In the past few weeks, Tron’s price has been aggressively bullish, gaining 40 per cent since June 15. Today’s trading session also looks bullish, with intraday data showing that prices had dropped by over a percentage point in the early hours but is recovering.
Why is Tron going up?
Part of the reason Tron is going up is due to the traction it has gained in the past few weeks. Last month, the project celebrated its four-year anniversary. The platform also had one more reason to celebrate last month; it had reached 100 million total accounts on their platform. When announcing the milestone on their Twitter account, the platform also indicated that they were the fastest-growing public chain with over 3.4 billion transactions already processed, and new users continued to stream in and become part of the community.
Tron is also one of the largest cryptocurrencies in the market today, with a market capitalization of over $6 billion. The combination of its size and recent milestone has restored the confidence of its investors, resulting in new money coming into the project and pushing its prices high for the past few weeks.
Tron Price Prediction
Looking at today’s daily chart, the Tron price was down by more than a percentage point in the early hours of the session. However, intraday trading has seen prices rise and wipe out almost all the losses. Currently, the session looks poised to continue with the intraday bullish move that will see Tron extend the current three-day bull run.
Therefore, I expect the prices to continue upwards, with a possible $0.075 price level to be hit in the next few trading sessions. There is also a high likelihood that we will see prices hit the recent resistance level of $0.084, based on the current Tron price action and momentum.
My analysis will, however, be invalidated if prices trade below the $0.060 support level again. At that point, all possible bullish trend signals will have been exhausted.