Not much has changed on the TRX price chart since our last week’s Tron price prediction. Despite an increase in volatility this week, the price has kept on trading sideways. Nevertheless, the price is finally attempting to break out of the downwards trendline. In the event of a breakout, the price could soar to $0.0744 within no time.
Tron has immensely underperformed as compared to other smart contract platforms. The cryptocurrency generated a huge hype in 2017, right after its launch, but low on-chain activity kept investors at bay. Nonetheless, the project enjoyed some degree of hype till last year when the founder Justin Sun took another career path. Since then, the price has been in a constant downtrend without any significant relief rally.
At the time of writing, Tron price is trading at $0.07 after gaining 0.10% within the last 24 hrs. The price seems to be lagging in the ongoing relief rally. While many altcoins have already created higher highs on short timeframes, the TRX coin is yet to break out of the downtrend. You can buy Tron and other cryptocurrencies on top exchanges like Binance, Kucoin, and BYBIT.
According to Tron news today, the founder Justin Sun was featured on Binance Live on Thursday. The tech billionaire and WTO ambassador shared his views on crypto’s present and future.
Tron Price Prediction
Technical analysis of the TRX USD price chart shows the formation of a bear flag. The breakdown target of this bear flag is $0.05. This would be a 30% price decrease from current levels. The only way to avoid this scenario is to break out of the downwards trendline making a higher high. If the ongoing breakout attempt succeeds, the Tron coin could target $0.074 within the next few days.
If the broader market sentiment remains bullish, then Tron price prediction of $0.092 could also be met. This comes from the alignment of a significant Fib level with May highs. However, as the altcoin prices are strongly correlated to the Bitcoin price action, Tron bulls must also pay attention to BTC prices.