According to Hodl or not according to Hodl: TRON price forecast

The TRON platform is powered by the TRX cryptocurrency, into which crypto users can become part of the TRON revolution

In the battle for number one among the smart contract platforms, TRON (TRX) is competing ever fiercerly to oust Cardano and Polkadot in order to earn the nickname “Ethereum Killer”. In fact, there is now more tether (USDT) offering on the TRON network than Ethereum. TRON is trading at around $ 0.075 at the time of writing and is perhaps a dark horse in the programmable money race.

Although the crash in May initially destroyed around two thirds of the value of TRX, the token is currently doing better than in March. In this article, we will examine whether Justin Sun’s blockchain project can continue to gain momentum despite the prevailing declining conditions.

TRON price analysis

Valued at $ 0.001984 at launch, TRON quickly entered the crypto bull run in 2017/18, leading to its all-time high of $ 0.3004. However, the price spike was followed by a sharp drop in the market and TRON, like many other low-priced cryptocurrencies, lost most of its value. It rebounded over the next several months, trading between $ 0.025 and $ 0.040, but failed to fully regain lost ground. It started in the same price range in 2021 but has seen dramatic spikes over the past five months, putting TRX back on the crypto investor card.

TRX all-time chart. Source: CoinMarketCap

During the bull run, TRON hovered between $ 0.11 and $ 0.16 from mid-April to mid-May. However, the currency was again unable to consolidate its position above the price level of USD 0.10 and experienced a downward movement. At the time of writing, TRON is trading in the seven-cent range.

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What could affect the price of TRON in June?

Strategic partnership

TRON has forged partnerships in the past and upgraded its blockchain infrastructure capabilities to increase its value in the market. Last year, TRON saw a surge after reports reported that the project’s decentralized application (dApp) transaction volume exceeded that of Ethereum. The new wave of growth is also seen as an indication that TRON is finally catching up with Ethereum and that a further increase in dApp activity is expected in the coming months.

TRON has also given way to its innovative approach and ambitions to digitize the entertainment industry by acquiring popular torrenting site BitTorrent. It is also one of the small cryptocurrencies supported by the latest Samsung smartphones. TRON is also expanding in China, the most populous country in the world, through cooperation with the Baofeng Group, the so-called Netflix of China, and the Chinese search engine Baidu.

Recovery of the cryptocurrency market

While negative headlines about increasing regulatory barriers and Tesla’s decision to stop accepting Bitcoin payments did not go down well with the market, it is safe to say that the recovery from the May 19 crash has already begun.

Bitcoin has risen in value by over 10% in the past few days and the market is preparing for a potential bull run fueled by the increasing adoption of the world’s leading cryptocurrency. TRON has always responded positively to signs in the broader crypto and financial markets and the historical sentiment shows that a bull run for the crypto market means a bull run for TRON.

TRON price forecast

2021 looks promising for TRON as the token topped price levels of $ 0.05, $ 0.10, and even $ 0.15 in the first six months of the year. Its fast and scalable blockchain coupled with its vision to revolutionize the digital entertainment industry means that TRON will continue to enter into important partnerships and experience steady growth.

Source: WalletInvestor

A price rally is expected to begin in June, according to analysts at Digital Coin Price, with TRON expected to hit a price level above $ 0.10, making this an attractive time period for investors. TRON are no strangers to sudden spurts of growth, as seen in April of this year. Long Forecast, on the other hand, predicts that TRON will fluctuate between $ 0.125 and $ 0.20 from June to November and that the token will end at $ 0.19 in 2021.

TRX / USD 4 hour chart. Source: TradingView

TRX / USD is clearly forming a symmetrical triangle pattern on the 4-hour chart – a pattern currently seen in most crypto markets. If the recent positive turnaround in sentiment can cause a breakout to the upside, realistic targets for June are resistance levels at around $ 0.09 and $ 0.12, respectively. Should momentum collapse, TRX has established strong horizontal support at $ 0.066 and could settle here in the worst case scenario.

All in all, given TRON’s slow but steady rise among its rivals for the supremacy of smart contracts and the beginning of a tentative rebound in the crypto market, it seems reasonable to expect TRX to top $ 0.10 again in June. On a strong bullish breakout, we could potentially see as much as $ 0.12.

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Please note that the details given above are solely a personal opinion of the author, which is derived from the relevant market data. None of this is to be understood as direct investment advice.

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