Altcoins
TRON (TRX) in the oversold zone: What’s its expected long-term price growth?
TRON is a digital asset that is created to revolutionize the world. It aims to create a decentralized world, thus, adding a new trend to the world’s global technologies.
TRON’s technology helps content creators to create and publish their contents without the use of intermediaries such as YouTube, Facebook, etc. However, the success of content will solely depend on the audience it has and the number of people that view it.
It is important to know that this year, Tron launched its MainNet protocol – which made TRX independent from Ethereum’s network, capable of performing more transactions than Ethereum’s network.
Also, TRON (TRX) is in the course of upgrading its MainNet and launching its very own Virtual Machine (on 30th this month). An upgrade of Tron’s MainNet protocol will see that it reaches higher speed (4x) than that of Ethereum’s network.
TRX/USD Market Indicator Signals
TRX has been on the bear side for two weeks, which further resulted in a dip in its price from $0.0246 in the supply zone.
TRX price dipped below 2 cents last week (22nd August). On the 25th of August, a bullish movement was seen as it attained a supply area of $0.0226.
At the time of writing, TRX is priced at $0.02512, and it’s on the green today same as other major cryptos in the market. The price of Tron (TRX) is almost at the zone of strong oversold. But if there is a general bear run in the market in the coming weeks or days, it may dip further below its current price and reach a new resistance level.
In the TRX market charts, you will see a buy zone SL area and 2 Targets on the symmetric triangle as its entry signal is breaking the neckline and 200 MA with a confirming volume. The targets are corresponding to the potential resistance at 337, 345, and 355 – although it may be short-termed.
With TRX’s current breakout with confirming volume – currently sitting at the physiological resistance of 330, it seems TRX is consolidating a bit before the next action.
Also, the stochastic oscillator is pointing upwards at 65%, and we may see a bullish movement in the price of TRX very soon. The RSI is also pointing upwards and displaying that there is still a buying pressure left, which will ensure that the upcoming bullish movement is under check until TRX attains the next potential resistance levels.
The price of TRX looks corrected, and bullish sentiment is likely. At the moment, the price of TRX is oscillating between $0.0262 higher support level, and $0.0203 lower support level.
TRON’s Long-term Price Predictions
Tron has done reasonably well even after the Bithumb hack news that affected the performance of many coins. With the current growth trend of TRON (TRX), it is likely it reaches $1-$2 (at least) within three to five years, and this since lots of global FinTech companies and developers are going for it.
The number of global usages is likely to increase in the next five years, and as more people and companies use TRON technology, TRX price will appreciate. As always, no guarantees in crypto-world and TRON as a company needs to keep working as hard as they currently are to keep the trends going in their favor.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Ibrahim Rifath on Unsplash
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