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- 1 Tron price is currently trading at $0.079 while witnessing a loss of -1.71% during the intraday trading session.
- 2 TRX price trades above 20,50,100 and 200-day EMAs.
- 3 The year-to-date return of Tron is 45.71% while one weekly return is -0.82%.
After the downfall of TRX price in June due to SEC actions, it formed support at $0.06950 and entered into an uptrend. The price started forming higher lows and higher highs after consolidating near $0.06950 level. Tron recovered from the losses that occurred at the start of June. The price saw an increase of roughly 27.71% from the June low of $0.06445.
Recently, the price was rejected $0.082 due to the presence of bears. It is currently headed toward the recent support of $0.077 level. The current candle has already broken the low of the previous candle and might soon reach $0.077 level.
If bears take control and drive prices below $0.077, there is a possibility that the price might fall to $0.0735 causing a loss of approximately -4.56%. On the other hand, if the support level of $0.077 holds the price, it might retest the resistance level of $0.082. Above $0.082, there is an upper wick to fill formed by the 3 June candle, which is high at $0.0858.
Network Activity Of Tron
The daily active addresses have reached 2,418,217, experiencing an increase of 37.1% in the last three months. However, the daily transactions have declined by 40% to 5,636,733 in the past three months. The total value locked is $5741 million, which saw a rise of 4.4% in the past 3 months.
Tron has also burned 15,927589 TRX tokens which showcases their dedication to reducing the supply and increasing value. It has also recently released a major upgrade, GreatVoyage- v4.7.2 (Periander) which introduces various optimization and governance proposals to enhance its compatibility with Ethereum and staking mechanisms.
The past three months data shows an increase in daily active users and transactions but in June, there has been a decline indicating reduced network activity on Tron blockchain.
Will TRX Price Reach $0.1 In 2023?
The cryptocurrency price trades above 20,50,100 and 200-day EMAs suggesting a bearish momentum in the price. Chaikin money flow score is 0.09 indicating strength in the market. RSI trades at 58.31 after facing rejection from the 70 mark indicating bullish momentum in the price. The long/short ratio of Tron is 0.90 with 47.56% longs and 52.44% shorts indicating a higher selling position and the presence of bears in the last 24 hours.
Conclusion
The market structure and price action of Tron are bullish but are slowly turning bearish as the price faced rejection from $0.082 level. The overall network activity has seen an increase in the past three months and the total value locked has witnessed an increase which is a good sign for investors.
Technical levels
Major support: $0.077 and $0.0735
Major resistance: $0.082 and $0.0858
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
