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Tron Price Prediction as Justin Sun Eyes Tencent’s NFT Division

Tron Price Prediction as Justin Sun Eyes Tencent’s NFT Division

Last updated 5th Aug 2022
Disclosure
  • Tron price has been moving sideways in the past few days.
  • It has formed an ascending channel pattern on the 4H chart.
  • Justin Sun is eying buying Tencent’s NFT platform.

Tron price has moved sideways in the past few days as its previous bullish momentum has faded. The TRX token is trading at $0.067, where it has been in the past few days. This price is about 44% above the lowest level this year. As a result, its total market cap has risen to about $6.2 billion.

TRX recovery fades

Tron is one of the leading blockchain projects in the world. Started by Justin Sun, the network has become a key operating system in the industry.

Like Ethereum, Tron hopes to become the best place for developers to build quality decentralized applications. In fact, several developers have selected the platform to build their apps. Some of the most notable apps that use Tron are Just Lend and Just Stables.

According to DeFi Llama, the platform has a total value locked (TVL) of over $5.8 billion. While this is significantly lower than its all-time high of$6.4 billion, it is higher than the YTD low of less than $3 billion. Just Lend is the biggest app in the ecosystem.

Here’s how to buy Tron.

Tron price has moved sideways recently because of the sluggish performance of USDD, the recently launched stablecoin. After experiencing strong growth, it seems like the coin’s demand has waned in the past few weeks. According to CoinGecko, its total market cap has remained around $720 million recently.

On a positive side, Tron has managed to maintain the stablecoin’s peg in the most tumultuous periods in the market. It has done that by using overcollaterization. USDD is trading at $0.992.

Tron price is also moving sideways after Justin Sun said that TronDAO was looking to acquire the NFT arm of Tencent. The company, which is one of the biggest firms in China, has been forced to exit the NFT business by the strict regulations by the Chinese government. It is unclear how much money TronDAO will pay for the project.

Tron price prediction

The four-hour chart shows that the TRX price has been moving sideways in the past few days. The coin is moving at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved slightly below the neutral point of 50.

A closer look shows that Tron has formed an ascending channel that is shown in green. Therefore, there is a likelihood that it will resume the bullish trend as bulls target the upper side of the channel at around $0.073. However, a drop below the lower side of the channel will signal that there are still more sellers in the market.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.