What can these cryptocurrencies do in 2024?
What can these cryptocurrencies do in 2024?
Im not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. I does not offer advisory services.
In this blog post, which is the fifth installment of our series, we will discuss what these coins might do in 2024. I will talk about TRON (TRX) and Polygon (MATIC) this time. The content about these cryptocurrencies represents my own thoughts and is a summary of the sources I follow. If you want to shape your own opinions, you can access these articles in the references section for a more in-depth analysis. Stay tuned for more!
Throughout the history of cryptocurrencies, there have been several bull and bear seasons. This process typically reflects the overall trend in prices and market sentiment. Bull seasons are periods when prices tend to perform well, investors are optimistic, and the overall market value increases. During such times, investors often gravitate towards cryptocurrencies they believe have the potential for value appreciation.
On the other hand, bear seasons are periods when prices tend to decline, overall market value decreases, and investors are generally cautious or negative. During bear seasons, investors may reassess their strategies to minimize losses or take advantage of falling prices.
Cryptocurrencies have experienced numerous bull and bear seasons in their past. These periods can be influenced by factors such as market dynamics, regulatory developments, technological advancements, and global economic factors. Investors should have a broad perspective to understand these periodic fluctuations and develop appropriate strategies.
Before investing in cryptocurrencies, there are several factors to consider. Here are some key points to keep in mind:
1-Research and Education:
- Conduct thorough research to understand the cryptocurrency market.
- Learn about different cryptocurrencies, their use cases, and underlying technologies.
2-Risk Tolerance:
- Assess your risk tolerance before investing. Cryptocurrency markets can be highly volatile.
3-Diversification:
- Diversify your portfolio to spread risk. Avoid putting all your funds into a single cryptocurrency.
4-Security:
- Prioritize the security of your investments. Use reputable wallets and exchanges with strong security measures.
- Enable two-factor authentication (2FA) for added security.
5-Regulatory Environment:
- Stay informed about the regulatory environment for cryptocurrencies in your jurisdiction.
- Be aware of any legal obligations related to crypto investments.
6-Scams and Frauds:
- Be cautious of scams and fraudulent schemes. Verify the legitimacy of projects before investing.
7-Long-Term vs. Short-Term Goals:
- Define your investment goals – whether you are looking for short-term gains or long-term growth.
8-Market Trends:
- Keep an eye on market trends and developments. Stay updated with news that may impact the cryptocurrency market.
9-Liquidity:
- Consider the liquidity of the cryptocurrency. More liquid assets are generally easier to buy or sell.
10-Technology and Development:
- Assess the technology and development team behind a cryptocurrency. Regular updates and a strong development roadmap are positive signs.
11-Community and Adoption:
- Examine the community support and adoption of the cryptocurrency. A strong community can contribute to the project's success.
12-Understand the Technology:
- Gain a basic understanding of blockchain technology and how it works. This knowledge can help you make more informed investment decisions.
13-Use Caution with Leverage:
- If using leverage, be cautious. While it can amplify gains, it also increases the risk of significant losses.
14-Stay Informed:
- Cryptocurrency markets evolve rapidly. Stay informed about market changes, technological advancements, and regulatory developments.
Remember that investing in cryptocurrencies carries inherent risks, and it's crucial to make decisions based on your financial situation and goals. Always seek advice from financial professionals if needed.
Tron (TRX)
TRON is an open-source, blockchain-based decentralized platform where you can develop decentralized applications and write smart contracts. Launched as an ERC20 token in 2017 by Justin Sun, the TRX project separated from Ethereum in 2018 to establish its own blockchain. In the same year, Tron announced the acquisition of BitTorrent, the world's largest peer-to-peer system and renowned as the largest file-sharing site on the internet. This acquisition significantly boosted the popularity of the TRON network.
While TRON has evolved to encompass advanced features like decentralized applications and smart contracts, its initial main goal was to assist content creators in earning money and reduce the influence of third-party companies such as Facebook and YouTube, giving creators the power to manage and publish their content independently.
In today's world, global giants like YouTube, Facebook, TikTok dominate the media landscape. These companies decide what can or cannot be shared, exerting a powerful influence over content creators and retaining a significant portion of media revenues. Despite this, content creators receive only a small fraction of this share.
The TRON network was conceived as a solution to this issue. By leveraging the advantages of blockchain, TRON aims to eliminate third-party companies like Facebook and YouTube. This way, the TRON project seeks to empower content creators by giving them complete control over their content. As there is no central authority governing the TRON network, it naturally stands as a countermeasure against censorship and similar practices. Within the TRON network, content creators can share their content without the need for third-party intermediaries and sell their produced content for TRX cryptocurrencies.
