Tron Price Prediction: TRX Enters The $0.060 Psychological Level
Daily TRON TRX Technical Analysis
- TRX bulls in control for six straight sessions.
- MACD in multiple timeframes shows increasing bullish momentum.
Tron price is on an upward surge right now. However, prior to this, between July 5 and July 20, the Tron price crashed from $0.067 to $0.050, losing almost $0.020 in its overall valuation. During this drop, TRX flashed two sell signals – reversed the parabolic SAR from positive to negative and flipped the 20-day SMA from support to resistance
Buyers In Control Of Tron Price For Six Straight Days
Between July 21 and July 26, the Tron price had six straight bullish sessions, which pushed TRX above the $0.060 psychological level. Due to this jump, TRX managed to reverse the MACD from red to green and flip the 20-day SMA from resistance to support.
Image: TRX/USD daily
In the 4-hour Tron price chart, the TD sequential detector tells us that TRX could grow for four more sessions before flashing the bearish red-nine candlestick. In this timeframe as well the MACD indicates increasing bullish market momentum.
Image: TRX/USD 4-hour
Half Of Tether’s $62 Billion Supply Now Sits On Tron
Ethereum and Tron have had a history of contention. In the past year, the rivalry has only intensified further. 2020 was great for Tron as they celebrated several record-breaking events. One of Tron’s DeFi platforms, JustSwap, which launched in August 2020, facilitated $100M in trades in its first 24 hours.
Since then, the Tron network has still come forth with more success. Setting out in 2021 to focus on growing and scaling their new DeFi infrastructure and expanding functionalities, they have broken new records. One such record is the fact that the volume of Tether on the network has surpassed the volume of the stable coin on Ethereum.
The director of digital assets strategy at VanEck, Gabor Gurbacs, said that of the $62 billion worth of Tether’s stablecoin (USDT) in circulation, $31B is on the Tron network. Meanwhile, $30 billion is on the Ethereum network.
"Out of $62 billion Tether, $31 billion is now on Tron and $30 billion is on Ethereum. Is Tron overtaking Ethereum?"
As transaction costs on Ethereum were becoming higher due to high network congestion, more users moved over to other blockchains, and Tron was one of the major beneficiaries of the move.
Tron traditionally has a faster transaction speed than the Ethereum network, with Tron’s transactions taking about 15 seconds to complete, while Ethereum takes up to 15 minutes to complete. Tron is also thought to be more scalable than Ethereum.
Ethereum, while it waits to move to a proof of stake protocol that will see its congestion and high transaction fee problems greatly reduced, is gathering a growing number of threats to its prestigious position.
Tron Price Is Expected To Reach These Levels
The Tron price must flip the 50-day SMA from resistance to support to successfully reverse the parabolic SAR from negative to positive.