(Updated September 11, 2021) Ever since the launch of the mainnet and acquisition of BitTorrent, last year, positive developments keep coming Tron’s way that promise to have a positive influence over the price of TRX over the next few months.
So far, three big items have been moving the price of TRX and will continue to influence it in the near future. They include: the imminent hard fork of the Tron Network, integration with Coinpayments, and the countdown to its Virtual Machine (TVM) launch.
As it stands, TRX sits at #15 in total market cap with a coin price near $.015.
What Experts Think
Lately, Tron has been on the up since managing to transition from the Ethereum Blockchain. The platform has got into some notable collaborations not forgetting the purchase of BitTorrent. The platform has also experienced a massive upgrade in privacy and security.
Experts call Tron the future of entertainment and they advise that this is the right time to invest in the project as the market continues to show signs of upward movement. Recently, Justin Sun labelled the platform as the “Ethereum killer” as TRON Dapps continue to dominate the cryptocurrency marketplace.
CoinSwitch expects Tron to reach $0.4 in 2020. But, the price is expected to fluctuate more compared to previous years. Therefore, the platform expects TRX to reach peak price in July, after which it will go down to the $0.3 level and eventually decline even more to the $0.24 level by the end of the year.
Udi Wertheimer, a Bitcoin developer, believes that TRX has the potential to beat ETH in 2020. Based on that assumption, then the price of TRX should increase considerably.
Other factors that have been driving the price of Tron include;
Tron Network Upgrade
The price of Tron (TRX) is expected to rise with an imminent network upgrade around the corner. TRX is set hard fork on February 28, and according to Justin Sun, the platform’s founder, the fork will feature four main upgrades.
In a tweet made on Feb. 24, the new features will include; multi-sig and account management that is institution ready, the dynamic energy adjustment to real-time performance, better virtual machine safety and events server for dApps and 50 percent performance upgrade from the current levels.
The multi-signature and account management upgrade will provide more security for transactions on the blockchain. In another tweet, Justin Sun notes that the update is what is needed for institutional investors to get involved and Tron’s recent partnership with BitGO will make the platform institution ready.
The dynamic energy management system upgrade will improve the blockchain efficiency and streamline the networks performance and energy management.
The third upgrade would focus on performance even though there are no specifics on how 50 percent improvement will be achieved.
However, Tron has so far managed to outperform Ethereum when it comes to transaction speeds.
The fourth upgrade will see some security enhancements and improvements on the Tron Virtual Machine that caters for dApp developers. There will also be the launch of an event server.
These upgrades are expected to positively influence the price of Tron over the next few months, and this should be exciting for all crypto investors. Indeed, some rumours of a new partnership between Baidu and Tron allowed the virtual currency to move higher.
CoinPayments Adds Tron, Opening It Up To 2 Million Stores
Next, Tron has been added to the CoinPayments platform; enabling TRX holders to use the currency with over 2 million merchants internationally. CoinPayments was a first-of-its-kind payment processor that allowed altcoin holders to use their holdings commercially, and the addition of TRX is a boost to that coin as well as the CoinPayments platform. A full list of CoinPayments merchants can be found on its website, as well as the other coins it supports.
This is just another step toward usability for the TRX token; the more of which creates higher demand for investors, shoppers, and internet users to hold it. In May, though it was a different crypto market at that time, Verge saw a serious boost for its Coinpayments listing, an effect that may come later for Tron.
If Tron can keep earning partnerships like this—ones focused on TRX’s adoption in the real world—it starts to earn more of an edge over competing top-20 coins. This positions it to be a prime candidate for new fiat exchange gateways, a benefit discussed later in this article.
The Launch Of The Tron Virtual Machine
Lastly, Tron holders are looking ahead with glee as we’re just a week out from the launch of Tron’s Virtual Machine (TVM)—the real starting place of the Tron ecosystem. With this, builders will be able to make applications in TVM, run ETH-based apps, and the Tron foundation will work to expand its transactions per second (TPS) to show off Tron’s speed against competitors. There will be a live stream and celebration for the launch of TVM, a landmark day for the coin.
TVM is the bread and butter of Tron. It’s the engine on which Tron will run and in which TRX will be used. Think of it as the App Store or Google Play store equivalent for Tron (other articles have called it the “McGyver” of crypto). It is where creators can use this technology to create the future. Eyes will be on this launch and what pours into the TVM in the first few weeks. A successful launch is vital; and will play into investors looking at TRX.
Long term, if Tron can use its TVM to prove that its technological enablement is on par with Ethereum, it will show investors that the value of the two coins deserves to be closer together (Ethereum will feature smart contracts, of course, but Tron can host those through TVM). Ethereum, by market cap, is 20x more valuable than Tron, a distance that could be equalized with positive projects positioned in the Virtual Machine.
Long-Term TRX Price Factors To Consider
The long-term analysis looks at a few different factors. Let’s start with price movement. TRX ICO’d at about $0.0019, a long way down from where it stands today, though a much longer way down from the coin’s all-time high of nearly 30 cents.
