In today’s article, we will be taking into account the past price trends and developments for TRX to launch a Tron price prediction for May 2020.
What Is TRON?
TRX is the utility token of the TRON network, with the crypto being currently ranked 17th according to a market cap of $983,390,759. The coin dropped two positions since last month. The current price of the coin is $0.014747. In the last 24-hours, the trading volume for TRX has been recorded to be $1,733,089,029. 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
Following the crash of the market in March, Tron also mimicked the rest of altcoins and recovered slowly throughout April. From $0.012, at the start of last month, the coin broke the resistance level and even reached the $0.016, closing the month at $0.015278.
The first week of the May saw TRX trying to establish itself above $0.01600, with the highest value reached being $0.01660.
But on May 10th, Tron, like many other crypto assets on the market, followed Bitcoin in a massive sell-off, which led to a major drop in price. TRX/USD started the day trading above key resistance $0.0160 but later crashed to a low of $0,013705, recording a loss of 10.77% on Sunday. Tron closed the week with a loss of 10.50% at a price of $0.014323.
TRX crashed that day through key support levels before recovering to $0.014 at the end of the day.
Currently, TRX is trading at a price of $0.014773, with an increase of 3.54% over a 24-hour period. Tron should surpass $0.01450 levels to get a shot at testing the major resistance level at $0.01592.
Pressure from the rest of the market would be needed for Tron to break out from the morning high of $0.014441. Barring an extended crypto rebound, resistance at $0.015 would likely leave Tron’s TRX short of the first major resistance level.
The resistance, pivot, and support levels calculated by WalletInvestor are:
Resistance Level (R3): 0.0172
Resistance Level (R2): 0.0169
Resistance Level (R1): 0.0166
Pivot Point: 0.0163
Support Level (S1): 0.0160
Support Level (S2): 0.0157
Support Level (S3): 0.0154
Recently, the TRON Foundation revealed that through its partnership with Samsung, all of the manufacturer’s smartphone and tablet products now support Tron based dApps in a special section of the Galaxy Store. Tron CEO called this development a new step that will “take the evolution of the technical ecosystems at Samsung as well as TRON to the next level.”
He went on to say that the new Galaxy Store inclusion represents an “incredible opportunity,” which will enable TRON to enlarge its user base, show its potential, and further its adoption.
The Galaxy Store is part of the standard pre-installed soft package on all devices, meaning that all Samsung phone users will be able to easily access TRON. The dapps can be accessed by users based in the United States, Singapore, Philippines, South Korea, Canada, and some countries in Europe.
The Samsung Store extended its support to include popular Tron dApps, such as Blockchain Cuties, Meerkat Mining, Timeloop, and Super Player. It has not been disclosed which factors have been considered for the selection process of the supported dApps.
Hardware wallet producer, Ledger, announced that its official wallet software, Ledger Live, will now enable its users to manage Tron addresses and also stake TRX coins directly from the software.
“You can now manage your Tron (TRX) into Ledger Live and stake them, which means getting rewards without doing anything,”– read the official announcement.
Tron Price Prediction: Market Opinions for May 2020
Below, we will be including several of the crypto sites that have made their TRX price prediction for this month, so we can better illustrate the market sentiment for Tron.
WalletInvestor has released a TRX price prediction for the next ten days of May, as well as the possible maximum and minimum prices for each day.
|Date||Price||Min Price||Max Price|
Cryptoground predicted that TRON will be trading, in one day, at a price of $0.012424, with a decrease of -12.64%. The site also projected that, in one week, TRON’s price will be $0.015959, with an increase of 12.21%.
Cryptorating sees TRX tomorrow changing hands at a price of $0.0163, with an increase of 14.31. The Tron price prediction calculated by the site sees the coin increase by 15.72%, reaching $0.0165.
Digitalcoinprice’s TRX price prediction for May sees the coin trading at a price of $0.03226830, with a change of 126.2%.
Coinpredictor expects TRX to lose -8.6% and trade at around $0.014606 in one day, and in 7 days, the site calculated that Tron will decrease with -14.3%, nearing $0.013695.
Gov.capital’s TRON price prediction for the start of May is $0.010, with a possible maximum of $0.011 and a minimum of $0.010.
Altcoinforecast projected that TRX will be closing in May at a price of $0.010.
Bitverzo launched TRX price predictions for the rest of the days of May.
|Wednesday, May 13, 2020||0.010629||-0.024060||0.048219|
|Thursday, May 14, 2020||0.011847||-0.023867||0.045999|
|Friday, May 15, 2020||0.012266||-0.022916||0.048364|
|Saturday, May 16, 2020||0.011543||-0.025955||0.043558|
|Sunday, May 17, 2020||0.011211||-0.024072||0.047679|
|Monday, May 18, 2020||0.010264||-0.025202||0.048408|
|Tuesday, May 19, 2020||0.009791||-0.026931||0.045246|
|Wednesday, May 20, 2020||0.010484||-0.024016||0.047182|
|Thursday, May 21, 2020||0.011702||-0.023045||0.046724|
|Friday, May 22, 2020||0.012121||-0.024981||0.047506|
|Saturday, May 23, 2020||0.011399||-0.024631||0.046643|
|Sunday, May 24, 2020||0.011067||-0.022772||0.046733|
|Monday, May 25, 2020||0.010120||-0.026566||0.046498|
|Tuesday, May 26, 2020||0.009648||-0.026770||0.045384|
|Wednesday, May 27, 2020||0.010341||-0.023057||0.047662|
|Thursday, May 28, 2020||0.011559||-0.020989||0.047240|
|Friday, May 29, 2020||0.011978||-0.021266||0.047789|
|Saturday, May 30, 2020||0.011256||-0.024028||0.045191|
|Sunday, May 31, 2020||0.010924||-0.022889||0.046274|
Tron Price Prediction: Verdict
With this, we end our Tron price prediction for May 2020. Most prediction sites do not seem to be convinced that TRX will rally and get back to $0.016 levels, foreseeing mostly negative movements for the rest of May.
Featured image: cryptonomist.ch