Tron has been in the news quite a bit lately, and it has been called a “tulip mania” when the people in the crypto community spoke of it. The coin has risen in value astronotically and has been called a “tulip mania” when the people in the crypto community spoke of it. The coin has risen in value astronotically and has been called a “tulip mania” when the people in the crypto community spoke of it. The coin has risen in value astronotically and has been called a “tulip mania” when the people in the crypto community spoke of it. The coin has risen in value astronotically and has been called a “tulip
TRON (TRX) is a new cryptocurrency that is designed for the entertainment industry. TRON launched its MainNet on June 25th and has been seeing a lot of growth since then. On June 27th, it reached an all-time high of $0.13 and is currently trading at $0.125. TRON has been on a steady rise and recently has been seeing an increase of 10% with every passing day. This growth is expected to continue as the market continues to gain interest in the new cryptocurrency.
Tron has returned with a vengeance. This time, the fortunes of TRX bulls are rapidly improving.
In the last several weeks, the coin’s performance has been nothing short of spectacular.
Despite being in the top five at one point and fighting ETH for this, the project is currently ranked lower on the leaderboard.
For traders, however, this is irrelevant since the currency is quite liquid and has a sizable following.
The State of the Tron Market and its Price
Fundamentally, the project is well-supported, since it is the clear leader in gaming and, increasingly, in decentralized applications, where it lags Ethereum and the Binance Smart Chain (BSC).
To put things in perspective, the Just DeFi protocol alone manages approximately $7.2 billion in assets.
Others have pointed out how Tron’s DeFi scene is exploding, posing a serious challenge to be one of the top five DeFi ecosystems in the world.
According to the daily chart’s candlestick patterns, TRX prices are firmly in a breakout pattern. In the short term, Tron bulls expect more increases, confirming the early August uptick.
Tron is now breaking over the August 2021 highs, rebounding from the main support—which is seen on the daily chart.
The upswing features good trade volumes and wide-ranging bull bars, which may be the foundation for bulls unwinding losses from May 19—a bear bar. In the last four months, Tron purchasers haven’t been able to make up for their losses.
As a result, the first bull objective for aggressive TRX purchasers is the $0.12 highs of May 19. If this holds true, it will be a good launching pad for buyers to revisit the $0.17 highs seen in H1 2021, almost tripling spot rates.
The price of Tron may double.
Another trader believes that TRX prices would double in the longer future, pushing the currency to $0.17.
According to Trading View, bulls are currently finding support following a brief period of cooling in late August, when TRX prices dropped marginally, retesting the 200-day moving average. When a result of this, the currency has the potential to quickly grow as the market recovers at the time of writing.
TRX is now one of the best-performing coins, attracting large trading volumes—exactly what bulls need to peel clean from August 2021 highs.
Breaking Through a Bull Flag in TRX
TRX prices have formed a bullish breakout pattern after breaking the bull flag’s main trend line, according to another trader on Trading View.
The currency is strong, printing greater highs, and may reach $0.12 in the near term, according to technical analysis on the 4HR chart.
As previously stated, the $0.12 price level corresponds to the May 19 highs.
The $0.12 level is a significant resistance level, given how TRX candlestick bars appear on the 4HR and Daily charts.
If the losses of May 19 are decisively reversed, the chances of TRX inching further higher from an Effort-versus-Results standpoint are greater, and this would happen after four months of accumulation.
In the monthly chart, this pattern would create a three-bar bullish reversal pattern, indicating bottoms and the continuation of bulls.
TRX bulls may retest all-time highs, with the RSI poised to pump.
This is another trader’s perspective on Trading View.
The analyst notices an unfinished fifth stage of the 1-2-3-4-5 Elliot wave pattern on the weekly chart.
The rounding bottom and a cup-and-handle configuration with increasing volumes and RSI set to pump have formed in the past several weeks.
According to him, the currency would most certainly break over all-time highs in the next sessions, propelling it to new heights.
Trading View provided the charts.
Disclosure: The author’s opinion is his or her own. Make your own investigation.