TRON’s major update – the Odyssey 3.5 hard fork, is scheduled for today – February 28th. The price of TRX has been increasing ever since November, almost doubling up since then.
Looking at TRX price since November 2018, we can see that it has almost doubled throughout the period. What is more, the price has gained over 2971 percent since it started to trade on Binance in November 2017.
A Precursor for TRX Price Going Up
#TRON will upgrade to Odyssey 3.5 & #Ethereum's 2nd attempt at Constantinople hard fork, tomorrow Feb 28
With this in mind, here are growth charts for #TRX & #ETH in #BTC Satoshi value since TRON started trading @Binance Nov 2017:$TRX: +2971%$ETH: -32%#IAmDecentralized 🥑 pic.twitter.com/FcbVEnWjfa
— Misha Lederman (@mishalederman) February 28, 2019
Even though recently the price has spiked below the $0.0240 support, it managed to find support at $0.0227. As Live Bitcoin News reported, there is a short-term contracting triangle put in place with resistance at $0.0248 on the 4-hours chart.
As reported, the price could correct higher if there is a clean break above the resistance level of $0.250. At the time of this writing, the TRX price is $0.0239, according to data from CoinMarketCap. It’s worth noting that TRX has managed to establish itself as the 9th largest cryptocurrency in terms of market capitalization.
Typically, hard forks are considered to be a bullish sign and they are a precursor for the price of the asset to go up. Naturally, throughout this prolonged bear market, the sentiment might be rather different.
TRON’s Odyssey 3.5 – What to Expect?
Tron’s Odyssey 3.5 is a scheduled network upgrade, also commonly referred to as a hard fork. It is supposed to take place today, February 28th. Interestingly enough, Ethereum’s Constantinople update is also scheduled for today.
With any major update of the kind along the horizon, it’s natural to wonder what would that mean for the network.
According to a fairly recent announcement of Justin Sun, TRON’s founder, the Odyssey 3.5 hard fork will introduce the following improvements to the network:
- 50 percent performance upgrade compared to current levels
- Multi-signature and account managing
- Better Virtual Machine safety
- Event server for decentralized applications
- Dynamic energy adjustment to real-time network performance
#TRON will launch 3.5 hard fork upgrade on 2/28. New Features: 1. multi-sig and acct mng, institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better VM safety, events server for Dapps. Go! #TRX $TRX
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 24, 2019
According to a fairly recent report by Dapp Review, TRON is also marking a staggering surge in terms of decentralized applications based on its network.
Throughout the last month, from January to February, DApps based on TRON’s network has increased by more than 239 percent. Their number effectively skyrocketed from 18,500 in January to 62,724 in February. This means that the TRON ecosystem also saw 44,224 new users added to it in just one month.
It’s also worth noting, however, that even though it’s the day of the hard fork, the price hasn’t moved that much. In fact, it has marked a slight decrease in the past 24-hours.
What do you think of TRX’s performance? Do you think that Odyssey 3.5 will potentially cause a surge in its price? Or do you think it might cause a decrease? Don’t hesitate to let us know in the comments below!