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- 1 Tron price prediction is based on the coin price facing resistance and declining from the resistance level.
- 2 The coin’s price decreased by 1.13% over the last 24 hours.
- 3 The price of Tron coin is trading at $0.0778 and the 52-week range is $0.05131 – $0.09450.
Tron coin (TRX) is the digital currency of Tron, a platform that allows content creators and consumers to interact directly without middlemen like YouTube or Facebook. Tron enables smart contracts and dApps, and has a transaction system similar to Bitcoin.
TRON (TRX) has a maximum value of $6,960,726,532, according to CoinGecko. CoinGecko is a website that provides data and information on cryptocurrencies. This is the fully diluted valuation of the project, which means that if all 90 Billion Tron coins were in the market today, this would be the market cap.
As per Coinmarketcap, Tron Crypto plummeted by 0.49% in market value and by 14.72% in trading volume in the last 24 hours. Its market value is $6,963,687,088 and its trading volume is $206,814,212. There are 89,596,358,357 TRX in circulation.
Tron coin’s (TRX) open interest is $60.23 Million. As per Coinglass, another crypto analysis website, it fell by 4.55% in the previous session. The long versus short ratio for 24 hours is 0.9414. The total number of short positions added in the last 24 hours is $18.72K against longs of $17.57K.
Tron Price Technical Analysis in the 1-Day Timeframe
TRX coin price has been on an upward trend for the past three months, increasing by 12.48% during this period. At the time of publication, TRX Price is trading at $0.07780 and has formed a bearish flag pattern which gave the breakdown from the trendline.
Therefore, the TRX coin price could continue to move downwards and reach the first and second targets of $0.068178 and $0.063393 if it fails to maintain the current level. However, if the TRX price sustains the current level and rises, then it might hit the nearest resistance levels of $0.086361 and $0.092422.
At the time of publishing, the TRX coin price (BITFINEX: TRX) is trading below the 20 and 50-day EMAs (exponential moving averages), which are rejecting the TRX Coin price trend. Hence, Tron price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price.
The MACD line at 0.000479 and the signal line at 0.001220 is below the zero line and gave a bearish crossover, suggesting bearish signals. The current value of RSI is 43.54 points and the 14-day SMA is below the median line at 57.92 points, which indicates a downward direction and bearish sentiments in the market for the TRX coin.
Conclusion
Tron price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the Tron coin in the daily time frame. Tron price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of Tron price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, provide negative signals regarding Tron coin price.
Technical Levels:
- Support levels: The nearest support levels are $0.068178 and $0.063393.
- Resistance levels: The nearest resistance levels are $0.086361 and $0.092422.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
