Tron (TRX) Price Prediction and Analysis in March 2021
Tron (TRX) is the 24th largest cryptocurrency by market cap, which is $3,405,806,735. The digital asset has a circulating supply of 71,659,657,369. $1,596,915,422 worth of TRX have been traded in the last 24 hours. There is a total supply of 100,850,743,812 TRX, and more are coming into circulation. A good investment decision requires thorough research, so we have prepared for you this detailed Tron price prediction for March 2021.
Tron Price Prediction: Analysis
TRX has been in what appears to be consolidation since the beginning of January. The price has been range bound, never exceeding $0.3645 for the whole month. No significant price gain was recorded until the start of February when the price started to go up. A steep and consistent surge was witnessed to a peak of $0.62273 on 19 February. This happens to be the year high for 2021.
The price soon experienced a sharp drop to $0.0439 on 23 February before a slight bounce to $0.0477, where it is currently hovering. Although TRX has gone up significantly in February, there are signs of a strong impending bearish trend – a double top.
The double top is a price pattern that occurs when the price of an asset goes up two consecutive times with a slight drop between the two peaks. More like two mountain tops with a shallow valley between them. Once the price breaks below the support level from which the dip in the middle bounced, a bearish reversal is confirmed, as is the case with the TRX chart below.
The RSI confirms that this collapsed below $51, and an attempt to rise back was resisted as the price is just printing another red candle. This suggests there could be a bearish trend in the short-term as strong support that prevented the dip between the two peaks has turned to resistance. Below are the major resistance and support levels to watch for trading TRX as calculated by Walletimvestor:
- Resistance Level (R3): 0.0569;
- Resistance Level (R2): 0.0533;
- Resistance Level (R1): 0.05067;
- Pivot Point: 0.0471;
- Support Level (S1): 0.0444;
- Support Level (S2): 0.04081;
- Support Level (S3): 0.0382.
Tron has gone through some interesting developments in the last few months. The DeFi boom has led to the growth of the DeFi space, which Tron recently became a part of. If you have been following the blockchain company, you will know that it is also into the livestreaming business with its recently acquired DLive streaming service.
Well, the company got into trouble early this year for livestreaming the U.S Capitol building attack. Those involved in the attack used the service to cover the event live, and this attracted a lot of criticism from the public. They didn’t only livestream the event but also used it to raise thousands of dollars in BTC using the same service. The company is accused of allowing extremists to raise funds like this on several occasions since it was launched.
There is also some good news. The Tron DeFi ecosystem is recording tremendous growth since its recent launch. According to Tron Foundation, there is over $5.7 billion of total value locked in the Tron DeFi ecosystem. This growth may be due to the high cost of transactions in Ethereum, which is now driving users to explore the lower fees.
Tron Price Prediction: Market Opinion
These are Tron price prediction opinions from top websites.
Walletinvestors forecasts an opening price of $0.0533 for March. By the 11th, the price is expected to reach a high of $0.0694. The lowest anticipated price during this period is 0.0484.
Here is Tron price prediction for the beginning of March 2021:
|Date||Price||Min Price||Max Price|
Tradingbeasts has a Tron price prediction that suggests it will be at $0.0587830 by the beginning of March. The maximum price for the month is $0.0736904, while the minimum price is $0.0501095. TRX is predicted to close the month at a price of $0.0589523.
This website foresees that TRX will reach an average price of $0.07 in March. The prediction is based on the expected wide adoption of cryptocurrencies in the near future. This could cause a rise in market cap and then price, which is why the TRX price prediction is bullish.
Digitalcoinprice is one of the bullish websites on TRX. The Tron price prediction, according to this website, is that it will reach an average of $0.07980372 in March. This will represent an increase of 63.69 percent.
Tron Price Prediction: Verdict
Based on the analysis and TRX price predictions, it is likely that TRX will rise again in the coming months. However, in the short-term, a bearish reversal may be in play, which means that price could go lower or at least not go up yet. This could present a buying opportunity before the next upward move.
Featured image: tronnews.co