Tron has been trading inside a range visible on the short-term time frames, and a break lower could lead to a drop to the next one visible on the daily chart.
Price has been trading below the 100 SMA on this time frame also, indicating that selling pressure is in play. A break below support could lead to a selloff that’s the same height as the current range, which spans 0.0330 to 0.0400.
RSI is still heading lower and might have some room to go before hitting oversold levels. This suggests that sellers could stay in control for a bit longer and might have enough energy to push for a test of the next support around 0.0280.
Stochastic is also pointing down but approaching oversold territory, so sellers might need to take a break soon. If the oscillators start turning back up, buying pressure could return and lead to a move back to the resistance levels again.
Investors seem unimpressed by the latest set of announcements from Tron, such as their plans for the BitTorrent acquisition and the launch of the virtual machine. Either that or the enthusiasm might keep fading until another set of updates are announced.
Still, it’s worth keeping tabs on their Project Atlas, which integrates the BitTorrent platform with Tron’s protocol in order to incentivize digital content creators and seeding. According to founder Justin Sun, this is in keeping with their ultimate goal to decentralize the internet using Tron.
Meanwhile, the virtual machine has been created as a Turing complete VM that aids in the expansion of the Tron platform. This will be fully compatible with Ethereum to add efficiency while reducing costs and tariffs. The more stable and final version of the VM will be released on August 30and offer more stability and security to users, so this should give investors something to look forward to.
The BitTorrent acquisition by Justin Sun and the Tron (TRX) Foundation has left many crypto-enthusiasts guessing as to how the peer-to-peer file sharing platform will be used on/with the Tron blockchain. More so since the announcement of project Atlas by Justin Sun during the launch of the Tron Virtual Machine on the 30th of July this year.
Set up a development plan for the next 3 months with more to be announced by the end of August
Explore the possibility of using the Tron protocol to improve the BitTorrent protocol to make the latter faster and lengthen the lifespan of BitTorrent swarms
The Tron network will serve as the underlying protocol of the Secret Project to enable the 100+ million BitTorrent users to be part of the Tron ecosystem
The integration of BitTorrent and TRON will offer new possibilities to global payment and settlement of online content
It is with the last part of the project Atlas that we are interested in. Its idea is similar to one expressed by Satoshi Nakamoto in an email back in November 2008. In the email, Satoshi wrote:
For transferable proof of work tokens to have value, they must have monetary value. To have monetary value, they must be transferred within a very large network – for example a file trading network akin to bittorrent.
Justin Sun also tweeted Satoshi’s email as can be seen below:
Imagine a file sharing platform where leechers have to pay seeders! You now have a system where seeders get paid to seed. This dynamic then creates a balanced ecosystem where everyone is happy. Leechers get to leech for a nominal fee, and seeders get paid to seed. It’s a win-win for everyone and will create many 1:1 users who leech just as much as they seed, effectively breaking even. This is how file sharing should operate.
In an open letter to the Tron Community, Justin stated that there are currently no incentives for peers on the BitTorrent platform. With more details about project Atlas to be released in August, we might have to wait and see the full plan of Justin and the Tron Foundation with regards to integrating BitTorrent into the Tron Ecosystem.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.