On June 15, Tron’s price started an aggressive move to the upside, which has seen it rise by 45 per cent. The two weeks bull run has also seen Tron cut its June losses from a drop of 43 per cent to the current 19 per cent for the month.
Tron is currently celebrating its fourth anniversary since it was founded. The crypto also announced through their Twitter account that they had surpassed 100 million users on their platform. These two factors may be bringing attention to the crypto, resulting in the current price gains.
The current price gain may also be a result of the recent cryptocurrency industry resurgence. In the past few days, the cryptocurrency industry has been coming to life again, with major cryptocurrencies starting to make gains in the markets. This includes cryptos such as Bitcoin and Ethereum, which a week ago, were having their worst performances in years.
On June 15, Tron set a new price low of $0.046 in the early hours of the trading session. However, the prices failed to break to the downside, which started an aggressive push to the upside that saw the crypto rise by 35 per cent. That day, the markets closed with a net gain of 13 per cent. Although the next day was a strong, aggressive bear move of 6 per cent, the June 15 bull move set the pace for what was to come in the coming weeks.
The next two weeks involved an aggressive bullish move that saw prices rise by 45 per cent since the June 15 aggressive bull run. Today, the prices are up by a percentage point. The prices also look set to continue with the two-week-long aggressive bullish trend.
Therefore, using the price action of the past few weeks, I expect the current aggressive trend to continue. My Tron price prediction also sees a likelihood that the prices may hit the $0.084 resistance level in the next few trading sessions.
My analysis is based on the previous price action that has seen an aggressive push to the upside, which in most cases has enough momentum to result in more than a 5 per cent gain in a single trading session. My analysis, however, will be invalidated if prices trade below the $0.059 support level. At that point, the trend will have changed to bearish.
This post was last modified on %s = human-readable time difference 13:34