It is a challenging time for cryptos. Both external, as well as market-related factors, are pressuring the market. It is also an ideal chance for searching for any undervalued crypto gems that may perform well with the rebound of markets. When searching for any hidden crypto gem, one of the important factors that you must consider is news that may help in driving up a crypto’s value. Tron looks like one crypto that may lead the recovery in the upcoming weeks. It follows one declaration by the founder that this project was going to one acquisition spree. If you go by history, it is a great reason to invest in Tron. If you are interested in Bitcoin trading, check bitcoin-motion.
A glance at the history
During the crypto-mania of 2017, Tron emerged. A group of investors along with developers having a similar vision of reshaping the internet with cryptos backed it. Tron went on to become more than a network of blockchain to be home for decentralized apps, tokens, smart contracts, and so on. However, the platform raised a lot of eyebrows when it is created Ether-compatible components back in 2017. Tron also focused a lot to publicize its founder Justin Sun. Its reach got expanded beyond Asia.
The platform of Tron got powered by TRX its native token. It carries many advantages other than only being crypto. The price of TRX maintained a noteworthy upward movement for some time. Recently, the price swung within a noteworthy reducing trend. It also attempted to find bigger levels of support. If the flip is successful from here, then a notable rally is expected to stay ahead.
After the 2018’s crypto crash, Tron was among the first ones to recover. It followed the move by this crypto to acquire BitTorrent. It is one of the largest global data-sharing networks that is peer-to-peer.
Will a repeat take place?
Is Tron going to do a repeat of whatever happened after BitTorrent. The crypto founder, Justin Sun, mentioned a few things in his latest comments on this crypto. He said that they were ready to spend almost $5 billion on any acquisition. He also said that their focus will be on platforms having broad adoption. He added that they will be targeting those in Decentralized and Centralized Finance.
He also mentioned that the worst could get over for the market. A clean-up procedure will follow as the market will pick back itself. His comments are a huge deal. These may have many positive implications for crypto.
Once these acquisitions begin, Tron may experience FOMO. It is because, at any time like this, when there is little going on in the crypto market, this news will be triggering expectations of investors related to Tron performing well. The prospect of FOMO will make Tron-leading crypto worth staying alert about in the next few days.
Apart from FOMO, these acquisitions may add to the intrinsic value of Tron significantly. For context, the BitTorrent purchase significantly added to the inherent value of Tron. It got reflected in its value in the rally of 2020/2021.
There are many projects with $5 billion that are highly significant compared to BitTorrent that Tron can purchase. It means going into the upcoming bull run, the intrinsic value of Tron will be very higher than it is at present. Such a factor may see Tron do many times its present price in the next bull run of crypto.
The price of TRX after undergoing one silent rally for a long time increased highly to attain more than 10 cents levels. It was much close to 20 cents. But the crash of last year in May dragged the price as low as $0.05. As this asset flipped the bearish trend and then regained its position at more than $0.1 that too remained a short-lived one. This asset again moved towards its initial levels of almost $0.06.
During the press time, this asset is trying to make a noteworthy rebound from the start and after a little jump, the bear is again in action. Buy StockRSI hovered within the levels of overbought. Hence it indicated a minor retracement quick approaching. But the RSI is ranging north. After the present pullback, the price may be regaining its bullish momentum. But smashing $1 may be very challenging now. However, with this market going parabolic, the price of TRX may too move north.