Tron debuted in September 2017 on exchanges at the price of $0.001. After a few months, the rate of the coin remained stable, and there were only a few people to believe that Tron would make any significant moves. However, in December 2017, the price jumped six times higher and reached up to 6 cents per coin, with a market capitalization of $160 million. The price further rose to 20 cents and became the top 10 cryptocurrencies in terms of market capitalization, with a total of $2 billion. During this time, somebody sold a huge number of tokens resulting in a price drop. After the anticipation of Tron’s mainnet launch and purchase of BitTorrent, the coin surged to 9 cents, and its market capitalization crossed $3.2 billion.
Tron is reflected by the strong volume inflow this year, which happened because of the launch of DeFi projects on its mainnet, such as DeLoan. The price of Tron has found tough resistance in the range of $0.018. The price has found support in the Fibonacci 38.2% retracement of its last rise, which would invite a long entry with a target as up as $0.020.
Now Tron price has been fluctuating from $0.016 to $0.015. As per the past performance and current momentum, TRX/USD can see a major breakout once the short-term range is broken.
Near-term Price trend
Tron price analysis shows that the cryptocurrency could reach to $0.020 level if the currency breakout through a $0.016. The daily trend shows that price of the Tron is showing a head and shoulders pattern, which has been in play for most of the year 2020. If buyers cannot move the price of Tron above the neckline of the bearish pattern, then sellers may be encouraged. The bearish pattern will remain valid and has a downside projection, which is located around $0.006 level.
Tron has a short-term bullish bias while price trades above level $0.014 level. The cryptocurrency is currently trading in an ascending triangle pattern. The current pace of the TRX price shows that it could reach to $0.018 level if bulls move price above the top of the pattern.
TRX is the 16th largest digital asset, which has a current value of $862 million, having an average daily trading volume of $1.5 billion. According to the Tronscan data, the number of Tron addresses has touched the record high amid exponential growth, which has been registered recently. This clearly indicates the users’ confidence in the TRON ecosystem. The increase in new addresses is due to the launch of Tron’s first DeFi project. The total number of addresses has surpassed 5.5 million accounts.