TRON (TRX) Price Prediction for 2021: Can TRX Bounce-off Over $0.045 Trendline Support?
TRON (TRX) – Forecast Summary
|TRON Forecast: H2 2021|
Price: $0.048 – $0.083
Price drivers: Crypto market sentiment, TRON progression, Technicals
|TRON Forecast: 1 Year|
Price: $0.080 – $0.18
Price drivers: TRON reputation, Risk sentiment, Tron partnerships
|TRON Forecast: 3 Years|
Price: $0.18 – $0.20
Price drivers: TRON network expansion, Economic Recovery, Tighter monetary policies
The TRON network started as an interesting idea from the current CEO Justin Sun. It aims to build a free global digital content network based on blockchain technology, just like cryptocurrencies. In 2017, the TRON Foundation held the ICO (Initial Coin Offering) which raised $70 million. The native token of the network is called TRONIX and it went live at the end of 2017, at a very good time for cryptocurrencies, which had just started surging, attracting the attention of the broader public.
TRONIX which is quoted as TRX came to life in November that year and surged from 0.001 to 0.3530 by the first week of January the next year on the Binance chart, as well as in other crypto brokers platforms. But, it followed the rest of the cryptocurrency market back down at the beginning of 2018 and settled within a range for three years. While the rest of the crypto market was gaining momentum in Q4 of 2020 as digital currencies acquired the safe-haven status, TRX/USD was still trading within the range near the bottom. Although, there were some positive signs in February and March when we saw a jump in each month. But overall, the TRON is lagging the broader crypto market during these enormous bullish times, until it breaks above 1.1030.
The cryptocurrency TRON has shown a dramatic bearish trend recently. Considering the performance of the past month, the TRX/USD pair has lost -$ 0.01, plunging nearly 18.96%, to trade at $ 0.057772. Over a period of six months, the TRX/USD pair has gained +$ 0.03 or +47.69%, while the pair has reported a dramatic gain of +$ 0.0406, or 70.31%, on the yearly time-frame.
Currently, the TRX/USD Live Price chart suggests that TRON (TRX) is trading at $ 0.057772. The market cap of TRON is $4,150,344,687, and currently, $950,007,952 in TRX are circulating.
Recent Changes in the Tron Price
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Factors Affecting TRON
TRON, which is another new cryptocurrency of the last few years, ranks 20th by market capitalization, at $ 6.678 billion as of March 31st 2021, tripling in value since late February. Like all other cryptocurrencies, TRON is affected by the sentiment in the digital currency market. Although, it only started catching up with the market quite late, in February while most cryptos started the surge in October last year. Similar to Basic Attention Coin BAT which is a token for internet ads on the Brave browser, TRONIX is a token for the decentralized digital content platform TRON, which is its own separate universe, hence the delay to start catching up with the bullish momentum.
TRON Live Chart
TRON Price Prediction for the Next 5 Years
What’s the TRON Network?
As we mentioned in the beginning, the young Chinese entrepreneur who was chosen by another great Chinese entrepreneur to study at the Hupan university, had a bright idea of opening a blockchain platform that would deliver peer-to-peer digital content between users and creators. That idea came to life in 2017 when the TRON Foundation, based in Singapore, raised enough funds to go ahead with the project.
The TRON network is basically a mix of digital content and the crypto world. It works as a platform, offering a free digital content entertainment system worldwide, like a global Netflix. But, it is also decentralized like a cryptocurrency, where content producers can sell/transfer their work directly to the user/consumer without the need of the middleman, such as Netflix itself, which takes a large amount of the revenue from selling the content to users. In TRON’s case, all the revenue goes to the content producer.
The decentralized platform and distributed storage technology of the TRON network also attempt to address another significant issue, which might be even more important than the revenue itself. Online information and digital content have been increasingly concentrated in a few hands like Google, Facebook etc. TRON challenges the very few and powerful corporations controlling large parts of the content over the internet, hoping to bring some balance.
The TRONIX Token
As we mentioned above, the TRON blockchain network aims to eliminate the big companies that remain between content creators and content consumers, by acting as a bridge between the two, as a decentralized storage and distribution facility. In return, this reduces the cost for the consumers of the digital content, and increases the revenues for the producers, since the distribution is free. The consumers or the audience can access the content directly and pay the creators for it in the same manner.