Tron had one of the more mega-ICOs; bringing in $70 million USD. As of May, there were still over a million wallet addresses holding TRX, proof that many have held on from the beginning and new holders have joined.
The next place to look is volume. TRX volume is strong and steady. It sees volume of about $200 million each day, give or take, and it’s spread across the two major trading channels: USDT trading and BTC trading. Mixed in there is ETH trading, but the highest of that (on this particular day) is only $5 million of the $200 million (2.5%) and fiat trading, the highest of which is paired with KRW (no surprise, Koreans are usually the highest fiat-traders). But even this is only $6.5 million. A very small portion.
So, fiat trading is still extremely unrepresented here. That means that TRX has an enormous opportunity to crack into more fiat selling; whether it be more KRW or TKY, or, more importantly, fiat transactions from China, the U.S., and Europe. Once this happens (be it Coinbase perhaps for USD trading), we should see a spike in volume (not all buying of course) that will likely lift TRX price.
China’s Deep Pockets and Tron
China is a great unlock with Tron. Simply put, they aren’t in the game right now (Chinese Yuan is estimated to be at 1% of total BTC trading). We aren’t seeing CNY pairing with TRON, or other coins, and we aren’t seeing Chinese firms truly started to get invested into the coin.
Tron is part of the big Chinese three to look at; along with NEO and VET. If and when (and it should be ‘when’) China does start to warm up to crypto, it will look to boost its national projects before international ones. You can see this with VET’s announcement of working with the Chinese government. Tron could see the same benefits.
China’s venture capital scene has exploded like never before. You can see charts and a write-up here, but the short is that VC firms and large-cap Chinese tech companies are pumping money into startups. Turning on the China switch could change Tron overnight. Even a hint that China is going to allow money—personal investors and institutional—back into crypt could double Tron price overnight.
TRON (TRX) Price Prediction TradingView Analysis Updated September 11, 2021
For the TRX/USDT trading pair, this analyst shows that there are two important support levels for the TRX virtual currency. These support levels have been working in the past and show that they continue to be effectively protecting the price of TRX moving lower. These two support levels are currently at 0.08211 USDT and 0.08814 USDT.
As we can see in the charts, the expert believes that the digital currency could move higher towards 0.10 USDT and 0.117 USDT in the near future. These two targets are currently called “transaction targets” by this expert. However, these price levels could also work as resistance in the future.
The TRX/USDT trading pair is currently forming an ABCDE triangle pattern. This comes after several weeks of an uptrend for TRX in the crypto market. As the expert shows, TRX has already touched point E on the chart and it might be possible for this digital currency to experience a breakout in the near future.
As the expert explains, the potential entry zone for TRX should be between 0.084 USDT and 0.0855 USDT with a stop loss at around 0.8309 USDT that would represent a 3% loss. Meanwhile, there are some potential profit booking zones in case the market moves higher. These targets include a 5.8% gain and a 9.82% gain at 0.9057 and 0.9466 USDT.
For the TRX/USDT trading pair, this analyst shows that there are two different scenarios for the digital asset. The first scenario involves a TRX/USDT trading pair that breaks to the upside of the trend line that has been drawn on the chart and retests this trend line. Once the price moves higher, the supply will show strong volume and it could help the digital asset make a 22-26% gain in just some time.
The second scenario involves TRX/USDT breaking below the trendline. This would push the price towards some of the demand zones shown in the chart. High volume would be very important to show a pullback and a strong price action.
The analyst explains that there have been some days of a long opportunity for the Tron (TRX) virtual currency against Tether (USDT). In the coming days, there could be a consolidation period to see if TRX could sustain these current levels. But as he says, this is not financial advice.
Furthermore, looking at the MACD there is a possibility to see a healthy push to higher levels in the coming days and weeks. He shows in the chart that there is a support and resistance level at 0.058 USDT per coin. He sees TRX moving to 0.06825 per coin in the near future.
This expert considers that TRX is currently sitting around a strong weekly demand, this is why he is looking for buy setups at the current levels. Moreover, he shows that on the four-hour chart there is a valid inverse head and shoulders pattern that is not ready to go yet.
Moreover, before we buy or set up an order, we need the buyers to prove they are here again and that the bear market is over. Users should not buy if the market continues to be bearish.
At the same time, we should wait for a trigger such as a momentum candle close above the neckline that is grey in the chart.
The positive developments that have been taking place around Tron over the past year all and the bullish charts above all point to a positive future for the price of TRX. It would be wise for all investors to add some TRX on their crypto portfolio as the market prepares to rally towards the end of the year.
If interested, you can follow the link below to learn how to buy TRX on Binance.
Want to learn more about TRON? Read about how Tron’s transactions have passed other major coins in our in-depth article. You can also read about how Tron’s price was boosted earlier this year with the rumor of a big partnership.
The best place to buy or trade for TRX is on Binance. After, you can utilize the great features of TronWallet to hold your TRX. At the same time, Exodus has extended support for Tron, meaning users can now hold their TRX securely and without major issues.