finbold.com
As the final month of 2022 rolls in, the cryptocurrency market, along with TRON (TRX), is trying to offset the losses it suffered throughout the year, affected by various macroeconomic factors, as well as developments in the sector, including bankruptcies of major participants.
Currently, TRX, the native currency of the TRON blockchain, is expected to increase its value by Christmas Day of 2022, as per PricePredictions’ machine learning algorithm that covers technical indicators like the moving average (MA), moving average convergence divergence (MACD), relative strength index (RSI), and Bollinger Bands (BB).
Specifically, the data indicates that the 15th-largest cryptocurrency by market capitalization could be changing hands at the price of $0.056726 on December 25, 2022, which represents a 2.51% gain compared to its current price of $0.05534.
Bullish sentiment
It should also be noted that the prediction of the machine-learning algorithm is slightly less bullish than the crypto community’s end-of-the-year estimates that TRON would be trading at an average price of $0.06051 by December 31, 2022, as aggregated from the votes of 1,165 users.
Furthermore, the summary of TradingView’s technical indicators is also on the bullish side, suggesting ‘buy’ at 10 (as opposed to 6 for ‘sell’ and 10 for ‘neutral’). These results stem from oscillators indicating ‘buy’ at 2 and moving averages also being in the ‘buy’ zone at 8.
TRON price analysis
As things stand, Tron is currently changing hands at the price of $0.05534, which represents a 2.16% gain on the daily chart, a 3.93% increase compared to the seven days before, and a 9.38% growth across the month.
In the meantime, the market capitalization of TRON’s cryptocurrency stands at $5.09 billion, positioning it as the 15th-largest digital asset by this indicator, as per CoinMarketCapdata retrieved by Finbold on December 14.
Meanwhile, the price increase of TRX has been accompanied by positive developments, such as the TRON-issued stablecoin USDD peg slowly coming back after previously de-pegging to $0.96, as TRON founder Justin Sun shared on December 13.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.