoption of Tron as a valid currency for payments by sites like PornHub and Posteezy gives the cypto the much needed support to thrive, besides partnering with various other entities in the gaming industry.
Game.com is one of them, and that gives Tron a strong presence in an expanding industry. The more it gets adopted, the more valuable it becomes.
A critical look at Tron’s current support base indicates a possible price jump and profits to be made by early-entry investors. That said, now might well be the right time to jump on the Tron bandwagon.