TRON Price Analysis — February 26

TRON Price Analysis — February 26

TRON’s (TRX) mainnet continues to lag in terms of transactions, as Binance Smart Chain (BSC) hits 2.7 million in just 24 hours.

For better understanding, Ethereum (ETH) has just 1.2 million transactions. The influx of users to the BSC is likely as a result of the low fees offered by the platform, which makes transactions easier to facilitate.

On BSC, users are required to make payments using Binance Coin (BNB), which has boosted the price of the cryptocurrency in the market. Meanwhile, the exchange (Binance) also records about $1 billion in trading volume daily.

On the other hand, it has been more than a year since TRON’s mainnet got launched, but the network took 417 days to record its 3.5 millionth transaction. Creating an account on TRON’s mainnet is easy. This easy accessibility previously sparked concerns about how many of these accounts were not linked to real people.

Nonetheless, TRON’s DeFi ecosystem is performing incredibly well and has now exceeded a valuation of $5.7 billion.

Despite some positive growths in the network’s ecosystem, the price of its native cryptocurrency (TRX) is having a hard time reflecting the growth. However, TRON enthusiasts believe that this is a sign that the fundamental standings of the network are solid, but are yet to gain the attention of the cryptocurrency community at large.

TRX – 4-Hour Chart

Key TRX Levels to Watch — February 26

TRX remains in a bearish mode as the entire cryptocurrency market recorded a second crash this week. We expect the cryptocurrency to facilitate a rebound around the $0.0412 support to the $0.0500 resistance in the coming days. On the flip side, a sustained break below the $0.0400 support is very unlikely at the moment.

Meanwhile, our key resistance levels are at $0.0461, $0.0500, and $0.0514. While our key support levels are at $0.0412, $0.0350, and $0.0300.

Total Market Capitalization: $1.42 trillion

Tron Market Capitalization: $3.2 billion

Tron Dominance: 0.2%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.