Are you curious about investing in cryptocurrencies? As usual, we will provide price prediction and analysis for digital assets, and this time it is about Tron (TRX). We will do some analysis of the current trend and get opinions of some top price predictors to help you see the possible future for TRX in February 2021.
Tron (TRX) Overview
Tron is one of the top smart contract and dapp networks in the cryptocurrency space. Created in 2018 on the Ethereum blockchain, Tron migrated to its own network after one year in June 2019. The native cryptocurrency – TRX is used to run the blockchain and interact with smart contracts and dapps on the network.
At the moment, Tron doesn’t only support smart contracts, but it also supports DeFi tokens, including Wrapped BTC and Wrapped ETH. It is also one of the networks that support the issuance of Tether (USDT) and is becoming a preferred destination for USDT transactions, as Ethereum transaction fees continue to rise, thus discouraging users.
TRX is now the 21st largest cryptocurrency by market cap. With a current circulating supply of 71,659,657,369 TRX, it now trades at $0.02812, with $1,079,071,965 worth of it traded in the last 24 hours, according to data from Coin Market Cap.
Tron (TRX) Price Prediction: Analysis
TRX’s performance in 2021, although not impressive, is also not very bad. It started the year with consolidation at $0.028 but then spiked to $0.036 on 10 January. After that, it has dipped even below the opening price to $0.027 and gone into a tight range within $0.03.
TRX has printed four green candles on the daily chart, indicating a possible breakout from the range. The price has just been rising since altcoins started trending upwards when Bitcoin’s dominance dropped. The moving averages also suggest a positive trend.
A golden cross between the 20 and 200 MA occurred recently on 16, which could have prepared the cryptocurrency for a new upward move. However, whether the move will continue upward remains to be seen in the next few days as Bitcoin’s recovery may jeopardize the rally that altcoins are now experiencing.
The RSI also suggests that the bulls have taken control, which is why the price is moving up at this time. Currently, at about 57, it could go much higher, and more buyers may step in before the next sell pressure brings the price down again.
If you are a trader, below are key support and resistance levels you should take note of as you make your trading decisions. The calculations are from the leading market analysis website, Walletinvestor:
- Resistance Level (R3): 0.0323;
- Resistance Level (R2): 0.0315;
- Resistance Level (R1): 0.03075;
- Pivot Point: 0.0299;
- Support Level (S1): 0.0292;
- Support Level (S2): 0.0283;
- Support Level (S3): 0.0276.
The total number of accounts on the Tron network has been increasing lately. According to Tron Foundation on Twitter, the number has exceeded 19 million as of today. This happens while Tron expands its services to cover DeFi as well. The increasing number of people using the platform for Tether may have also contributed, as Ethereum transaction fees drive users away. As of today, the total supply of USDT on the network has exceeded 9 billion.
Tron (TRX) Price Prediction: Market Opinion for February 2021
The following are Tron price prediction opinions from some major market analysis websites. The predictions are based on the price performance of the asset, which is used to forecast what may possibly come in the future. It should, therefore, not be taken as absolute answers but rather as pointers to what the future could be based on the past.
For February, Digitalcoinprice expects Tron price to rise by 66.99% and reach an average of $0.051.
According to Tradingbeasts, Tron price will reach $0.0374553 by the beginning of February, with the possible maximum price of $0.0469529. The minimum expected price during this time is $0.0319280, and the predicted closing price for the month is 0.0375623.
Gov.capital is quite bearish on Tron. The maximum expected price is $0.0299 and the minimum price is $0.014. The closing price is expected to be $0.0188. Bellow is the price predition for the whole month:
|Calendar date||Regular||Least possible price||Best possible price|
|2021 February 01, Monday||0.0217||0.018445||0.024955|
|2021 February 02, Tuesday||0.0188||0.01598||0.02162|
|2021 February 03, Wednesday||0.0196||0.01666||0.02254|
|2021 February 04, Thursday||0.0176||0.01496||0.02024|
|2021 February 05, Friday||0.0149||0.012665||0.017135|
|2021 February 06, Saturday||0.0133||0.011305||0.015295|
|2021 February 07, Sunday||0.0161||0.013685||0.018515|
|2021 February 08, Monday||0.0179||0.015215||0.020585|
|2021 February 09, Tuesday||0.0197||0.016745||0.022655|
|2021 February 10, Wednesday||0.0229||0.019465||0.026335|
|2021 February 11, Thursday||0.0187||0.015895||0.021505|
|2021 February 12, Friday||0.0189||0.016065||0.021735|
|2021 February 13, Saturday||0.0183||0.015555||0.021045|
|2021 February 14, Sunday||0.0194||0.01649||0.02231|
|2021 February 15, Monday||0.0214||0.01819||0.02461|
|2021 February 16, Tuesday||0.0221||0.018785||0.025415|
|2021 February 17, Wednesday||0.0229||0.019465||0.026335|
|2021 February 18, Thursday||0.02063||0.0175355||0.0237245|
|2021 February 19, Friday||0.02022||0.017187||0.023253|
|2021 February 20, Saturday||0.0188||0.01598||0.02162|
|2021 February 21, Sunday||0.0178||0.01513||0.02047|
|2021 February 22, Monday||0.0184||0.01564||0.02116|
|2021 February 23, Tuesday||0.0188||0.01598||0.02162|
|2021 February 24, Wednesday||0.0191||0.016235||0.021965|
|2021 February 25, Thursday||0.0157||0.013345||0.018055|
|2021 February 26, Friday||0.0144||0.01224||0.01656|
|2021 February 27, Saturday||0.0145||0.012325||0.016675|
|2021 February 28, Sunday||0.0153||0.013005||0.017595|
Walletinvestor predicts that the price of Tron will be $0.316 at the beginning of February.
Tron (TRX) Price Prediction: Verdict
Tron seems to be pushing its way up right now, which makes it look like a good investment. However, the market can change suddenly and so should be approached with caution. Having said that, analysts expect an alt season in 2021 though not certain when. If that turns out to be true, top altcoins, such as TRX, may have a good time later, and getting some may be a good idea. This is, however, not an investment advice, and you are solely responsible for your decision.