TRX, the native token of the Tron blockchain, has rallied significantly over the past week. The price of TRX increased by more than 40 percent against the US dollar during this time, with TRX trading at $0.0502 as of writing. (Source: “Tron Price Targets $0.10 After Recent Rally | bitquick”, The Daily Hodl, February 28, 2018.) This is a sign of the growing interest in TRX, as the coin is now sitting at an all-time high market capitalization of $6.3 billion.
Tron has been one of the better-performing altcoins this year, and the price recently rallied to $0.092407, a gain of almost 20% in a single week. The rally began on August 15, when Tron took off like a rocket after the project’s founder and CEO Justin Sun announced that Tron would be partnering with a number of high-profile projects in the blockchain space, including the popular gaming platform oBike and the decentralized web browser BitTorrent. There was a slight retracement to $0.086057, but the price has been stable at $0.091257 since August 20 and could continue to rally to our price target of $0.10.
Tron (TRX) is a cryptocurrency that is ranked in the top-50 by market capitalization. Recently, the Tron (TRX) has been the center of attention among investors and traders. The Tron (TRX) price is currently trending, as it increased by over 19 percent in the last week alone. It could hit $0.10 before the end of the year.In the past 24 hours, Tron shares have risen 15% as the cryptocurrency market begins to recover from the recent price drop. The cryptocurrency market is slowly recovering after losing more than $1 trillion in market value in recent weeks. Bitcoin has risen and now trades above $38,000, while Ethereum has risen 21% in the past 24 hours and now trades at $2,572 per coin. Tron is also one of the biggest winners from earlier this week. TRX is up 15% and could rise further in the coming days and weeks if the market maintains this momentum. Some experts believe that the recent price drop was not a bear market, but a bear trap, and that bitcoin and altcoin prices may rebound soon. Huge downward movement. Good rebound, some alternative currencies have even reached pre-crash levels without any backlash. He’s hanging in there. This does not look like the beginning of a real bear market. It’s more like a trap. – Michaël van de Poppe (@CryptoMichNL) 24. May 2021
TRX Price Forecast
After the excellent momentum of the last 24 hours, TRX can expect further rises in the coming hours. TRX defended its key support above $0.05 despite strong selling pressure in the market. This allowed it to move higher and form important support at $0.076. If the market maintains the current momentum, the TRX/USD pair could soon break through the next resistance point at $0.089, paving the way for the cryptocurrency to reach the 100-day simple moving average at $0.1089. However, TRX needs to find strong support around the 50-day SMA ($0.0876) before it can break through the $0.10 level. TRX/USD 4-Hour Graph : Source: Coincide The TRX technicals remain bearish as the MACD line is below the red threshold and the RSI remains below 50. This is understandable, as the TRX is down 33% against the U.S. dollar on the weekly chart. However, technical indicators have improved and point to a possible continuation of the current movement. Should the bears regain control of the market, TRX would lose current support at $0.076 and expose other minor support levels. The bulls have defended a key support level at $0.055 and could do so again if the market’s sell-off resumes.Tron (TRX) is one of the top 10 cryptocurrencies by market cap, as it currently sits in ninth place. The Tronix coin is currently trading at $0.04, after falling more than 50% in the past month. The price action in Tron is also affected by the overall decline in crypto markets, as the total market capitalization has fallen from $320 billion to $190 billion in the past 30 days. In a recent interview with the founder of Tron, Justin Sun said the coin would reach $1 in 2018, and would eventually be worth $100. The TRX price rallied 26% in the 24 hours after this comment. The market has been skeptical of these comments, as Sun claimed to. Read more about tron price prediction today and let us know what you think.
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