Tron (TRX) Price Prediction and Analysis in December 2020
The cryptocurrency market is looking very green right now; that is a good thing. Altcoins have picked up after Bitcoin, which has rallied very strongly in recent days. This is a time when investors will rush to the crypto market, not just for Bitcoin but also for altcoins. If you are one of such investors who are not yet certain about how altcoins will do in December 2020, we are here to help you this time with Tron price prediction.
So in this article we will analyze one of the popular cryptocurrencies, Tron (TRX), and its expected performance in December 2020. This will also cover Tron price prediction and analysis for the last month of the year.
Tron (TRX) Overview
Tron was created in 2018 by Justin Sun, who is now the CEO. It was initially on the Ethereum blockchain, which holds the big majority of altcoins known as ERC20 tokens, then TRX was moved to the Tron blockchain in 2019. They were then converted to TRC20 coins and have since been independent on their own blockchain.
The blockchain is known for supporting dApps and smart contracts and is currently the second after Ethereum in this regard. There is an increasing number of people using dApps and smart contracts daily, and Tron hosts a good number of them. The blockchain also recently opened its doors to fans of the DeFi market through its partnership with institutional digital assets custody company – BitGo.
Today, TRX is the 15th largest cryptocurrency, although it has spent a fair share of time among the top ten. It has a total supply of over 100 billion coins and a circulating supply of 71,659,657,369. The market cap is $2,566,189,228, and $2,574,242,129 worth of TRX have been traded in the last 24 hours. Each TRX is worth $0.035719 at the time of writing this article, gaining 2.89% in the last 24 hours.
Tron (TRX) Price Prediction: Analysis
TRX has mostly been in consolidation since the year 2020, with a slight upward movement. It also has two prominent peaks at which the price surged suddenly, one in February and the other in September. At the moment, it has reached another new peak which surpasses that of February and on its way to take out that of September, as the market looks very promising.
TRX has been in bad shape for quite some time now, but that is about to change. A Golden Cross just occurred between the 20 MA and the 50 MA on the daily chart. For those who are not familiar with this, a Golden Cross occurs when a shorter timeframe Moving Average (MA) crosses above a longer timeframe MA. This usually indicates a bullish trend, and that has just happened, which means TRX could see a few good days ahead. If this momentum continues, we can expect another golden cross for the 50 MA and 20 MA over the 100 MA as well.
However, another key indicator, the Relative Strength Index which tells the condition of an asset whether it is overbought or oversold, is currently on the high side. An RSI of over 70 usually means the asset is overbought, and the price could be going down soon. TRX RSI is currently at 74, which indicates an overbought condition. This may not necessarily mean that a crash is imminent, but it is something to keep in mind.
Walletinvestor has calculated some key resistance and support levels that could help traders make better choices on entry and exit points. The levels are shown below. Also, according to Walletinvestor, the market sentiment for TRX is generally bullish right now. Here are the resistance and support levels, as well as the pivot point calculated by Walletinvestor:
- Resistance Level (R3): 0.0362;
- Resistance Level (R2): 0.0339;
- Resistance Level (R1): 0.0328;
- Pivot Point: 0.03055;
- Support Level (S1): 0.0294;
- Support Level (S2): 0.0272;
- Support Level (S3): 0.0260.
Tron is a fast-growing ecosystem, and Justin Sun is confident that it will soon surpass Ethereum in areas where they render similar servtweet. The CEO compared Tron to Android and Ethereum to iPhone, saying that Tron is more versatile and flexible than Ethereum upon which it was initially created.
His tweet also referred to the high cost of transactions on the Ethereum blockchain, which was caused by the boom in the DeFi ecosystem that is primarily on the Ethereum network.
“#Ethereum is like iPhone, #TRON is like Android. At the end of the day everyone will have a smartphone, but not everyone can afford an iPhone. What matters the most is cheaper and scalability. TRON will eventually have more market shares than Ethereum just like Android did.”Justin Sun
As Tron has started bringing DeFi to its customers, chances are if the fees continue to soar on Ethereum, more people may consider using the Tron blockchain instead to cut fees, which is an important determinant of which network to use.
Tron (TRX) Price Prediction: Market Opinion for December 2020
The following are Tron price predictions from different websites that could help you know what to expect.
Walletinvestor predicts that Tron will start the month of December at $0.0354 and could reach up to $0.0383 on the 8. Though not a complete prediction for the month, the website expects the price to go higher, as it shows sentiment to be bullish. Here is price prediction for the first ten days of December 2020:
|Date||Price||Min Price||Max Price|
While Walletinvestor is positive that TRX could see better days, Digitalcoinprice expects a massive decline to $0.01758703 by the end of December 2020 because of a loss of over 47%.
Gov.capital predicts that TRX will be worth $0.0347 by 1 December. It is also expected that the price will reach the lowest price of $0.02635 and a maximum of $0.058351. Below is the TRX price forecast for the whole month of December:
|Calendar date||Regular||Least possible price||Best possible price|
|2020 December 01, Tuesday||0.0361||0.030685||0.041515|
|2020 December 02, Wednesday||0.0364||0.03094||0.04186|
|2020 December 03, Thursday||0.0338||0.02873||0.03887|
|2020 December 04, Friday||0.0328||0.02788||0.03772|
|2020 December 05, Saturday||0.0324||0.02754||0.03726|
|2020 December 06, Sunday||0.0329||0.027965||0.037835|
|2020 December 07, Monday||0.0350||0.02975||0.04025|
|2020 December 08, Tuesday||0.0356||0.03026||0.04094|
|2020 December 09, Wednesday||0.0360||0.0306||0.0414|
|2020 December 10, Thursday||0.0334||0.02839||0.03841|
|2020 December 11, Friday||0.0329||0.027965||0.037835|
|2020 December 12, Saturday||0.0330||0.02805||0.03795|
|2020 December 13, Sunday||0.0344||0.02924||0.03956|
|2020 December 14, Monday||0.0389||0.033065||0.044735|
|2020 December 15, Tuesday||0.0392||0.03332||0.04508|
|2020 December 16, Wednesday||0.0422||0.03587||0.04853|
|2020 December 17, Thursday||0.0437||0.037145||0.050255|
|2020 December 18, Friday||0.0443||0.037655||0.050945|
|2020 December 19, Saturday||0.0472||0.04012||0.05428|
|2020 December 20, Sunday||0.0454||0.03859||0.05221|
|2020 December 21, Monday||0.0521||0.044285||0.059915|
|2020 December 22, Tuesday||0.0484||0.04114||0.05566|
|2020 December 23, Wednesday||0.0510||0.04335||0.05865|
|2020 December 24, Thursday||0.0476||0.04046||0.05474|
|2020 December 25, Friday||0.0451||0.038335||0.051865|
|2020 December 26, Saturday||0.0445||0.037825||0.051175|
|2020 December 27, Sunday||0.0450||0.03825||0.05175|
|2020 December 28, Monday||0.0461||0.039185||0.053015|
|2020 December 29, Tuesday||0.0478||0.04063||0.05497|
|2020 December 30, Wednesday||0.0468||0.03978||0.05382|
|2020 December 31, Thursday||0.0457||0.038845||0.052555|
This website predicts that TRX will reach $0.0384395 at the beginning of December. The maximum expected price is $0.0384395, and the minimum expected is $0.0327885. The price is supposed to close the month at $0.0385748.
Tron (TRX) Price Prediction: Verdict
From the Tron price prediction above and the opinions of top websites, TRX has a bright future in December. However, investing in it should be approached with caution, as the market can change at any time.
Featured image: finder.com