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Cryptocurrency News Articles
TRON (TRX) Price Prediction: TRXUSD Primed for 35% Upswing As It Flips Ethereum (ETH) and Solana (SOL) to Lead Stablecoin Market
Oct 09, 2024 at 05:01 pm
TRON is an ambitious project dedicated to the establishment of a truly decentralized Internet and its infrastructure. The TRON Protocol, one of the largest blockchain-based operating systems in the world, offers public blockchain support of high throughput, high scalability, and high availability for all Decentralized Applications (DApps) in the TRON ecosystem.
TRON is a blockchain-based decentralized operating system. It was founded in 2017 by Justin Sun. TRON's goal is to create a decentralized Internet that is faster, more scalable, and more secure than the current centralized Internet.
TRON has a three-layer architecture: the core layer, the storage layer, and the application layer. The core layer is responsible for the blockchain's core functions, such as smart contract execution and consensus. The storage layer is used to store data, such as user accounts and transactions. The application layer is used to develop decentralized applications (DApps).
TRON uses a delegated proof-of-stake (DPoS) consensus algorithm. In DPoS, a group of validators is elected by the community to produce blocks for the blockchain. The validators are known as Super Representatives (SRs).
TRON's native token is TRX. TRX is used to pay for transactions on the TRON blockchain and to vote for SRs.
Some of the key features of TRON include:
* Block production time: 3 seconds
* Number of validators: 27
* Average fee per transaction: Free
* TPS: 85
TRON's stablecoin ecosystem generated revenues of $566 million during Q3, which is more than Ethereum and Solana. Tron also has a higher market share of stablecoin at 34.8%.
Moreover, Tron has nearly 90 million long-term holder addresses, which is an increase of 237% in the past year.
TRX prices surged more than 6% this month. It hit a high of $0.1609 and currently trading around $0.1595. The pair is holding well above the short-term (34 and 55-day EMA) and long-term hull moving average (365-day EMA).
The near-term resistance is around $0.1690, any indicative breach above will take the pair to $0.17795/$0.20/$0.25. On the lower side, immediate support is $0.1100, and any violation below targets $0.00950/$0.0875/0.0800.
Indicators ( Daily chart)
CCI(50)- Bullish
Directional movement index - Bullish
It is good to buy on dips around $0.1450 with SL around $0.110 for TP of $0.20
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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