TRON Crypto Price Projections; Will TRX Recover?
In what has been a rather noteworthy month, TRON crypto price has continued to decline, with experts suggesting there’s still a key drop before any chances of recovery.
Since the start of November, TRON crypto price has declined by about 20% and currently sits around $0.05. While the downswings have been interspersed with minor bull moves, the token hasn’t been able to rally long enough to force a sustained upward move.
Currently, the Relative Strength Index (RSI) shows another pending drop to match the lows on January 22. The RSI reading indicates the token may be headed for a position between $0.034 and $0.040 before another bullish rally.
Is it time for TRON Crypto Price Recovery?
Meanwhile, there are suggestions TRX’s downward trend may be ending. The Volume Profile Indicator shows fewer transactions than the June 13 low, which may mean there are only a few marginal sellers left in the market.
Also, the TRX price consolidated above the 8-day exponential moving average on November 23rd. This may entice bullish investors to enter the market. If the 21-day simple moving average hits $0.054, bulls may be able to force an uptrend. The token can gain as much as 23% in its price if this occurs.
Despite the possibility of a short-term uptick, the time for the TRON price to recover isn’t ripe. After the crypto market recovered in May and June, the FTX collapse has taken another toll on the market. A report by Coinbase Global suggests that the crypto bear market may extend till the end of the year 2023.
Where is TRON headed in the long run?
Despite these, the long-term projections for TRON crypto price remain incredibly bullish. These projections anticipate successful dApps and the success of competing platforms with a focus on digital entertainment like Ethereum, EOS, and NEO.
According to the analysis, the minimum price of TRON in 2023 will be around $0.0759924 while the maximum could go as high as $0.0909909. Within another two years, the average trading cost of TRX will be about $0.169983. If the token stays its course, by 2030, it will be trading for at least $0.969903. The price may also be as high as $ 1.19 while the average remains at about $1.01.
TRON’s short-term prospects may be anything but astounding, but its long-term prospects make it a worthy consideration for investors looking to hold for the long term.
Still not convinced? Check out the Coinspeaker post to Tron crypto price today.