The medium-term Tron price prediction depends on the coin’s price action within the next 24 hrs. TRX price has reached a critical region, which might trigger a huge bullish leg. The price is on the verge of breaking out of the downwards trendline. However, at the same time, the bear flag is formed, which must not be ignored.
Tron crypto was launched in 2017 as the brainchild of Justin Sun. However, the Billionaire founder abandoned the project last year as he moved on to other ventures. TRX price has been in a severe downtrend since Justin Sun’s exit, and the project failed to break its 2018 ATH.
At the time of writing, Tron price is trading at $0.07 after gaining 2.4% within the last 24 hrs. Tron coin is still $69.4% down from its 2018 all-time high of $0.23. Nevertheless, there has been a 50% increase in the platform TVL since the start of the month. As per DeFi Llama, the blockchain is currently holding assets worth $5.91, gaining nearly $2 billion within the last 30 days.
According to Tron news today, top crypto exchange Binance has completed the integration of TrueUSD (TUSD) on the TRC-20 network. This would enable the platform users to deposit and withdraw TUSD on Tron blockchain.
Technical analysis of Tron crypto shows that the coin has been downtrend since hitting the high of $0.18 in April 2021. Since then, the price has failed to break out of the downwards trendline. The $0.04-$0.05 region has acted as major support as the price has bounced off this zone multiple times. For our Tron price prediction to flip bullish, the price must break upwards from the bear flag reclaiming $0.075 level.
The $0.075 level aligns with the 0.618 Fib retracement level when connecting the high and low of June 2022. Therefore, a daily close above $0.075 and a breakout of the downwards trendline might lead to a considerable leg up. This move would only be possible if the recovery in Bitcoin price continues in the coming weeks.
This post was last modified on Jul 29, 2022, 14:13 BST 14:13