As the second-largest player in the DeFi space, Tron is experiencing a significant resurgence following the 2022 bear market. With a remarkable 98% annual growth in 2023, the uptrend momentum continues to build, indicating a potential breakout rally.
With the overall market trending bullish, investors are questioning whether TRX is a viable investment opportunity.
TRX’s Current Market Status is A Healthy Mix
TRON (TRX) is currently trading at USD 0.134651, per Coinfomania data analytics, with technical indicators showing a SELL market sentiment. Over the last 30 days, TRX has seen 17/30 green days, reflecting a 57% positive trading trend. With a price volatility of -1.15%, TRX exhibits moderate fluctuations.
Source: Coinfomania
In the past 24 hours, TRX has experienced a negative trend of -0.10% since yesterday.
Meanwhile, based on our technical analysis, TRON Coin’s 200-day SMA is projected to ascend over the next month, reaching $0.136 by August 20, 2024. Simultaneously, the short-term 50-day SMA is expected to reach $0.13 by the same date. The Relative Strength Index (RSI) currently stands at 52.44, indicating a Neutral market sentiment for TRON.
TRX/USDT price chart. Source: TradingView
Price Prediction for TRX in August and Q3 Shows Bearish Signs
Despite market volatility, Tron’s price has surged 73.65% over the past year, securing the 11th position with a market cap of $11.464 billion and a circulating supply of 86,964,424,000 TRX tokens. A bullish trend could tease the Tron coin price toward its high of $1.360, while a bearish dominance may force a retest of the crucial support level at $0.1275.
Source: Coinfomania
If market momentum returns, the TRX price may break through its resistance level and reach $0.14425 by Q3’s end. Conversely, continued bearish pressure could drive the price down to $0.1275, with an average price of $0.1370.
Likewise, if the TRON ecosystem gains traction in 2024, the TRX coin price is predicted to hit $0.20. However, if regulatory challenges and slow adoption hinder the ecosystem’s growth, the TRX price may drop to $0.080. As a result, traders can expect an average TRON price of $0.140 in 2024.
According to various sources, Tron could reach a maximum of $0.20 by the end of 2024. This prediction is heavily reliant on wider market conditions. Tron, like most cryptocurrencies, is heavily influenced by Bitcoin’s performance. The bullish outcome is Bitcoin closing 2024 at new all-time highs. This could see Tron close the year at $0.21, meaning a 75% increase from existing prices. However, bearish scenarios could lead to a TRX sell-off, with the price potentially dropping to 2024 lows of $0.09.
TRX in 2025-2030 Could Cruise An All-Time High
Moving into 2025, consolidated market conditions will likely see the average TRX price remain at $0.20 throughout the year. However, bullish conditions could see an all-time high of $0.25.
Increased adoption and ongoing development, alongside enhanced scalability, could see TRX secure an average price of $1.08 for the rest of 2030. Other sources suggest that the TRX coin price could go as high as $0.73 by 2030.
The post Tron (TRX) Price Prediction 2024, 2025-30: Is a $1 TRX Price Possible This August, or When? appeared first on Coinfomania.
