- The TRX coin can reach $0.10 in 2023.
- It is currently trading at $0.775 with a 0.21% rise in the last 24 hours.
- The token is down from its all-time high by 74.17%.
Tron (TRX) is a decentralized blockchain-based operating system created by the Tron Foundation. It was launched in 2017. The TRX token at first was an ERC-20 crypto asset deployed on Ethereum, but after a year it was moved to their tron network.
This token comes under the top 10 cryptocurrencies worldwide.
The TRX coin made its all-time high on 5 Jan 2018 where it was priced at $0.3004.
The token is currently trading at $0.775 with a 6.7% repulse in the volume of the token.
- It has a circulating supply of 89,280,782,188 TRX.
- The token has a market capitalization of 6.9 Billion.
- The trading volume of the token is $13M in the last 24 hours.
THE MAJOR EVENTS :
1. 2 OCT 2023- SMARTCON 2023
2. FROM 6TH NOV 2023 TO 7TH NOV 2023- NFT SAN FRANCISCO
YOU CAN CHECK COINMARKETCAL.COM FOR MORE INFORMATION ON THE UPCOMING EVENTS OF THE TOKEN.
The TRX Coin Sentiment Analysis
The price of the TRX has increased by 1.343% in the last 1 week. The total market volume of the token decreased by 1.58% in a week. Its total social engagements have seen a growth of 44.92% and the total bullish sentiments of the token have increased by 22.35%.
The market sentiments of the token are positive and show a bullish scenario.
Weekly Technical Analysis
As we can see in the chart, the token price has been following a trendline for a long time. The price broke down below the support of $0.055 on 14th Nov 2022 but it was a fake breakdown and the price regained the support.
The price is trading between $0.06 to $0.08 where it is following a trendline making higher highs. If this time we break the $0.08 which is resistance, we can easily reach the $0.09 to $0.10 range.
The RSI is above the neutral level of 50 and trying to cross above the SMA 14. The RSI is at 57.27 points and the SMA 14 is at 58.72 points. It is indicating a bullish move in the price. We can confirm the bullish move as soon as we cross above the SMA 14 and the RSI line moves upward.
The MACD is showing a bearish move as the fast blue line is moving below the red slow line and the histogram is also showing a decrease in the volume. The MACD will be positive as soon as we get a sizable inflow of volume.
Conclusion:
We can see that the token is following the trendline and making higher highs. As soon as we cross the $0.08 resistance, we can be bullish and if we break the trendline we can fall to the $0.055 range again.
Wait for the confirmation of the trendline and then make your entries. Be careful of fake breakouts.
Technical Levels
Support: 0.0511 and 0.0712
Resistance: 0.712 and 0.083
THE 0.712 IS BOTH SUPPORT AND RESISTANCE AS CURRENTLY THE PRICE IS ABOVE IT AND IT WILL ACT AS A SUPPORT FOR IT.
ALSO, IF WE FALL BELOW IT THEN IT WILL ACT AS A RESISTANCE.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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