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Tron Price Prediction: TRX is Ripe for a Bullish Comeback

Tron Price Prediction: TRX is Ripe for a Bullish Comeback

Last updated 30th Nov 2022
Disclosure
  • Tron price has crawled back in the past few days.
  • Tron will launch a new BEP-20 TRX on BNB soon.

Tron price attempted to stage a comeback after PancakeSwap postponed the launch of the Tron syrup pool on its ecosystem. TRX rose to a high of $0.053, which was the highest level since November 13. It has recovered by more than 17% from its lowest level this month.

BEP-20 TRX to launch soon

Tron is one of the most active blockchains in the world. It is a leading platform that was created by Justin Sun, one of the most vocal individuals in the industry.

Tron is a highly active blockchain. On any given day, the network handles over $30 billion worth of stablecoins like USDD and USDT. According to DeFi Llama, Tron generates over $450k in fees on a daily basis.

Tron is also an active player in the DeFi and NFT industry. The network has a total value locked (TVL) of over $4.7 billion, making it the third biggest network after Ethereum and Binance Smart Chain. The biggest apps in its ecosystem are JustLend, JustStables, SUN.io, SocialSwap, and IniFi among others.

Tron also launched USDD in May, a popular over-collateralized stablecoin. The coin has maintained its peg as the crypto industry has gone through a dire strain. Still, its total market cap has been stuck at $725 million in the past few months.

Find out how to buy Tron.

Tron price rose slightly on Thursday even after PancakeSwap postponed the launch of the Tron syrup/pool. PancakeSwap cited some ongoing upgrades in Tron. By introducing these stake pools, users will be able to stake $CAKE and earn $TRX. It will also be able to stak $RX and earn $CAKE. In a Tweet, Sun said that Tron will soon launch a BEP-20 version of TRX soon.

Another key catalyst for Tron price was the launch of the Java Great Voyage upgrade on Wednesday. The upgrade contained several features like the ability to update the checkpoint mechanism of data storage, optimize the storage structure of resource generation, and to add transaction memo fee proposal.

Tron price forecast

The four-hour chart shows that the TRX price has been crawling back in the past few weeks. This rebound saw it rise to a high of $0.053, which was the highest level on November 13. It has moved slightly above the Ichimoku Cloud and the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has been in an upward trend.

Therefore, the coin will likely continue rising as buyers target the next important resistance level at $0.0590. A drop below the support at $0.051 will invalidate the bullish view.

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.