TRON Price Prediction: TRX Price Eyes Breakout As Markets Recover
Our Tron price prediction depends on the direction of the next breakout. TRX coin has been trading inside a descending triangle since topping at $0.18 in April 2022. Unfortunately, the price has failed to break out of this pattern despite multiple attempts. The most recent attempt turned out to be a fake-out in June 2022.
Most altcoins are trading at just a fraction of last year’s highs due to the ongoing macroeconomic uncertainty. The recent back-to-back rate hikes by US Fed have further intensified this downtrend. As Tron coin follows the Bitcoin price action most of the time, any Tron price prediction depends on the recovery in Bitcoin prices.
According to official Tron news, Season 1 of the Tron Grand Hackathon 2022 has completed all the milestones. All the Season 1 winners have received their full prize payments, and Season 2 is already underway. As per DeFi Llama, the TVL on the Tron blockchain has reached $5.73 billion. This is a 20% increase since last month. This sudden increase in TVL is surprising as the TVL of most blockchains has shrunk during the same time.
Tron Price Prediction
Technical analysis of the TRX price chart shows a prolonged price action inside a descending wedge. The bottom of the wedge has acted as significant support on multiple occasions. Nevertheless, the $0.05 level support appears to have weakened after too many retests and might break on the next retest.
A daily close below this level might send Tron price below the $0.03 price level. This level could give the bulls enough momentum to target the $0.12 price level in the mid-term. You can trade Tron on Exchanges like Binance, Kucoin, BYBIT, Poloniex etc.
However, if Bitcoin price gains strength above $20,000, Tron price prediction might also flip bullish. If TRX breaks out of the triangle pattern, the price might soar to the $0.09 level. The $0.09 price level has become critical as it has started to act as a resistance. A reclaim of this level could give the bulls enough momentum to target the $0.12 price level in the mid-term.