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Tron is a highly efficient and energy-saving blockchain known for exceptional speed and capacity.
The crypto network was developed by Justin Sun first on the Ethereum ecosystem before migrating to its own blockchain.
This blockchain offers a high-throughput application environment and a customizable smart contract platform.
Operating on Delegated Proof of Stake (DpoS) allows Tron to process significantly more transactions than other blockchain networks.
Tron’s efficiency and scalability make it a preferred network for transferring stablecoins like USDT.
With an impressive transaction processing capability of up to 2,000 transactions per second (TPS), Tron ensures swift and seamless transfers while maintaining minimal fees.
TRON TRX Past And Present Price Trend
TRON TRX started the year at $0.054 on January 1, 2023, according to sources. The asset maintained that price range until January 14, when it increased slightly by 5.2% ($0.06) before closing the month at $0.0622.
Throughout February, the price fluctuated between $0.06 and $0.069, with occasional highs of $0.070. The month ended with less pressure from bears pushing TRX to a price of $0.069.
In March, the coin maintained the same momentum but later dropped to $0.057 before closing the month with a slight increase to $0.065.
In April, TRON continued to trade in a narrow range of $0.065 to $0.067. As of May, TRX’s buying momentum increased with a slightly bullish sentiment in the market.
According to CoinMarketCap, the current TRX price is at $0.070266, with its all-time high at $0.3004 and all-time low at $0.001091.
The current price of TRON (TRX) demonstrates its proximity to the maximum rather than the minimum value, indicating positive market sentiment.
Furthermore, in the last 24 hours (May 15, 2023), TRX has experienced a 1.4% increase in its price.
With a market cap of over 6 billion dollars, the coin has seen an increase in trading volume in the last 24 hours as of writing.
TRON (TRX) Technical Analysis Using Indicators
Based on the chart above, TRX trades above its 200-Day and 50-Day Simple Moving Average (SMA), suggesting a bullish trend in the Tron price action.
The indicator also suggests that recent price movements have been consistently positive and buyers control the market.
The 200-day SMA can be a significant support level, indicating that the price will likely find buying interest if it retraces toward this moving average.
The 50-day SMA can also provide support during pullbacks, confirming the overall bullish sentiment.
Also, the Relative Strength Index (RSI) is 60.76, close to the oversold region, confirming the bullish sentiment in the Tron market.
Tron’s Moving Average Convergence/Divergence (MACD) is slightly below the signal line indicating a weak bearish pressure.
Tron (TRX) Support And Resistance Levels
TRX is currently oscillating between its primary support and resistance zones of $0.066 and $0.071, respectively.
With added pressure from the bulls, the price might hit and break the first significant resistance level of $0.066 before heading to the next strong resistance level.
On the other hand, if they take control of the market, TRX might drop below its significant support level.
Experts Short And Long-Term Tron Price Prediction
Several crypto experts have put together Tron price predictions for 2023 and beyond based on different analysis factors.
BTCC Academy Tron Price Prediction
BTCC Academy predicted that the price of TRX could reach a maximum price level of $0.11 by 2023.
However, the average price of Tron can be around $0.095 if current growth continues. And if there is any bearish trend, the minimum price of a Tron can be down up to $0.082.
Changelly Tron Price Prediction
Changelly’s prediction based on technical analysis is that the price of TRX is expected to record minimum and maximum prices of $0.159984 and $0.19998, respectively, in 2023.
Primexbt Tron Price Prediction
PrimeXBT predicted the price of Tron will likely hit $0.15 if the market does manage to break above the $0.09 level in 2023.
CryptoNewZ Tron Price Prediction
The platform predicted that TRX may have been valued at $0.17 in 2024. It forecasted the price of Tron for 2025, estimating that the token would be worth approximately $0.24 before perhaps increasing to $0.26 in 2026.
Factors Affecting The Price of TRX
Various factors, including regulatory development and market sentiment, influence the price of cryptocurrencies.
These factors can have temporary and permanent effects on the price movements of cryptocurrency projects.
Regulatory Development
Regulation plays a crucial role in shaping the price of cryptocurrencies. When new regulations or restrictions are announced, it often creates uncertainty and fear among investors, resulting in a sell-off and a subsequent decrease in price.
Conversely, clear and favorable regulations can instill confidence in the market and increase demand, leading to a rise in price.
Market Sentiment
Like other assets, market sentiment strongly impacts the price of cryptocurrencies such as TRX.
If investors hold an optimistic outlook for TRX’s future, they will likely purchase more of it, thereby driving up the price.
But if the investors adopt a bearish sentiment toward the coin, they may sell their holdings, causing the price to decline.
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