Tron Price Analysis: DApp TRONbet Pays Out 300 Million in TRX tokens

  • Decentralized App (DApp) on Tron Network, TRONbet, has paid out 300 million TRX tokens.
  • TRX/USD bulls have a serious amount of barriers to breakdown in order to escape this mundane trading range. 

A Tron Network DApp Pays Out 300 Million TRX tokens

A new gaming DApp based on the Tron network, known as TRONbet, has reached another milestone. They reported to have paid out 300 million in TRX tokens to its users within its first week since it launched. TRONbet is a gaming platform that enables users to bet games via the Tron-link wallet.

The number of transactions that are being executed reportedly continue to outperform Ethereum (ETH) on a daily basis. Most recently, TRONbet has already achieved more than 150,000 in transactions per day. This latest number accounts for around 20% of Tron’s total daily transactions.

DApps on Tron Network Surge

Since the TVM launch earlier this month, the number of Tron DApps has surged. As stated via Tron App website, there are currently 53 decentralized applications. These are not all live, as they are all at different development stages. Listed categories are; live, beta, prototype, progress, concept and abandoned. 14 of them are live and active according to the website.

Technical Review – 4-hour Chart

TRX/USD 4-hour chart

TRX/USD has been grinding lower after opening within 0.025000 territory at the start of the week. The momentum is with the bears as of now, looking to test key near-term areas of support. This is immediately seen at 0.023293, the 23rd October low. Looking further to the south, 0.228520, this is where an ascending trend line can be observed. It is also in proximity to the 13th October low. A failure to hold could see TRX/USD free falling, testing the 11-12 October low area, 0.020685.

Lastly, in terms of near-term resistance, this can be seen at $0.024225, the high print on 24th October and general 4-hour resistance. Enough momentum and a breakthrough could see TRX/USD testing the levels from start of the week, 0.025000. Observing from a long-term time frame, such as a daily, it can be seen how much is in the way of moving out from the 2 cents territory.

Technical Review – Daily Chart

TRX/USD daily chart

There are many barriers in the way of stopping TRX/USD moving into the 3 cents territory, as highlighted in the 4-hour technical breakdown. Price action has been trapped within the $0.017000 – $0.028300 range, going on 11 weeks now. A lack of momentum and firm commitment continues to take its toll on the price. As a result, on each occasion the market observes a decent rally, the bears swoop in with deep selling pressure.

The key to further upside is simply TRX/USD needs to break and close above this mundane range. In terms of how this can be done, the bulls must breakdown the chunky supply area, $0.027000-0.028000. Bulls have faltered in this region on several occasions in October, September and August. Therefore, it is going to really take some decent buying pressure to see a break from this stubborn range and tough resistance.

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.