TRON Price Prediction: Is this Coin About to Skyrocket or Should You Consider Allure of Wall Street Memes?

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TRON displays bearish movements today, despite the buzz in its community triggered by the Tron Foundation founder Justin Sun’s letter to PayPal.

TRON’s founder, Justin Sun, recently reached out to PayPal with a compelling proposition, suggesting that the payment gateway provider issue PYUSD on the TRON network.

I cordially invite PayPal to consider issuing PYUSD on #TRON, which is Fast, secure, and cost-effective with 12 billion USD daily transactions. Mutual benefits await in the digital payment landscape. Let's collaborate for a thriving ecosystem! 🙏

— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 7, 2023

Such news should generate a positive enough sentiment to trigger a rally. But the reverse seems true for TRON, whose price has declined nearly 1% in the last 24 hours.

TRON Under Bears’ Attack

While this initiative, if successfully adopted, positions TRON for a brighter future, the token’s price still faces heightened sell pressure. Over the last week, the token has fallen 2.35%, with a 0.45% 24-hour price decline. Also, TRON has lost its past month’s gains as its current price is over 3% lower than its value 30 days ago.

At 05:30 am EST, TRON trades at $0.07631. Interestingly, TRON has received a slight increase in investor attention since its trading volume observed a boost.

CoinMarketCap data shows TRON has recorded an 11.60% increase in 24-hour trading volume. This observation signals a potential boost in price in the next few hours.

TRON’s Recovery Draws Closer, Hitting Major Support Level

The bears have long dominated the TRON market, but the technical indicators above suggest their grip on the market is gradually loosening.

The histogram has created vivid red bars over the past week and is forming new partial red bars. This setup shows the bears are gradually receding from the market and might give in to the bulls in a few hours.

The 200-day Moving Average also backs the bullish possibility on the market. The chart above shows that TRON is trading above the 200 MA, a potential long-term bullish signal.

On the other hand, the MACD line remains below the signal line, reflecting the presence of bears on the market. The token’s price has dropped below the 50-day MA, and the RSI of 41 strengthens the chances for continuous selling movements.

But it’s worth noting that this may only last for a while, given the support position at $0.07634. This position has held TRON’s price and presents a good chance for a reversal. As such, TRON could briefly regain its previous uptrend in the next few hours.

Investors Find Better Alternative With Wall Street Memes

WSM, the Wall Street Memes ecosystem token, has been disrupting the crypto market with its successful token presale. It has amassed an impressive $22.290 million as of August 8.

The genesis of this movement traces back to the 2021 challenge against the Wall Street capitalists, which later birthed the WSM token presale in 2023. With a robust community of over 1 million members across social media, the prospects of a listing on major crypto exchanges seem promising.

A key aspect of the initiative is its commitment to empowering the community, as evidenced by allocating 30% of the token supply for rewards, including potential airdrops.

Experts anticipate significant potential gains for WSM upon its exchange listing, making the presale an attractive opportunity for savvy investors.

Assurance of huge returns through solid fundamentals

Supported by solid fundamentals, WSM’s trajectory showcases the substantial potential for lucrative returns.

The recent surge beyond the $20 million mark, driven partly by a significant crypto “whale” investment, brings the project closer to its $30 million hard cap. Given the heightened interest in this project, this hard cap is expected to be achieved in the coming weeks.

The mysterious identity of the investor has added intrigue, with speculations suggesting involvement from a potential crypto influencer.

This endorsement has solidified WSM as one of 2023’s most promising crypto ventures. Aspiring participants can join the Wall Street Memes Discord channel and engage in social media tasks to have a chance to claim a share of the $50,000 worth of $WSM tokens.

Currently available at $0.0331 per token, the opportunity to acquire $WSM tokens remains appealing to smart investors.

However, as the end of the presale event draws nearer, intending investors are encouraged to engage in it before Wall Street Memes makes its grand market debut.