Tron (TRX) established its 52-week high during the current bull run at a price level of $0.17– still far away from the all-time high of $0.30 established three years ago. TRX crypto suffered from market retracements after the 52-week high was established. TRX coin went as low as $0.09 during the pullbacks but bullish pressures have renewed on the cryptocurrency as it has embarked on an uptrend. At the time of press, Tron stands at a price level of $0.12 – which went down by 5% during the past day. The daily trading volume of the cryptocurrency has also decreased by 13%. With a market rank of 19th, the capitalization of the TRX coin has also suffered a 5% drop.
Tron (TRX) price prediction: What to expect?
The market sentiment for the TRX crypto is bullish. Out of the 26 technical indicators, thirteen stand at a buy position while nine are neutral and only four are giving out a signal of sell. The oscillators are neutral while the moving averages are strongly bullish.
A trader has identified a head & shoulder formation in his TRX coin price analysis. The H&S pattern had started formation since early April and currently, the cryptocurrency is on the right shoulder of the pattern. According to the head and shoulder formation, the price of Tron can be expected to fall once the peak of the final shoulder is reached. The trader is expecting Tron to continue falling before it stabilizes at the ascending support line at the price level of $0.07.
However, the trader is bullish on TRX coin in the long-term as a pullback from the support line is expected which will reverse the trajectory of the coin.
What is Tron (TRX)?
Tron is a decentralized content sharing and entertainment platform based on the blockchain. The aim of the network is to create a free global entertainment ecosystem utilizing the distributed storage technology. The design of the Tron platform makes content sharing easy and cost-effective while also incentivizing content creators.