Tron Price Prediction: TRX is Rangebound For Now

Tron price had a relatively difficult month in November. After soaring to a high of $0.1280 in November, it quickly erased those gains and dropped to a low of $0.0890. It is now trading at $0.0965, bringing its total market capitalization to more than $7 billion. It is the 33rd biggest cryptocurrency in the world. At its peak, Tron was in the top 15 of the biggest coins.

The harsh pullback of the Tron price happened after eToro announced that it would limit trading of the coin in the near term. The announcement also included Cardano, one of the best-known cryptocurrencies in the world. The company cited regulatory concerns but it did not elaborate more. 

Still, fundamentally, Tron has continued doing well. The number of accounts holding the coin has jumped to more than 2 million. The total value locked (TVL) in the ecosystem stands at about $11 billion, which is slightly below November’s high of more than $12 billion. 

Its total transaction volume also rose to more than $8 billion, making it one of the most active platforms in the industry. Meanwhile, Tron continued to do well in the DeFi industry. Its total value locked has risen to more than $6 billion, making it the 6th biggest platform in the world.

Tron price prediction

On the daily chart, we see that the TRX price formed a double-top pattern at about $0.1225. The neckline of this double-top pattern was at $0.0825. The coin has moved slightly below the 25-day moving average while the MACD has moved below the neutral level. Its volatility, as measured by the Average True Range (ATR) has also declined.

Therefore, for now, forecast for the Tron price is neutral. I suspect that the price will remain in the current range in the near term. The key support and resistance levels to watch will be $0.0825 and $0.1225. 

Tron Price