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TRX Price Prediction – May 8

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Tron (TRX) is stuck in its consolidation phase as the SELL rate has drastically increased. As a result, the market projects a prevalent bearish trend for the asset. 

TRX’s live price today, May 8, 2023, is $0.0685, with a 2.24% price drop compared to yesterday.

Nevertheless, the asset’s price performance and chart hint at some possible recoveries for TRX. In the nearest days or before the end of the month, Tron (TRX) could see some rallies and price gains.

TRX Past and Present Price Trend

TRX’s price performance since the beginning of 2023 is quite stagnant as it struggles between $0.05 and $0.07.

TRX traded at $0.0545 on January 1; by January 15, it reached $0.06188. It experienced rallies throughout the remaining days of January till on 30th, when it touched $0.06379. But at the end of the month, it dropped to $0.06225 (January 31).

Throughout February, TRX experienced more price increases amid several fluctuations. Thus, it recorded $0.06222 on February 1, $0.06688 on February 17, and $0.07194 on February 21. However, by February 28, it dropped to $0.0694.

TRX struggled between the $0.05 and $0.06 mark in March, causing it to record $0.06901 on March 1, $0.05742 on March 11, and $0.06483 on March 31. During this month, there were more sell trades in the market than buyers. 

The bearish trend prevailed in April despite the bulls’ attempt to regain their market stance. TRX started at $0.06562 on April 1 and reached $0.06734 on April 11, increasing by 1.99% in 11 days. By April 30, TRX had increased to $0.068. 

Since the beginning of May, there have been some dramatic price changes. TRX is still stagnating between $0.06 and $0.07. It recorded $0.06734 on May 1 and $0.071 on May 6. 

Today, May 8, TRX is at $0.06837, with a 2.56% price drop at the time of writing. Nevertheless, traders and investors expect a more optimistic increase soon.

TRON (TRX) Price Prediction Based on Technical Indicators

Source: TradingView

According to the chart above, TRX has been uptrend since March 11, when the bulls took control of the market.

The market is currently above the 50-Day and 200-Day Simple Moving Average (SMA). This indicates that TRX has been constantly trending higher over the short and long term. Also, the market is bullish, and investors may be more inclined to buy TRX.

An RSI reading of 55.17 indicates that the TRX price is currently stable and is not showcasing any extreme movement in either direction. This also suggests that the TRX is in a consolidation stage and is trading in a range-bound structure.

Moving Average Convergence Divergence (MACD) indicates bullish as the MACD line is currently above the signal line. It is typically considered a bullish signal. The histogram also confirms the bullish momentum as its trading above zero.

The combination of SMA, RSI, and MACD indicators suggests that TRX may be on an upward trend and that investors may want to consider buying or holding.

Source: TradingView

TRX is trading between the primary support and resistance levels of $0.064 and $0.073.

However, if TRX breaks below the $0.063 support level, it could signal a bearish trend, and traders may look for selling opportunities. 

Conversely, if the bulls build strong momentum and break above the significant resistance level of $0.073, it will trigger a bullish trend. The next support and resistance level will be at $0.092 and $0.046.

Experts Short and Long-Term TRX Price Prediction

Here are some experts’ price predictions for TRX based on fundamental and technical analysis. These predictions tip TRX’s price outlooks in the short and long term.

TRX Price Prediction by Bitcoin Wisdom

Bitcoin Wisdom predicts TRX to reach a maximum of $0.1026, an average of $0.0958, and a minimum of $0.0821 by the end of 2023. If that happens, TRX will perform well in 2024, and by 2025, it will reach at least $0.2396 (maximum), $0.2190 (average), and $0.2053 (minimum). 

By 2030, TRX might record a maximum of $0.5819, an average of $0.5613, and a minimum of $0.5476. 

TRX Price Prediction by CryptoNewsZ

CryptoNewsZ’s price prediction for TRX by the end of 2023 is $0.14 (maximum price) and $0.06 (minimum price). By 2025, it could reach a maximum of $0.22 and a minimum of $0.15. Furthermore, by 2030, TRX is expected to reach $0.52 (max) and $0.36 (minimum). 

Factors Affecting the Price of TRX

Several factors affect the price of cryptocurrencies, like regulatory development, market sentiment, etc.

Regulatory Development

Regulatory development can significantly impact the price of cryptocurrencies. The announcement of new regulations or restrictions can create uncertainty and fear among investors, leading to a sell-off and a price decrease. 

However, clear and favorable regulations can boost confidence and increase demand, leading to a rise in price.

Market Sentiment

Like any other asset, market sentiment influences the price of Tron TRX. If investors are optimistic about the future of TRX, they may buy more, driving up the price. 

Conversely, if investors are bearish about the cryptocurrency, they may sell their holdings, causing the price to decline.

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