This 2021 TRON (TRX) Technical Analysis is based on the study of technical indicators. Below, we have outlined the key factors that contributed to our TRX price analysis.
TRON is a blockchain-related decentralized operating system that focuses on advancing the decentralization of the Internet and its infrastructure. Moreover, Tron is a smart contract platform that provides high throughput, high scalability, and high availability for all Decentralized Applications (DApps) in the network.
Moreover, TRON seems to be one of the most active protocols in the cryptocurrency space. However, its strong relationship with BitTorrent enables TRX users to directly access applications, content, and media of the network.
TRON also has its native digital asset called TRX coin. In addition, the cryptocurrency reached its all-time high of $0.3 on January 5, 2018. Since then TRX price has struggled a lot in reaching its ATH.
How is TRON Different from Other Cryptocurrencies?
TRON is based in Singapore and led by CEO Justin Sun. More so, the network aims to develop a decentralized entertainment and content sharing network. In the TRON ecosystem, anyone can launch their own content on the blockchain network more efficiently and cost-effectively.
In addition, the TRON network has its own mainnet. As a result, TRON is able to develop its own rules and regulations that it deems necessary for the network. When it comes to TRON’s protocol, diverse Decentralized Applications can run through its smart contract. Even more, its latest DApp achievement is the launching of the DLive protocol of its BitTorrent partner.
Now that we have got to know the details of TRON, do you think TRON will be profitable crypto in 2021? Let’s see in this TRON technical price analysis.
TRON Current Market Position
As of the time of writing this TRON technical analysis, TRX is at $0.133 with a 24-hour trading volume of $10,764,792,105. As a result, the price of TRON has increased by 3.03% in the last 24 hours.
TRON Coin has a current circulating supply of 71,659,657,369 TRX. Moreover, TRON can be traded on Binance, Huobi Global, Upbit, OKEx, and CoinTiger. Now, let’s proceed to the next part of this TRON technical analysis 2021.
TRON Technical Analysis 2021
Currently, TRON holds 16th place on CoinGecko. But will the latest upgrades, development, and changes in the TRON blockchain help the cryptocurrency’s price to reach higher? Let’s proceed to the charts in this TRON price prediction article.
Based on the chart above, the monthly time frame chart shows the Ascending Scallop pattern. Usually, this is succeeded by an uptrend position but also the pattern can change and move into a downtrend position. More so, in this chart above the pattern took more than a month for the formation to take place.
As shown above, at the beginning of this period, TRON turned from a bearish trend to bullish. This is a result of the vast trading volume that happened in that period.
When it comes to Moving Average Convergence/Divergence (MACD), the MACD continues to reside above the signal indicator. In short, traders can still expect more bullish days ahead. On the contrary, if the MACD begins to move down and performs a bearish crossover with the signal indicator, it will be a different story.
Meanwhile, the relative strength index (RSI) of TRON is at a level above 70. To explain, the crypto is overbought. In this situation, traders such as scalp and day traders must trade with caution to avoid being hit by a possible price reversal.
The below chart shows the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of TRON.
Since the start of 2021, TRON’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidations, and corrections right away. Taking this into consideration, TRON has a competitive market in 2021.
TRON 2021 technical analysis shows that cryptocurrency has a bright future ahead in 2021. Also, the project looks promising as it has high aims, clear goals, and a use case that targets a broad market.
Bullish TRON price prediction 2021 is $0.5. As said above, it may even reach its all-time high price if investors have decided that TRON is a good investment in 2021. Furthermore, together with increasing adoption, positive price predictions, and a community composed of thousands of retailers, TRON is likely a promising investment this year.
TRON is a blockchain-related decentralized operating system that focuses on advancing the decentralization of the Internet and its infrastructure.
Users can purchase TRON tokens from the cryptocurrency exchanges such as Huobi Global or Binance.
TRON is a good investment in 2021. Best of all, TRON has a high possibility of surpassing its current ATH at about $0.3 this year.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.