BTC has once again set a new all time high price and the possibility of BTC reaching $50,000 could soon be a reality. Many altcoins have gained momentum with the price rise in BTC and the altcoin market is looking stronger than ever.
Today we will review TRX price. TRX is the native token of TRON. TRON has over 21.5 million accounts and has completed over 1.55 billion transactions making it one of the world’s fastest growing blockchains. The highest used stable coin in the world – Tether (USDT) uses TRON network for issuance. Out of the $25 billion USDT that have been issues, $9.3 billion have been issues on TRC network ($14.7 billion have been issued on ERC) making it the second largest USDT issuance blockchain after ERC.
Justin Sun, the man behind TRON, is extremely popular (2.2 million followers on Twitter) in the crypto ecosystem. With such a man behind TRX, a multifold increase in TRX price is expected. Let us perform a thorough technical analysis on TRX.
TRX/USD – Price Prediction – Daily
TRX had been ranging around the support zone of $0.029 to $0.032 and consolidating. As soon as it broke above the $0.032 area and moved above the trendline support zone, it started an impulsive move towards the previous high of $0.049 (Sept. 2020). This also coincides perfectly with the 1.618 fib. There is a very high probability of TRX getting rejected from this 1.618 fib. TRX will make an attempt to reach the fib 1.618 at $0.049. After rejection, it could drop down towards fib 1 and fib 0.786 at $0.041 and $0.038 respectively. Once it comes back to this support zone, it could attempt to target the higher fibs at $0.061, $0.074 and $0.081 respectively. Another possibility could be that TRX breaks the resistance at $0.049 and makes a higher move, comes back to $0.049 and test it for support, confirms an R/S flip and heads towards $0.061, $0.074 and $0.081. In either case, $0.049 area is the key section to watch.
TRX/USD – Price Prediction – Weekly
As per the weekly candle, TRX has a good resistance at $0.054 area. If it can break this resistance, we could see a move towards $0.061 and $0.087. Failure to break the resistance at $0.054 could lead to a drop towards the support zone at $0.037 which would be a good area to long TRX/USD.
TRX is currently trading at $0.047 with a market cap of $3,359,851,141 and a 24 hour trading volume of $3,751,774,822. It’s total supply is 100,850,743,812 out of which 71,660,220,128 is in circulation.
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Images courtesy of TradingView.
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