What to expect from Tron price?

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TRONIX, aka TRON, is the native token of the TRON blockchain, known as TRX. This cryptocurrency appeared in September 2017, it was released during the ICO. TRON was invented by Justin Sun, who previously represented the interests of the Ripple project. His project is a decentralized protocol, on the platform of which users can exchange and store data, as well as create various applications, mainly from the entertainment category.

TRON cryptocurrency is represented on more than 130 exchanges, including such large ones as Binance, OKEx, Huobi, Bittrex and others. The token also supports most well-known cryptocurrency wallets, such as Trust Wallet, Math Wallet, MetaMask, Klever, ImToken, as well as Ledger and Trezor hardware wallets.

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On August 17, the TRX rate fluctuates around the $0.07 mark, the daily growth of the coin is 1.8%, according to Coingecko.

The experts told RBC-Crypto about the prospects of the Tron cryptocurrency and gave forecasts on the dynamics of its value in the near future

Preconditions for growth

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The TRON project (and its TRX token) is one of the rather old crypto projects. He had problems in China related to an illegal ICO, and Justin Sun’s odious reputation also played against him, said Viktor Pershikov, a leading analyst at 8848 Invest.

According to him, the project has high risks both because of the beneficiary and because of the team, which quickly lost interest in developing blockchain solutions – TRON is developing less actively than other products. The highlight was the partnership with BitTorrent, which was one example of the initial emergence of Web3 elements, but this cooperation did not receive global development, the expert said.

Now it’s quite difficult to talk about TRON as an ecosystem, Pershikov admitted. But he drew attention to the fact that even taking into account the effective development of competitors such as Polkadot, Avalanche, Solana, and so on, over the past months, users have contributed a lot of funds to TRON – according to this indicator, the project competes with ETH and BSC.

The expert believes that this year the TRX token can update the annual highs at $0.093 and test the $0.1 level. But further price movement will be determined by the influence of many factors, including how confident investors will be in the project and its leaders, says Pershikov.

exit up

All cryptocurrencies correlate with each other, so some individual factors do not affect the cost of TRON, said BitRiver financial analyst Vladislav Antonov. He explained that for the TRX token, the correlation with bitcoin over the past 90 days is 0.92, over 30 days – 0.73, where bitcoin moves, TRON goes there.

Since the beginning of the year, TRX has fallen in price by 7.2% against the dollar, to $0.07, while bitcoin has lost 48.09% in price, falling to $23.9 thousand, Antonov said. He also noted that when analyzing daily timeframes (time intervals of quotes), it is noticeable that with the growth of the bitcoin rate, TRON forms peaks with a lag of several days.

At the same time that Bitcoin hit its all-time high, TRON failed to update its own — the token fell short of the top by 39%, the analyst says. He also pointed out that the growth of TRX quotes, on the contrary, began earlier than that of bitcoin:

Vertices:

– BTC/USDТ: April 14, 2021 ($64.8K), November 10, 2021 ($69K).

– TRX/USDТ: April 17, 2021 ($0.18), November 15, 2021 ($0.128).

Reasons:

– BTC/USDТ: June 26, 2021 ($28.8K), January 24 ($32.9K), June 18, 2022 ($17622).

– TRX/USDТ: June 22, 2021 ($0.046) January 24, 2022 ($0.051) and June 15, 2022 ($0.046).

The capitalization of the token is $6.45 billion, TRON did not stay in the TOP-10 and now ranks 16th in the Coinmarketcap rating, the expert said. He recalled that in 2018, TRON’s reputation was hit by the sale of 6 billion TRX worth $300 million on the Binance exchange. Investors blamed Justin Sun for this, citing unconfirmed information that the account belongs to the main developer of TRON. But Sun tweeted that he had nothing to do with the sale of the assets, nor the account from which they were sold. However, trust in the company has never been restored, according to Antonov.

He also revealed that the TRON blockchain launched the USDD algorithmic stablecoin on May 5th. The news caused significant investor interest in TRX: the cryptocurrency rose by 10% after the news, while many other coins lost value, the analyst explained.

Over the past 486 days, the TRX rate has been in a sideways trend, its price range has narrowed to 0.04664 – 0.07482, the expert said. Considering that the price has been trading in the corridor for a long time and has not fallen as much as bitcoin since the beginning of the year, it can be assumed that with a favorable outcome for stock indices, the exit from the range will be upwards, Antonov believes.

In his opinion, the growth potential of TRON from the current price of $0.07 is up to 70%. Support is at $0.04665, Antonov warned.

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Source: Cryptocurrency

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