Tron (TRX) Price Prediction 2021: Market Analysis and Opinions
Tron (TRX) is a well-known digital currency that has attracted a lot of attention from investors. In this Tron price prediction, we will analyze its price behavior, noteworthy happenings, and market opinions. It has a market cap of about $5,144,335,329 and a circulating supply of 71.66 billion. There is a total supply of over 100 billion TRON. In the last 24 hours, $998,862,640 worth of the asset has been traded.
Tron Price Prediction: Technical Analysis
Tron, like every other cryptocurrency, has seen some good times this year. It has also lost a significant percentage of its gains as a result of the ongoing general market pullback. The TRX price has dropped from the year high of $0.1646 to $0.07162, and the market is not showing any strong recovery sign yet. However, we will look at some technical indicators to see what is likely to happen in the short and long run.
The price growth has slowed down significantly, and Tron now trades in a very tight range. This could be a consolidation, because the volatility has reduced, as shown by the Bollinger Bands in the figure below. The wider the space between the bands (the area shaded blue), the more the volatility.
This means that for traders, the market is very uneventful at the moment. The 50 and 200 moving averages, which are critical in determining market direction, show that there could be a complete trend reversal to the bearish if this trend continues with a slow but consistent drop in the price. As shown in the following chart, the 50 MA is going lower towards the 200MA, suggesting that the price is not sustaining a significant upward move. At the moment, the 200 MA still serves as support where the price has bounced off on its way down. If it continues to serve as support, then there is a chance the price will bounce upward from there, following the consolidation.
In our Tron price prediction, we will sonsider another critical indicator, the relative strength index, which shows the change in trend that the price of Tron can drop a little further, as the reading is currently at 38. This usually has to reach 30 for a change in trend to the upside, although this is not always the case.
The following are critical support and resistance levels that traders of this asset should have in mind as they trade, according to Walletinvestor:
- Resistance Level (R3): 0.0836;
- Resistance Level (R2): 0.0811;
- Resistance Level (R1): 0.0764;
- Pivot Point: 0.0739;
- Support Level (S1): 0.0692;
- Support Level (S2): 0.0667;
- Support Level (S3): 0.0621.
Tron Price prediction: Market Opinions
To get a better understanding of this TRX price prediction, we have brought data from the top price prediction websites for June and for the rest of 2021.
Tron Price Forecast for June
Walletinvestor expects the price of Tron to drop, at least over the next 14 days. Their price prediction says that the price may drop as low as $0.06030 during this period. The maximum price is expected to be $0.0761.
|Date||Price||Min Price||Max Price|
30rates‘s Tron price prediction for June is not entirely bearish, but it isn’t so bullish either. Their price prediction for the end of the month is $0.064. The maximum expected price for the month is $0.068, while the least expected is $0.060.
This is one website that is quite bullish about Tron price in June. Their Tron price prediction places the average price of the coin at $0.12212885 for the month of June. According to their calculations, this will be an increase of 67.07%. It will be one of the months with the highest average price.
|Month||Average Price ($)||Change (%)|
|Jun 2021||$0.12039529 USD||67.07 %|
|Jul 2021||$0.09892246 USD||37.28 %|
|Aug 2021||$0.11042620 USD||53.24 %|
|Sep 2021||$0.10936085 USD||51.76 %|
|Oct 2021||$0.11545857 USD||60.22 %|
|Nov 2021||$0.11944350 USD||65.75 %|
|Dec 2021||$0.10828166 USD||50.26 %|
Tron Price Forecast for the Rest of the Year
For the rest of 2021, Tradingbeasts expects Tron to reach a maximum price of $0.1215452. Their TRX price prediction says that the minimum price for the year will be $0.0760585. There is to be a consistent increase going forward based on this prediction.
|Month||Minimum Price||Maximum Price||Average Price||Change|
|July 2021||0.0789832||0.1161518||0.0929214||28.41 %|
|August 2021||0.0796657||0.1171555||0.0937244||29.52 %|
|September 2021||0.0803795||0.1182052||0.0945642||30.68 %|
|October 2021||0.0810997||0.1192643||0.0954114||31.85 %|
|November 2021||0.0818737||0.1204025||0.0963220||33.11 %|
|December 2021||0.0826507||0.1215452||0.0972362||34.37 %|
Longforecast expects a consistent increase in the price of Tron for the rest of 2021. This will bring it to reach a maximum of $0.101 in December, while the minimum expected price of $0.048 could be reached between July and August, according to their website.
Previsionibitcoin is quite bullish about Tron. The TRX price prediction for the rest of the year states that the price could go as high as $0.2 by December 2021. The predicted price of $0.11 for July will be the minimum going forward.
Latest News and Happenings Concerning Tron
The Tron ecosystem is fast developing. It already serves as a faster and cheaper alternative for USDT and DeFi transactions than Ethereum. This could be why the number of accounts and transactions both continue to reach new highs. The current number of accounts exceeds 27 million, while the number of transactions is almost 2 million, but there is a bigger development.
BSCPad, one of the first decentralized Initial DEX Offering (IDO) on the BSC network, is partnering with Tron to build TRONPAD. This will be the first IDO built on the Tron blockchain. Tron is teaming up with BSCPad because it has some of the brightest minds working on the project.
BSCPad has sustained a culture of fairness in its launch of crypto projects and liquidity distribution. This is in addition to its being a repository of talents in the development of projects. Tron intends to replicate these virtues with TRONPAD and provide a level playing field for investors to benefit from projects they invest in.
Tron Price Prediction: Verdict
Tron is currently down, just like other cryptocurrencies. The concern is that it is uncertain how long this will last. The Tron price prediction shows that the price could get weaker before a bounce, which largely depends on how the general market performs in the short term. It is hopeful, though, that the price could recover when the market resumes the upward move as predicted by Tron CEO himself.
Featured image: QuoteInspector.com
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