Tron Price Analysis: TRX Up 84% Last Month, Tron can’t Handle BitTorrent Tokenization

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Let’s digress for a moment and draw in the numbers highlighting how prodigious BitTorrent is. As a peer to peer file sharing platform, attack vectors are virtually non-existent and truth is, the platform is exceptionally robust.

Here’s why BitTorrent is a stand out: monthly users top 170 million, average daily users are 45 million, and mobile downloads exceed 100 million. That’s not all, as a 14-year-old digital peer to peer platform, it has gathered valuable assets along the way and we can authoritatively say their executives—before the acquisition—can offer an insight on how best to operate a decentralized company.

Read: HSBC Set To Make Profits with Distributed Ledger Technology (DLT) FX Everywhere Platform

Apparently, executives are not hesitant to give their two cents. According to Simon Morris, the former chief strategy officer at BitTorrent, he strongly believes that although the idea of tokenizing the software can draw value to TRX and the BTT token as originally conceptualized long before the acquisition, he doubts Tron’s ability to handle the transaction volumes required to satisfactorily tokenize BitTorrent.

Founding his reasoning is his insistence that Tron is nothing more than a “marketing machine layered on a very thin veneer of technology” and that it is unlikely that Tron’s throughput will handle BitTorrent tokenization. Simon went on saying Sun—the co-founder of Tron—is brilliant at marketing but “has no technical bone” in him.

Also Read: Web3.0 Is Freedom But, Subscribers Must Pay For dApp Use

Worse still, the company has, over time, resorted to a Trumpian Approach countering criticism with outright deception and lies. In a nutshell, Morris concludes that tokenization is plausible but won’t be attainable on the Tron blockchain.

TRX/USD Price Analysis

Charts Courtesy of Trading View–BitFinex

TRX might be on an uptrend, but in the last day, the coin is down 5.4 percent against the USD at the time of press. Nevertheless, we retain a bullish outlook and as laid out in previous TRX/USD trade plans, we recommend buying at spot with first targets at 4 cents. It’s not easy to see why and the 4 cents target is not far-fetched.

Note that TRX is trading within a bullish breakout pattern after rallying above 2.5 cents resistance level on Jan 8. Furthermore, the rejection of lower lows off the 2.5 cents support level and the failure of bears to reverse Jan 14 gains mean bulls are technically in charge even from an effort versus result point of view.

Moving on, traders should fine-tune their entries in lower time frames and ideal ramping zones should be anywhere between the 50 percent to 78.6 percent Fibonacci retracement level of Jan 14 high low. Fitting stops should be at Jan 14 lows at 2.1 cents. As such, our TRX/USD trade plan will be as follows:

Buy: 2.3 cents-2.5 cents

Stop: 2.1 cents

Target: 4 cents

All Charts Courtesy of Trading View–BitFinex

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.