Tron (TRX) Price Update: Rise Expected Around Core Upgrade

The Tron (TRX) price has dropped 2.43 percent in the last 24 hours, according to CoinStats, one of the best cryptocurrency portfolio trackers.

The TRX-to-dollar exchange rate established an intraday low towards 0.0323, down up to 5.91 percent from the market open. The pair, ahead of the US morning session, attempted a small upside recovery of 2.81 percent but appeared substantially weak to extend it any further.

As of 1920 GMT, the TRX coin was trading at $0.0329 while it’s market capitalization was approx $2.178 billion.

tron, coinstats
Tron Price Slipped 2.43% in the Last 24 Hours | Source: Coinstats Cryptocurrency Portfolio Management App

The Tron price depreciation took place amidst a flat bitcoin price action which, in turn, dropped silent before a high-profile cryptocurrency introduction by Facebook.

The social media giant today unveiled Calibra, its digital wallet, alongside its native cryptocurrency dubbed as Libra. The entire cryptocurrency appeared to have had turned its attention towards the Facebook token, which affected the leading cryptocurrency’s own intraday bias. The altcoin market merely tailed the bitcoin price trend, including Tron.

Tron Core Upgrade

The Tron Foundation today announced that it would upgrade its MainNet to version 3.6. The organization confirmed the update would introduce a more lightweight built-in event server with added protocol data check.

“The TRON public chain enjoys a transaction per second (TPS) of tens of thousands, and maximizes user engagement to its ecosystem with free access and strong incentives. Developers can use the TRON Protocol and the TVM to develop applications both for themselves and the community.”

read the foundation’s official blog.

The core upgrade does not promise to prompt a strong upside push in the TRX market. Nevertheless, given the intraday correction coupled with the asset’s overall weekly performance (which is relatively positive), Tron would likely surge decently.

The move would provide day traders plenty of opportunities to open and exit fresh long positions, as also discussed in one of our previous Tron price analysis.

Leave a Reply

Your email address will not be published. Required fields are marked *