Is Tronix (TRX) a good buy in June 2022?

By:
on Jun 17, 2022
  • The cryptocurrency market continues to be under pressure
  • TRX has a support level at $0.050
  • American investor Jeffrey Gundlach said that we could see new lows

Tronix TRX/USD has weakened from $0.092  to $0.046 since June 01, 2022, and the current price stands at $0.060.

The cryptocurrency market continues to be under pressure, Bitcoin is trading close to the strong support that stands at $20000, and according to American investor Jeffrey Gundlach, we can see new lows for the cryptocurrency market.

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Decentralization of the internet

TRON is a blockchain-based entertainment content sharing platform that has gained incredible traction in recent years, with millions of users and upwards of billion transactions.

The platform structure is very similar to the Ethereum platform, and it uses some of the same basic building blocks, such as decentralized applications (dApps), smart contracts, and tokens.

Founded in 2017 by a Singapore non-profit organization, TRON was created as a direct challenge to the media industry, including the web-based giants like Netflix and Amazon.

TRON is dedicated to accelerating the internet’s decentralization, allowing users to create content, websites, and applications without having to rely on centralized services. TRON also enables content creators to sell their work directly to consumers, representing a benefit for both sides.

TRON has its own cryptocurrency known as Tronix (TRX), which can be used to pay the content creators to access their applications. TRX connects the entire TRON ecosystem with abundant application scenarios that power transactions and applications on the chain.

TRX is listed in over a hundred exchanges, and it is a natural medium currency for all TRC-based tokens. Owning TRX is also a prerequisite to participating in Tron’s consensus system, and it is important to say that transactions in TRX are free on the platform.

Technically looking, Tronix (TRX) remains under pressure, and if you decide to buy this cryptocurrency in June 2022, you should consider that the price can weaken even more.

The uncertainty because of the Russian-Ukrainian war, high inflation, and the rising risks of the recession remain in the focus of investors, and according to American investor Jeffrey Gundlach, we can see new lows for the cryptocurrency market.

Technical analysis

Data source: tradingview.com

Tronix (TRX) currently trades around the $0.060 level, but it would be a strong sell signal if the price falls below $0.050 support. The next price target could be around $0.040 or even below; still, if the price jumps above $0.070, we have the open way to $0.080.

Summary

TRON is a blockchain-based entertainment content-sharing platform that is dedicated to accelerating the decentralization of the internet. The cryptocurrency market remains under pressure, the price of Tronix (TRX) can weaken even more in the upcoming days, and probably it is not the best moment to buy this cryptocurrency.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.