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Tron’s stock has been under pressure after it reached an all-time high last week. TRX is now priced at $0.1320, which is significantly higher than yesterday’s low of $0.1168.
What happened: Tron, which Justin Sun established a few years ago, has made a phenomenal comeback. Over the coronavirus pandemic last year, the currency fell to $0.0128. This reduction corresponded to the overall loss in other cryptocurrencies such as Bitcoin and Ripple.
Following that, the currency recovered, aided by the overall easy money situation in most countries. From its lowest point in 2020, the currency has risen almost 1,000%.
Tron’s price has recently risen due to increased demand for its network. As I stated last week, recent data indicates that more Tether (USDT) has migrated to the Tron network than to the Ethereum network. Simultaneously, the number of Tron accounts accessed every day has increased. There are currently over 29 million accounts worldwide. So, what is the future of the Tron price?
Tron price forecast
Previous week, We predicted that the Tron price will fall by around 10% to $0.14. To some extent, this hypothesis was right, but the magnitude of the downturn was incorrect. The drop was steeper than I had expected.
Turning to the four-hour chart today, we can see that the TRX price is developing a head and shoulders trend. It has already finished the pattern’s left shoulder and head part. Another noteworthy development is that the stock has fallen below the 15-day and 25-day moving averages. This is a bearish indicator.
The Relative Strength Index (RSI) has also established a bearish divergence trend. As a result, in my opinion, Tron’s ordeal is far from over. I expect that the price will quickly fall below $0.10, which is approximately 25% lower than the current price. This prediction would be verified if the price falls below the red support level of $0.125.
TRX price chart
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