Although, you will have to own Tronix (TRX) or just TRON, the native token for the host network to pay for the content you consume. TRX/USD surged pretty close to $1 on the last day of March, which was the biggest 1-day surge ever. Initially, you could only exchange Bitcoin or Ethereum for TRON in exchanges such as Binance and Liqui, but nowadays it’s a lot easier. You can use fiat currencies and credit cards, as well as other cryptos.
TRON Evolving and Milestones
Justin Sun had clear ideas when he started the project; he envisioned it in steps, with milestones in place to be reached after certain periods, which have made the TRON network the world’s largest decentralized network for entertainment and file sharing, as well as for gaming and trading. Around 1.5 billion transactions have been carried out on TRON with more than 17 million wallets created so far. Besides that, 1,500 dApps have now been created on the TRON network, which accounts for a daily transaction volume of over $12 million.
In 2018, TRON’s free platform for peer-to-peer distribution and storage of content. called Exodus, which was not using blockchain technology. Then came the Odyssey platform in the beginning of 2019, which leverage the power of blockchain for TRON. It introduced monetary incentives to promote the creation and hosting of digital content on the host network.
Although, one of the most prominent acquisitions for TRON to date was buying BitTorrent in 2018, which was the biggest peer-to-peer file-sharing network back then and it might still be, as of April 2021. In September 2020, the TRC20 token was launched for BitTorrent, which became a collateral method to JUST, which we will explain below. There have been a few developments since then, especially in 2020, which saw the attention of the public for cryptocurrencies and DeFi increase immensely, with the world encapsulated by great uncertainty for the future. In February last year, TRON bought Steemit Inc which is one of the most popular blogging networks for cryptocurrencies and blockchains in general. Similar to the acquisition of BitTorrent, that action added a large number of users to TRON.
The partnership with Samsung was another important event for TRON, since it offers direct access to TRON to millions of people who use Samsung devices.
TRON also formed the foundations of DeFi on the network last year, as it introduced JUST, which is a stablecoin lending and governance platform. Not much later, TRON launched JustSwap in August 2020, the first decentralized automated market maker exchange on the network. The addition of the option for making transactions with Ethereum and Bitcoin on TRON was another great milestone reached. This was made possible by partnering with BitGo, which brought wrapped Bitcoin (WBTC) and wrapped Ether (WETH) to the TRON network as TRC20 tokens. Now it’s easier as well as cheaper to make transactions in TRON and make payments. Last year’s new partners of TRON include Huawei in order to bring the BitTorrent application to 3 billion possible users on Huawei’s AppGallery store, which would make the platform the global leader if it was to fully materialize. TRON also bought DLive, which is one of the largest decentralized streaming platforms.
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TRON (TRX) Price Prediction – Technical Analysis – Can Upward Trendline Support at $0.045?
The technical side of TRX/USD is exhibiting a strong bearish bias on the weekly and monthly timeframe. TRON has closed series of bearish engulfing candles and a “Three Black Crows” candlestick pattern near the $0.056 level, which demonstrates a strong selling trend in TRON. The TRX/USD coin has plunged below the strong support level of $ 0.08 level that’s now working as a resistance.
On the monthly chart, the upward trendline is likely to extend support at the $ 0.048 level. However, a bearish breakout of $0.048 level can drive more selling until double bottom support level of $0.0094 level.
On the monthly timeframe, the leading technical indicators like MACD and RSI are about to crossover into the selling zone. The MACD histograms are becoming smaller and its value slips to 0.0050 from 0.016, demonstrating the dominance of sellers. Besides, the RSI has just crossover below 50, supporting the selling trend in TRON. TRON (TRX) price prediction remains bearish, however, the $0.048 support level is hope for bulls.
On the weekly timeframe, the TRX/USD coin is indicating bearish momentum, falling from $ 0.083 level to $ 0.057 level. TRX/USD has already tested 50 periods EMA support at $ 0.048 and closing of candles above this level is supporting odds of a bullish reversal. A bullish breakout of $ 0.083 level can drive more buying until the previously placed high level of $ 0.1341 and $ 0.1687 levels.
Taking a look at the daily timeframe, the TRX/USD coin is entering the oversold zone. The weekly RSI and MACD are trading near oversold regions, but there’s still room for slight selling until the $0.048 level.
Overall, TRX/USD is likely to continue trading bearish, as the leading and lagging indicators support a selling trend. Let’s consider staying bullish above the $0.048 area, to hit long-term target levels of $0.083 and $0.1341. Good luck.
Updated: Aug 04, 2021