(Updated August 13, 2022) 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 Price in 2020 and 2021
Tron (TRX) is another virtual currency that has been out of the radar in recent years. It is worth taking into consideration that the virtual currency faced tough competition in recent years with the expansion of Polkadot (DOT), Cardano (ADA), Solana (SOL), Terra (LUNA), Polygon (MATIC), and many others.
Despite that, it was able to find very good ground in 2021 that pushed its price higher compared to previous years. Indeed, after the crisis with the Coronavirus in 2020, the coin fell to the lowest price that it registered since it was released to the market. This was very negative to this virtual currency and it took an entire year for this coin to recover. During the 2020’s crash, TRX was traded close to $0.01.
Thins got better in 2021 when cryptocurrencies started to move higher. This is something that we see not only in Tron but also in other cryptocurrencies in the market. Despite the fact that Tron was not able to hit another all-time high, we see that the price has been for a long period of time above $0.05 and close to $0.10. This is very positive for TRX holders that have been accumulating TRX since 2018.
Indeed, those investors that would like to sell their coins would be able to do so if they bought at any moment between 2018 and 2021 and they would still make a profit (if they did a dollar-cost average purchase between 2019 and early 2021.
When it comes to fundamentals, it would be very important for Tron to offer better services than other recently released blockchain networks. This is going to make it better for Tron to continue with its bull market and attract new projects and users from all over the world.
TRON (TRX) Price Prediction TradingView Analysis Updated August 13, 2022
For this virtual currency analyst, TRX is being traded in a parallel channel between 0.06230 USDT and 0.07258 USDT. This could be very positive for some investors that trade these types of patterns in the cryptocurrency market.
Nevertheless, we could see TRX moving above or below these support and resistance levels in the near future. Why? Because Bitcoin could change trends and also because Ethereum could soon experience a new hard fork after transitioning to a PoS blockchain network.
We should focus on TRX and see what could happen with this virtual currency in the coming weeks.
For this cryptocurrency analyst, in the weekly timeframe for TRX/USDT, the coin could continue to fluctuate in the near future. If that happens, we could see TRX breaking out of the great triangle pattern that has been drawn in the chart. This is considered to be a strong bullish pattern. However, there is still uncertainty about the future and about what could happen with the market.
However, there could be a strong reaction to this virtual currency in the near future. That means that traders should be prepared for any possible scenario and take the necessary measures in order to protect their portfolios. Key support levels include 0.06304 USDT, 0.005182 USDT, 0.004118 USDT and 0.03236 USDT. The analyst has also drawn some important resistance levels at 0.13152 USDT, 0.179 USDT, and finally 0.2477 USDT.
This analyst shows that TRX is creating a rising wedge. As per the expert, this is a bearish pattern. However, he says that there is a possibility for the coin to start a process of consolidation or growth, considering that Bitcoin has fallen by 75% from its all-time high.
The virtual currency should also return to the rising wedge for continuation. Moreover, there were several buyers at the bottom, which shows that there was a strong recovery. One positive thing is that this digital currency has moved higher even if BTC was moving lower.
As per the expert, the growth is possible because of short traders that are opening new positions as Luna crashed a few months ago. As he explains, the target is a value area for the long term between $0.78 and $0.86. We might need some months before we get to these values on TRX.
This analyst expects Tron (TRX) to start moving lower in the coming days in what he calls a “squeeze.” This could push the price of this virtual currency to 0.06 USDT per coin in the near future (in just some weeks). If that happens, then we could see TRX moving higher in the next months. If that happens, we could see TRX moving above the key level of 0.07 USDT.
If that resistance level is broken by TRX, then the next resistance level would be close to 0.075 USDT and 0.08 USDT. This comes after a strong move downwards in June that was started by the Terra (LUNA) ecosystem collapsing. Until today, there are several virtual currencies that continue to move lower and that have been negatively affected by the recent market downturn.
If Bitcoin continues to fall in the near future, the same can happen to other altcoins.
Tron has recently tested a very important price level at 0.055 USDT per coin that could be considered a strong support level for this virtual currency. There has also been another support level that has been broken in recent days at 0.06 USDT. However, this analyst shows that it might be possible for TRX to start a new move higher, pushing its price to 0.0722 USDT per coin.
In the chart, this analyst has also shared a very important liquidity zone that could be very useful for traders that want to spot resistance levels. TRX has struggled to break above this price level in recent months, and this could be a great opportunity for TRX to test this liquidity zone again. Other resistance levels include 0.087 USDT, 0.105 USDT and 0.117 USDT per coin. Following the crypto market would also be a very important thing to do.
He has also mentioned that if the coin stays about 0.075 USDT, then we can stay bullish.
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.