Tron Latest Update: Justin Sun Delivers Promising News On the Platform’s Development and Progress

  • Justin Sun conducted a live stream to update viewers on the latest happenings with the Tron network.
  • TRX/USD edges over vital descending trend line, further cementing the current recovery trend.

Tron’s Superiority vs. Other Blockchains

Justin Sun, as promised via his Twitter account, held a live-steam to update the community where he providing pleasant insight into the latest developments. Justin started off by welcoming the impressive activity on the network. The number of accounts has crossed over the 400,000 mark this week, which was a record. He then started to compare Tron’s recent superiority in comparisons to other blockchains, noting that Tron’s account is 20% higher than its rival EOS.

Post Ethereum Migration Burning Update

Sun then detailed that they continue to burn Ethereum-based TRX tokens following the migration off the Ethereum blockchain. The tokens of course are no longer needed. 98% of the ERC-20 TRX tokens were noted to have now been burnt. This marked their fifth coin burn, of the initial 100 million ERC-20 TRX tokens that were distributed.

Project Atlas

Further into the live stream, the Tron team provided an update on the heavily anticipated Project Atlas. This is Tron’s integration with the sharing platform BitTorrent. A new Tron-based TRX20 token will be used, allowing users to share files and improve download speed efficiency. It was also detailed that the uTorrent web under BitTorrent has been made available in China. This essentially allows an influx of Chinse users to enjoy the newly improved sharing and downloading services.

Technical Review

TRX/USD continues to show encouraging signs for the market bulls. The price has proved stability of late, following the strong bounce on 14th August. As covered in the last Tron Price Analysis, a key near-term game-changer, is the long-running descending trend line. The current daily candlestick is sitting just above the mentioned resistance. This latest price development could be inviting of some further buying pressure, given the length of time respecting the line. Should the market observe a daily close above, the next challenge would be the pennant.

TRX/USD daily chart

Despite the trend line resistance breakout, the price must gain further buying confirmation by clearing the pennant pattern to the upside. The upper part of this pattern would need to be tested, tracking at 0.024350. Near-term support can now be eyed at 0.021600. This is on-top of the broken descending line, and in proximity to the 50DMA. Further south would be 0.019625, the lower support of the pennant.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.