Tron has been through the rough seas and came out better. Though its valuation took a beating, it is safe to say the project is one of the most actively used.
Because of their initial marketing drive, Justin Sun’s fearless stunts, and its value proposition, Tron has carved out a decent market share in gaming.
Tron Market Drivers, Performance, and TRX Price Status
Most crypto projects launching would consider Tron a better layer-1 alternative because of its high throughput and thus low trading fees.
These are features Tron rides in establishing its DeFi and NFT markets. Because of the project’s ambitions and activity, analysts are convinced Tron is winning the blockchain war in Asia.
This is based on the number of USDT transactions, which is expected to rise as Gas fees in Ethereum are excessive.
A look at Tron pricing, however, reveals another story. The TRX/USDT pair is in stasis, and prices flat-lining below the $0.10 level.
As of writing, TRX is stable versus the greenback but bullish from a top-down approach.
While TRX/USDT prices may be consolidating, traders are hopeful of what lies ahead.
For instance, they expect a close above $0.10 to trigger the next wave of higher to $0.12 in a buy trend continuation.
However, if TRX prices take a turn for the worst and bears take over, a close below the $0.01 trade range in distribution may see the coin crumble to $0.08.
Will TRX/USDT Bullish Waves Propel the Coin to $0.22?
On Trading View, a trader is confident of Tron.
Per the analyst’s view, TRX prices could more than double to $0.22 in an A-B-C-D wave pattern based on candlestick arrangement in the weekly chart.
In that case, TRX/USDT prices would trade within a bullish breakout pattern past the resistance trend line presently capping ambitious Tron bulls.
Ideally, a high volume close above recent resistance levels would set the foundation for the swing higher.
On the reverse side, if bears flow back, a crash below $0.08 may trigger a deep sell-off.
This, the analyst predicts, would push TRX to the brink back towards $0.05—flashing with H2 2021 lows– and later $0.01—a multi-month support line.
Is the Bitcoin Expansion Trimming Tron Gains?
Another trader on Trading View thinks Tron is under pressure as per the analysis of the weekly chart.
Therefore, while TRX bulls are optimistic, the resurgence of BTC prices could further heap more pressure on Tron.
Nonetheless, the coin will remain bullish as long as $0.08 holds as the primary support.
The level flashes with a critical support level and is a closely watched reaction point by traders.
Even so, there would be a shift in fortunes for TRX/USDT if there is a solid gain above $0.12—September 2021 highs, setting the tone for $0.14 in the medium term.
The $0.12 is a massive Neckline for Tron Bulls
At present, TRX prices may be wavy.
However, the retracement from the 61.8 percent Fibonacci retracement cooled off bulls, forcing correction lower to spot rates.
A trader on YouTube thinks TRX’s trend would be defined once there is a close above $0.12—September 2021 highs.
After that, the coin would most likely surge to $0.17—presenting an opportunity for swing traders.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
ETHBTC is Clear, Are Bulls Ready to Send Ethereum to 0.12 BTC?
Is Ethereum Classic (ETC) a Good Investment?
Ethereum (ETH) Cup-and-Handle Pattern, Traders Predict a Bull Run to $6.6k
Crypto Holds the Line as Markets Crash on News of a New COVID Strain
Bitcoin Price Nuking, Is this a Clear BTCUSDT Sell Signal for $40k?
Grayscale Claims the Metaverse Is a $1T Opportunity in a New Report
What Is Audius Cryptocurrency? Is AUDIO a Good Investment?
Litecoin Destroying Bears, LTC/USDT Traders Predict a 10X Beyond $2k
Metaverse Coins Continue Soaring on News of Facebook Rebranding to Meta
What Is Coin98 (C98) And Is It A Good Investment?
SHIB Prices in a Pennant, will the Kraken Listing Drive the Token to $0.00010?
Bitcoin Analysts Predict a BTC/USDT Rally to $100k if October Highs is Broken
Learn1 year ago
Is Polkadot (DOT) A Good Investment?
News1 year ago
How Will Bitcoin React if Either Trump or Biden Wins?
Learn12 months ago
Yearn Finance Explained: A Simplified Guide to YFI
Price Analysis1 year ago
Bitcoin Price Prediction: China FUD, Path back to $13k or $20k?
Price Analysis9 months ago
Sushiswap price adds 14% week-to-date, SUSHI rallies 40X in 7 Months
Learn1 year ago
Is Chainlink (LINK) A Good Investment?