The TRON network ecosystem hosts multiple kinds of products, including public chain, wallet client, and dApps, among others. TRON also boasts being the fastest growing public chain in the world with 2.7 billion transactions, millions of DAU, and continuous daily new accounts.
Recent Price Action TRON(TRX)
TRON (TRX) is a virtual currency that was established to fuel the shift away from the centralised web to a more decentralised internet by removing intermediary control over entertainment enjoyed by corporations such as iTunes and Facebook.
Unlike conventional cryptocurrencies such as Bitcoin and Ethereum, TRX was not created to be an alternative to fiat currencies but to deliver a payment system and platform for creators who publish and store their works on the TRON blockchain. There exist a finite number of TRX coins, amounting to 100 billion, which were released at the launch of TRON.
TRX hit an all-time high of $0.3004 on the 5th January 2018 at a time of a strong rally in cryptocurrency prices, although it ended the year at around $0.01 as a result of market collapse. TRX price bottomed out again in March 2020 but burst to a peak of $0.1799 on 17th April during another cryptocurrency market rally. TRX subsequently fell sharply over the next week before reaching a peak of $0.15 in May.
A series of fluctuations from June to August saw the price of TRX drop to lows of $0.04917 in July prior to a rally which saw it peak at $0.0951 on 15th August. Another longer rally saw TRX peak in September at $0.12, with November 15 recording a high of $0.1291 after a dip and slight recovery.
An announcement on 23rd November by eToro, one of the leading brokerage firms globally, that it would be de-listing TRX and ADA (Cardano) from its platform by the end of the year due to regulatory concerns led to a 5% dip in TRX prices within 24hours.
At the moment, the TRX/USD chart is bearish since the cryptocurrency is trading in the red zone. By 29th December 2020, TRX had been trading below its 50-day moving average of $0.0933 and had been below that level for three weeks. The MACD line currently sits in the red region while TRX’s RSI could dip further into the oversold territory.
Can the price of TRX return to All-Time Highs?
TRX is on the decline this week, trading at $0.07, having lost 3.7% of its value in the past 7 days. The coin also shows a decline of 16% in the last month, although there is a 150% gain over the past year. TRON’s current price is also 74% below its all-time high of $0.3 in 2018.
At the moment, TRX is on a bearish trend and risks slipping below the current price of $0.07. However, some like Wallet Investors are predicting a bullish trend, forecasting the price will rise to $0.164 at the end of 2022 and that it will more than double to $0.41 by the end of 2026.
Others like DigitalCoin are also bullish but expect the price rise to rise at a slower rate, predicting an average price of $0.123 in 2022 which rises to $0.15 in 2025.