On the weekly time frame, the 50-day moving average in the TRON asset is currently trending upwards, indicating a bullish trend in the asset. However, the current TRON price is below the 50-day moving average, and this level could serve as the next support point in the next interaction. The 200-day moving average of the TRON asset is also moving upwards since June 23, 2023, suggesting a strong trend. The price is currently below the 200-week moving average. This implies that the 200-week moving average could be used as a support point for the continuation of the trend in the next interaction. Considering the trajectory of the 50 and 200 moving averages on the weekly time frame, there appears to be a bullish trend in the potential TRON price prediction.
This info isn't a recommendation for what you should personally do, so please don't take the data as investment advice. As with any trade, always look first, then leap.
Polygon (MATIC)
Polygon, previously identified as Matic Network, serves as an Ethereum token driving the Polygon Network—a scaling remedy for Ethereum. Its objective is to expedite and reduce the cost of transactions on Ethereum by employing Layer 2 sidechains operating alongside the Ethereum main chain. Users have the capability to deposit Ethereum tokens into a Polygon smart contract, engage with them within Polygon, and subsequently withdraw them back to the Ethereum main chain. The MATIC token plays a role in covering transaction fees and engaging in proof-of-stake consensus.
Polygon (MATIC) has several advantages:
- Access to Smart Contracts in MATIC Token Transactions: There is access to smart contracts in MATIC token transactions. This provides developers and users with the opportunity to use and develop various smart contracts on the platform.
- Various Infrastructure Options: Polygon allows the creation of optimistic rollups, ZK rollups, independent chains, and other customizable infrastructures. This enables projects to develop custom solutions tailored to their needs.
- Fast Cross-Border Transfers: The MATIC token allows for cross-border cryptocurrency transfers between wallets to be completed within minutes. This feature assists users in making fast and cost-effective transfers.
- Listing on High-Volume Exchanges: MATIC tokens are listed on exchanges with high trading volumes. This allows users to access MATIC tokens at any time and provides liquidity advantages.
These advantages highlight Polygon's leadership in Ethereum scalability and infrastructure development, as well as its flexibility for various use cases.
Polygon framework supports two main types of chains that are compatible with Ethereum: secured chains and independent chains. An example of a secured chain is a rollup, while an example of an independent chain is a sidechain.
Secured chains leverage the infrastructure of the chains they are connected to, eliminating the need to develop their own security models. In contrast, independent chains are required to ensure their own security. This implies that secured chains can provide a higher level of security, while independent chains offer more flexibility tailored to specific needs.
Which category does the Polygon Network fall into? The Polygon sidechain is secured by its own validator group (validator pool) and is obligated to occasionally submit checkpoints to Ethereum. This leads some individuals to perceive that sidechains are not a "pure" Layer 2 solution since these networks need to secure their own safety rather than benefiting from Ethereum's security.
When evaluating a cryptocurrency's suitability as a payment method, transaction fees play a crucial role, and MATIC stands out as the superior option. According to CoinGecko, a standard Ethereum gas fee for a basic ERC-20 token transfer is approximately $1.68, while Polygon's gas fee is significantly lower at $0.0026.
Additionally, Ethereum's limited processing capacity of around 27 transactions per second contrasts sharply with Polygon's ability to handle approximately 7,000 transactions per second. This substantial difference is attributed to Polygon's utilization of less-congested sidechains, providing a clear advantage.
In terms of ubiquity, Ether holds the position of the second most valuable cryptocurrency and enjoys widespread use and recognition. Nevertheless, since BitPay added support for Polygon in 2022, thousands of merchants globally now accept both ETH and MATIC payments. BitPay, being a leading crypto payment processor, facilitates payments in both Ether and MATIC from virtually any wallet.
On the weekly time frame, Polygon is currently trending bearish with the 50 day moving average currently sloping down and above the current Polygon price, which could act as a resistance the next time it interacts with it.Polygon’s 200 day moving average is sloping up and has been doing so since 25.06.2023 which means the trend is strong.The 200 weekly moving average is currently above the price, which means if price interacts with it again, it can potentially be used as a resistance to continue the trend.
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Reference:
Polygon (MATIC) Price Prediction & Forecast 2025, 2026, 2027-2030 | Binance Polygon (MATIC) Fiyatı, Grafikler, Piyasa Değeri | CoinMarketCap Polygon (MATIC / TRY) Fiyat, Grafikler ve Haberler | Coinbase TRX USD Binance Teknik Analizi - Investing.com TRON ( TRX-USD ) Yorum ve Analizi [FinansCepte] (finanswebde.com) Tron Fiyatı ve Grafiği — TRX USD — TradingView Polygon vs Ethereum: Technology, Investments & Payments | BitPay
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