TRON price analysis 17 May 2019; price is down but value is still there

TRON needs to be commended for its integrity after the whole ex-CTO shenanigans. The company was at risk due to very serious PR pressure after their co-founder called the project one of the most decentralized blockchain projects in the world. Due to such a terrible post being made by a person who participated in creating TRON, the price quickly tumbled but then regained its footing with Bitcoin’s rise above $8,000.

However, this small victory in terms of price was not long-lasting as TRX, just as easily as it followed BTC upwards, followed it downwards and lost nearly 40% of its value overnight. Despite the fact that the future seems very bleak, the current users believe that more and more customers will soon sign up on the platform and ultimately drive the price up.

TRON is currently traded at $0.026 after its massive fall from yesterday’s $0.033 price point.

TRON 17 may chart

TRX chart by TradeView

Despite the fact that there is hope from TRX users that the platform can always benefit from more users, yesterday proved to everybody that more users may not change anything at all. Even though the PR controversy was relatively settled, TRX was still making, major gains in the market, and once BTC fell it followed suit. If that is not a testimony to the fact that nearly every Altcoin depends on BTC’s success than I don’t know what is.

At this moment no clear prediction can be made for tomorrow as BTC’s fate is quite clouded. But if we follow common sence then TRX should continue falling for the time being, in pursuit of Bitcoin. Once Bitcoin is able to rally than a correction from TRON is to be expected as well.

The overall tip of the day is to sit tight and wait. The weekend will most likely be a bear market or a frozen one. Therefore it is best to wait until Monday before making a new purchase.