Tron (TRX) coin had been trending downwards as the whole cryptocurrency market turned bearish after the high of the 2021 bull run. The cryptocurrency suffered from some major corrections but was able to somewhat restore an upward momentum. At the time of writing, Tron crypto stands at a price level of $0.055. The cryptocurrency has been relatively stable in the past twenty-four hours with only a minor downside movement. The daily trading volume, on the other hand, has declined by more than 10%.
Tron (TRX) technical analysis
The market sentiment for Tron cryptocurrency is bearish. Out of the total twenty-six technical indicators, fifteen are giving out an indication of sell with eight indicators at neutral and only three standing at a buy position. The oscillators are neutral while the moving averages suggest a strong downtrend in the daily timeframe.
The bearish momentum of Tron is going strong. The cryptocurrency has been identified to be operating with a descending trend line since the beginning of July. The trend line has become even steeper as the bears further strengthened. Although a slight decrease can be observed in the bearish momentum with price volatility being decreased, the potential price target for Tron lies at the support level of $0.049. There is still a likelihood that the cryptocurrency will test the price level. However, the recent consolidating price movements may also suggest towards the end of the dominance of the bears. The upcoming price action will prove to be crucial for cryptocurrency.
Tron (TRX) price prediction
Tron is an operating system based on the blockchain which focuses on the content sharing and entertainment space. The blockchain is also known for its user friendliness in decentralized app development. Despite the current bearish outlook of the cryptocurrency, the long-term price forecasts are bullish. Tron is considered to be one of the good projects in the market with locked potential. The network regards its potential transaction per second to be at 2,000.
According to the estimates of Wallet Investor, Tron will be operating at a price level of $0.11 in a year’s time while the five-year projection places the cryptocurrency at $0.35. Digital Coin Price projects a similar path for the price of TRX crypto. Per their estimates, Tron will end 2021 with a price of $0.08 and reach towards $0.24 by 2028.
