Today, we will be taking into account some of the market opinions and TRX past prices to be able to create a Tron price prediction for March 2020.
TRON is a platform launched by Justin Sun three years ago, which was initially created to provide an ecosystem where online content is freely shared and rewarded, but it is not mostly used for dApp and online games.
TRX is the crypto of the TRON blockchain network, which is currently ranked 15th according to a market cap of $700,867,764 and a price of $0.010511. The 24-hour trading volume of the coin is $1,286,044,636. There are currently 66.682.072.191 TRX circulating on the market out of a total supply of 99.281.283.754 TRX.
Tron Price Prediction: Analysis
Tron started the month at $0.01663 and continued the first week with a slightly bullish momentum, reaching $0,018243 on March 7th. However, on March 8th, TRX started to lose its gains, going back down to $0,017040 and crashing to $0,014866 towards the end of the day. The next days, TRX fluctuated between $0.014 and $0.015.
On March 11th, it dropped by 1.46%, reversing a 0.49% gain from a day before, with the coin closing the day at $0,014835. That day, the coin managed to reach an early morning intraday high of $0.015324, but soon after it dropped again, going below the major resistance level of $0.01546. Tron then further dropped in the afternoon to reach a new low for that day of $0.014120.
Tron fell below the first major support level at $0.01472, and the second major support level established at $0.01434.
Later in the day, Tron managed to recover and get back to major support levels and even test the $0.015 resistance level before correcting itself again.
Today, March 12th, Tron started the day with a bearish momentum, opening at $0.014937, and then losing 1.3%, which brought the price to $0.014761. At the time of writing, TRX supported a loss of 10.32% over the last 24-hour period, with the coin trading at $0.013363.
TRX is now below the major support level of $0.014, which worries investors that the bearish movement might carry on.
Tron would need to re-establish itself above $0.01480 levels to start an increase towards the first major resistance level at $0.015.
The rest of the market would also need to experience a bullish moment in order to push Tron’s TRX pass the high of $0.015324 of March 11th.
If the coin does not manage to breach the $0.01480 levels, the price of Tron will continue to struggle for the rest of the day.
The pivot, resistance, and support levels calculated by WalletInvestor are:
- Resistance Level (R3): 0.0163
- Resistance Level (R2): 0.0157
- Resistance Level (R1): 0.0153
- Pivot Point: 0.0148
- Support Level (S1): 0.0143
- Support Level (S2): 0.0138
- Support Level (S3): 0.0134
Tron CEO, Justin Sun, is suspected of a hostile takeover of the Steem blockchain by manipulating large amounts of STEEM tokens held in big exchanges, such as Binance and Huobi.
Tron bought Steemit in mid-February 2019, which meant that in the future, Steem’s blockchain will move to Tron’s blockchain network. This also meant Sun gained significant control over the consensus protocols on the Steem blockchain. This prompted several Steem stakeholders to start a Steem protection hard fork in order to limit Sun’s influence.
The anticipated soft work apparently was not welcomed by Sun, as he allegedly bought 84 million Steem tokens from Poloniex, Huobi and Binance to be able to vote “loyal” Block Producers (BPs). Steem is a blockchain run by a delegated proof of stake (DPoS) consensus, and Sun having such a large amount of Steem managed to vote and place his chosen BPs as the top-20 witnesses of the blockchain.
This takeover might now mean that the Steem blockchain is under centralized control. The Tron CEO has stated that the initial soft fork was illegal, arguing that the move was done to subjugate certain community members.
The CEO tweeted on Tuesday (March 3, 2020) that the Steem tokens were safe and with the blockchain “successfully defeated the hackers.”
— Justin Sun (@justinsuntron) March 3, 2020
TRX will be traded against the two largest cryptocurrencies by market cap, BTC and ETH, and two fiat currencies, USD and EUR.
Deposits and withdrawals have a minimum limit of 2 TRX, with a trading minimum of 500 TRX.
Tron Price Prediction: Market Opinion for March 2020
There have been a number of websites that have launched their own Tron price prediction for March 2020, and as such, we have made the decision to include some of the most relevant ones in order to convey the market sentiment around TRX.
Previsionibitcoin forecasts that TRX will reach a trading price of $0.019699 in March 2020.
WalletInvestor has made a Tron price prediction for the next 10 days of March, along with their probable maximum and minimum prices.
|Date||Price||Min Price||Max Price|
Cryptoground predicted that Tron will be trading in one day from now at a price of $0.0163, with a change of 21.58%. Also, the site projects that TRX will reach in one week $0.0165, with an increase of 23.07%.
Cryptorating expects Tron to trade at around $0.008947 the next day, which would mean a decrease of 33.52%. In one week, TRX is forecasted to decline with 62.5% and reach $0.005047.
Digitalcoinprice projected that Tron would be trading in the month of March at a price of $0.03221977, which implies a positive price increase of 139.87%.
Coinpredictor anticipated that in one day, TRX will lose 8.6% and reach $0.014606, and in seven days a loss of 14.3% placing the coin at $0.013695.
Gov.capital predicts that TRON would have a trading price of $0.0165 by the end of March, with a possible maximum of $0.016665, and a possible minimum of $0.016335.
Altcoinforecast‘s TRX price prediction for March sees the coin ending the month at a price of $0.016.
Bitverzo anticipates that TRX will have a price of $0.010850 on March 31st, with a minimum price of $-0.022066 and a maximum price of $0.048640.
|Thursday, March 12, 2020||0.013238||-0.021784||0.051131|
|Friday, March 13, 2020||0.013654||-0.023632||0.048557|
|Saturday, March 14, 2020||0.012929||-0.025224||0.045994|
|Sunday, March 15, 2020||0.012594||-0.022233||0.049028|
|Monday, March 16, 2020||0.011645||-0.024334||0.048685|
|Tuesday, March 17, 2020||0.011170||-0.023672||0.047781|
|Wednesday, March 18, 2020||0.011860||-0.023993||0.048496|
|Thursday, March 19, 2020||0.013076||-0.021267||0.047963|
|Friday, March 20, 2020||0.013492||-0.023102||0.050406|
|Saturday, March 21, 2020||0.012768||-0.022660||0.049311|
|Sunday, March 22, 2020||0.012433||-0.023833||0.045731|
|Monday, March 23, 2020||0.011483||-0.024302||0.044888|
|Tuesday, March 24, 2020||0.011009||-0.025573||0.046395|
|Wednesday, March 25, 2020||0.011699||-0.023246||0.047972|
|Thursday, March 26, 2020||0.012915||-0.019513||0.048689|
|Friday, March 27, 2020||0.013332||-0.021837||0.048661|
|Saturday, March 28, 2020||0.012608||-0.022460||0.048757|
|Sunday, March 29, 2020||0.012273||-0.021410||0.049230|
|Monday, March 30, 2020||0.011324||-0.024900||0.048964|
|Tuesday, March 31, 2020||0.010850||-0.022066||0.048640|
Tron Price Prediction: Verdict
With this, we have reached the end of our Tron price prediction for March 2020. We hope the data illustrated here will prove useful to you and your TRX trading activities.
Featured image: tronnews.co