Tron (TRX) could not break its all-time high of $0.30 established in the 2018 bull run. The cryptocurrency did manage a 52-week high of $0.17 in the bull run of 2021 after which it fell to a low of $0.06 amidst the market crash. At the time of writing, Tron crypto stands at a price level of $0.075. The cryptocurrency appears to be slowly recovering from the brutal crash of the market. The price of TRX coin has been declining in the past twenty-four hours while the daily trading volume has increased by 31%.
Tron (TRX) Technical Analysis
The market is yet to recover; hence, the overall sentiment still remains largely bearish. The market outlook for Tron crypto is also bearish. Out of the total twenty-six technical indicators, eleven are giving out a signal of the sell while ten stand at a neutral position and only five indicators are signaling a buy. The oscillators are mainly neutral while the moving averages suggest a strong fall in the price of the cryptocurrency.
TRX coin is expected to be on a strong pullback. A trader’s analysis explains Tron cryptocurrency’s downward trend as a pullback that is not to last. The price level of $0.56 is identified as strong support where Tron crypto can stabilize. After skirting near the support level, Tron may embark on an upward trend. In the long-term window, if the situation plays out like this, then the trader is expecting the price target at $3 to be activated. Although, Tron cryptocurrency will be facing a nearby resistance at $0.5. The short-term scenario may vary.
Tron (TRX) Price Prediction
The price prediction of $3 may be too optimistic at the moment. Wallet Investor’s projections place the cryptocurrency near $0.5 in five years’ time. While Digital Coin Price is not bullish on the TRX coin and suggest a price level of $0.3 in five years. The upcoming price action will reveal if Tron can develop to $0.5 in the long-term window.