- Tron price has been in a tight range in the past few weeks.
- Tron and BitTorrent Chain plan to merge with Heco.
Tron price continued in a consolidation mode as investors waited for the next catalyst and as SUN surged. TRX was trading at $0.06, where it has been in the past few weeks. This price has surged by more than 33% from the lowest level this year. It has a total market cap of more than $5.7 billion, making it the 14th biggest coin in the world. So, is Tron a good investment?
Tron outlook as SUN surges
Tron is a leading blockchain platform that makes it possible for developers to build some of the biggest developers in the industry. It was created by Justin Sun, who is one of the leading players in the blockchain.
Tron processes stablecoins worth billions of dollars every day. It has also been used to build some of the fastest-growing DeFi applications in the industry.
Indeed, its top apps like JustLend, Sun, and JustStables have a combined total value locked (TVL) of over $5.5 billion, making it the second-biggest player in the industry after Ethereum. This is a notable thing since a platform like BNB Smart Chain has over 400 DeFi apps and a total TVL of over $5.3 billion. Tron has 20.
Find out how to buy Tron.
Tron price has moved sideways even as SUN price rebounds. SUN, which is a DEX platform in its ecosystem, has jumped by more than 42% from the lowest level this month. It has a total value locked (TVL) of more than $1.12 billion. It is unclear why SUN has jumped recently.
Another big story is that Tron will soon merge with BitTorrent Chain. In a statement last week, Justin Sun that the two ecosystems will merge with Heco. He added that the developers will provide sufficient capital to encourage all Heco to build on Tron and BitTorrent Chain.
Heco is a relatively small blockchain project that competes with Tron and Ethereum. It has a total value locked of over $105 million. MDEX has a strong market share in its ecosystem, which explains why its price has surged recently.
Tron price forecast
The daily chart shows that the TRX price has been in a consolidation phase in the past few weeks. It has remained slightly above the important support level at $0.0589, which was the lowest level in September. The coin is also consolidating at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point.
Therefore, there is a likelihood that the coin will continue consolidating and then bounce back as bulls target the resistance point at $0.07.
