TRON Price Prediction: TRX To Bounce Back To The $0.07 Price Level

TRON (TRX) has recorded high values recently, indicating bullish pressure in the market. Moreover, it shows no signs of slowing down despite slight price fluctuations. Since February 1, 2023, there have been visible efforts of the bears trying to break in, but it’s all to no avail.

TRX was trading at $0.06995 at press time, with a 0.46% increase in the last 24 hours. Following the price surge, it gained 0.50% on its $6,377,751,098 market cap.

TRON’s circulating supply is 91,424,225,060 TRX out of the total supply of 91,424,344,156. It recorded its all-time high of $0.03004 on January 5, 2018, and it’s an all-time low on September 15, 2017, at $0.001091. Since then, it has never recorded any value less than its last all-time low price. From present predictions, TRON is intent on resuming an upward trend.

TRON is the best decentralized blockchain-centered exchange on Binance, OKX, BingX, BTCEX, and Deepcoin, designed for rewarding content creators on the network. It boasts of a blockchain-centered operating system (OS) technology that can handle 2,000 transactions per second (TPS) and can build decentralized apps (DApps).  

Trends On The TRON Network  

Here are the latest trends on the TRON network that is creating a buzz in the crypto space. 

TRON DAO Tops Retail Payment Options List

Based on on-chain analytics, TRON DAO became the leading stablecoin for retail payment adoption ahead of Ethereum. TRON DAO is the stablecoin of the TRON network and is soaring in popularity among crypto investors.

TRON Blockchain Height Exceeds 48.84 Million

According to Tron Weekly Report, TRON blockchain height exceeded 48.84 million in February 2023. Also, the total number of accounts on the network was above 143.7 million, with the total number of transactions at 4.93 billion. TRON’s TVL reached $12 billion. These figures reflect a value increase for the token and increased on-chain activity among TRON users.

TRON Ecosystem

TRON is a decentralized blockchain-powered Operating System (OS) that provides full ownership rights to digital content makers. Digital content creators can create coins, develop applications and decentralized games, and be rewarded directly by users with digital assets. 

The platform boasts smart contract support, various blockchain systems, and a UTXO transaction model. These are the driving forces behind the platform becoming a leading decentralized entertainment and content-sharing tool.

TRON Strives To Break Above The $0.07 Price Level 

TRON’s price has been in a back-and-forth motion between the bulls and the bears as they struggle for dominance. It started the year reflecting the crypto winter of 2022 at $0.0548 and traded within that range till the bulls drove the price to $0.0600 on January 13, 2023.       

However, the bears set a sell wall driving the assets price down on January 18 to $0.059. The price reduction proved to be a slight retracement as the bears reclaimed the $0.06 support on January 19, 2023.

TRON spiked once again and broke above the $0.07 resistance on February 15 to begin a new price trend in the upward direction. However, the bears remained resolute and forced a retracement back to $0.06 on February 21. TRON has remained in that price range since its retracement, and the asset’s return to the $0.07 price level remains possible.

TRON (TRX) Daily Chart

TRON is still in a sideways trend but has formed a green candle on the daily chart today. It remains above its 50-day and 200-day Simple Moving Averages (SMA). An asset trading above these indicators displays a bullish sentiment for the short and long term.

The bulls have driven the 50-day SMA over the 200-day SMA to form a golden cross on the chart, which supports the current bullish trend. The Relative Strength Index (RSI) is 58.08, in the neutral zone, and reflects the current sideways trend on the daily chart.

TRON’s Moving Average Convergence/Divergence (MACD) is below its signal line, reflecting the bearish pressure in the market. However, the MACD histogram bars are faint, indicating a possible trend reversal to the upside for the asset.

TRON is currently trading at $0.06995; support levels are $0.0672, $0.0678, and $0.0682, while the resistance levels are $0.0693, $0.0699, and $0.0704. 

TRX is above the $0.0693 resistance and is under pressure from the bears at the $0.0699 price level. If it overcomes the bearish pressure, a return to the $0.07 price level in the next few days is possible. It will likely move into an uptrend to reclaim its higher highs at the $0.07 level. In the short term, the sideways trend might persist for the next few days before an eventual rally.

TRON Alternative

TRON is an established cryptocurrency project that has been around for years. However, just like other crypto projects, it is prone to volatility. But investors can use crypto presales that will yield rewards after listing.

RobotEra

RobotEra is a decentralized metaverse-based game built on the Play-To-Earn (P2E) model. It is a robot-themed Metaverse where players compete as robots and take on rebuilding tasks within the game. Users can compete and build structures to earn rewards within the game. Also, metaverse plots are vital for a well-rounded in-game experience.

TARO is the token that powers the platform and is currently on presale and close to the $1 million mark. Investors can take advantage of the presale stages as the token will increase in value once it lists on exchanges.

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