Tron Price Prediction: TRX Shows Increasing Bearish Market Momentum
Daily TRON TRX Technical Analysis
- Bollinger bands show increasing Tron price volatility.
- Bulls eked out an advantage after four straight bearish days.
The Tron price had surged from $0.056 to $0.165 between March 26 to April 15, bouncing up from the 20-day SMA support. The bears then took over and TRX dipped from $0.165 to $0.141. However, the 20-day SMA remained strong and prevented a further downward surge.
Tron Price Consolidates Above $0.13 Level
As things stand, the Tron price is hovering above the $0.13 level and is priced around $0.135. The overall sentiment remains negative since the parabolic SAR has reversed from positive to negative and the MACD shows increasing bearish market momentum.
Image: TRX/USD daily
Interestingly, the 20-bar SMA in the 4-hour Tron price chart provides strong resistance and has prevented TRX from going up. The Bollinger band has started constricting to show decreasing price volatility.
Image: TRX/USD 4-hour
USDT Active Addresses Exceed 3M on TRON
The number of USDT active addresses has recently surpassed six million. The CTO of Bitfinex and Tether, Paolo Ardoino, took to Twitter to share this milestone.. He added that the distribution of these addresses is between Ethereum and Tron at 3 million each.
$USDt has now passed 6M active addresses, 3M on #Ethereum, 3M on #TRON
CoinGecko revealed that the total market capitalization of Tether (USDT) is at $48.5 billion currently. The asset had a market cap of roughly $4.3 billion in April 2020. Comparing this value with the current market cap indicates that the USDT in circulation has increased 11.27x in the last year.
Tether’s ever-growing market cap and the growth seen through its 6 million active addresses reveals the fact that USDT’s rise has been in par with the growth of Bitcoin, DeFi, and the whole crypto market last year. It also shows that the rise of USDT has been organic and was based on its increasing demand in the crypto space.
Tron Price Is Expected To Reach These Levels
The buyers will need to cross over the $0.146 resistance to reach the $0.15 psychological level.