Bitcoin
BTC$23 413.14

-1.75%

Ethereum
ETH$1 845.31

-2.60%

Tether
USDT$1.000076

0%

USD Coin
USDC$1.000023

0.03%

Binance Coin
BNB$307.60

-2.68%

XRP
XRP$0.375266

-0.85%

Tron (TRX) Maintains Royal Price Action


February 2020

Tron is arguably one of the most exciting cryptocurrencies out there, not only because of its price fluctuations, which are usually decently profitable for traders who trade TRX/USDT or TRX/BTC, but also because of the constant flow of hype that comes from Justin Sun, the founder and CEO of Tron Foundation, the company behind the cryptocurrency under review.

Some of the recent developments include the much-talked-about lunch with the iconic stocks investors, and one of the wealthiest persons on the planet, Warren Buffer. The news about this event had been circling around for months, with both parties postponing the meeting for various reasons. And on January 23, it finally happened - the Tron founder and the legendary financier have had a lunch turned dinner, after which Sun donated the promised $4.5 million to billionaire’s charity foundation.

Not to say that this event was the only incentive for what has happened to the price of TRX later, but that day marked the beginning of a massive price surge of said cryptocurrency.

TRX/USDT 4-hour chart

The surge took the price of Tron up by 41% in little more than two weeks, making it one of the most noticeable gainers of that period. Last week, the coin had gained 13% against the US Dollar and 6% in comparison to Bitcoin.

As of now, TRX still sits at 11th place in global rankings, with a market capitalization of $1,48 billion and an almost equal average daily trading volume of $1,44 billion. Such a massive volume ensures that Tron is one of the most actively traded cryptocurrencies across all exchange platforms. Knowing the sustainability of Tron’s fundamentals, traders could now begin trading in the said pair as TRX is likely to continue an uphill hike, given, of course, that the rest of the cryptocurrency markets remain faithful to the ongoing bull rally and the overall uptrend.

Tron stands high on the charts


 Even if you are a swing trader, who prefers to monitor the price action on relatively small time frames, it is essential to remember that the largest time frames could open their eyes to a bigger picture.

On the monthly chart, TRX is still moving inside a descending wedge and approaching the territory of $0.0024 that could provide a serious test and even put an end to the present bull rally. Should the coin successfully pass that line, it could make an instant stride to the next level of strong resistance at $0.034, by breaching which Tron would fully confirm the deployment of the bull market.

Monthly TRX/USDT chart

The weekly chart shows Tron briefly breaking resistance at $0.23, but retracing back below it - once it will have been breached, the next counteraction to a price growth could occur at $0.03.

Weekly TRX/USDT chart

The probability of such a move is supported by the formation of the double bottom, which is considered a reliable signal for a trend reversal. The arrival at the mentioned resistance would provide confirmation candles, by analyzing which we will predict its further movement.

Daily TRX/USDT chart

On the daily chart, Tron is showing strength after having made three higher highs and higher lows. Over the next few days, price is likely to retrace, possibly as deep as $0.0018, presenting a perfect buying opportunity.

Author: Alex Paulson for Crypto-Rating.com

Related

The 2025 - 2030 TRON (TRX) Price Prediction: The Long Way to All-Time High and Above
The 2025 - 2030 TRON (TRX) Price Prediction: The Long Way to All-Time High and Above
TRON (TRX) Changes Its Stance to Bearish
TRON (TRX) Changes Its Stance to Bearish
TRON (TRX): Anticipating the Resolution of Symmetrical Triangle
TRON (TRX): Anticipating the Resolution of Symmetrical Triangle
TRON (TRX): A Pullback After a Huge Bullish Spike?
TRON (TRX): A Pullback After a Huge Bullish Spike?
TRON (TRX) Stays On a Slow Course to the Upside
TRON (TRX) Stays On a Slow Course to the Upside
TRON (TRX) Could Be Setting Up a Bear Trap
TRON (TRX) Could Be Setting Up a Bear Trap
Tron Is Heading for a Range in April 2020
Tron Is Heading for a Range in April 2020
TRON is Under the Bears’ Thumb
TRON is Under the Bears’ Thumb
TRON (TRX) Price Prediction for February 2020
TRON (TRX) Price Prediction for February 2020

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 88.8% 13 $23 413.14 -1.75% -4.18% $447 764 695 466 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72.4% 57 $1 845.31 -2.60% -1.73% $225 145 169 054 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000076 0% -0.03% $67 571 079 284 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000023 0.03% 0% $53 165 653 780 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 66% 64 $307.60 -2.68% -6.84% $49 626 608 205 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 89.2% 10 $0.375266 -0.85% -1.33% $18 529 753 729 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 79.6% 30 $0.539617 -3.37% 0.14% $18 311 373 252 ADA 7 days price change
8 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000284 0.07% 0.03% $18 290 625 677 BUSD 7 days price change
9 Solana (SOL) SOL Solana predictions 82.4% 33 $40.93 -5.16% -7.86% $14 278 599 462 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 80.4% 28 $0.081309 -3.94% 13.97% $10 787 373 078 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 91.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 66.8% 67 $0.058800 -4.07% -5.94% $10 196 581 754 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 72.4% 54 $8.49 -3.98% -9.51% $9 404 789 562 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 74.8% 45 $0.000015 -5.46% 20.74% $8 193 283 954 SHIB 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 66.8% 63 $25.90 -5.15% -12.32% $7 381 113 738 AVAX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.