Tron (TRX) Price Prediction and Analysis in September 2020
By examining Tron’s price history and new market forecasts, we will be able to create a Tron price prediction for September in order to help you better understand market sentiment.
Tron (TRX) Overview
Tron (TRX) is the 15th largest cryptocurrency on CoinMarketCap. Founded in 2017, the Tron blockchain is used to power smart contracts and build decentralized applications (dApps). Tron focuses on improving the scalability of blockchain transactions involving smart contracts and interaction with dApps.
Although it was initially created on the Ethereum network, the project migrated to its own blockchain in 2018 and has been operating independently since. TRX is the native crypto token used on the Tron blockchain to facilitate value transfer as well as use dApps and deploy smart contracts.
There are 100 billion TRX that are mined using a Proof-of-Stake algorithm in which Tron users operating full nodes can stake their TRX holdings to secure the network and, in return, get TRX as a reward. There are currently 71,659,657,369 TRX in circulation with a market cap of $2,121,848,168. $2,947,466,273 worth of TRX have been traded in the last 24 hours, with the current price of about $0.032739.
Tron (TRX) Price Prediction: Analysis
September has been fairly good for TRX, as it started with a price of $0.029444 and rose to the highest price this year of $0.048210 on September 3rd.
On the daily charts, TRX is showing signs of strength against the USD, with possible signs of an upward move, at least in the short term. The 20, 50, and 100 MA lines are below the price, showing that it is generally in a bullish trend despite the fact that it has not made any significant gains in the last 24 hours.
Walletinvestor projects that the TRX price will go up to the end of September, meaning it could reclaim its year high of $0.048210 or close to it before the month ends.
In 14 days, it may go as high as 0.0442 USD, and the lowest possible price is 0.0290 USD, which is just below the current price. The following are resistance and support levels, according to Walletinvestor.
- Resistance Level (R3): 0.0373;
- Resistance Level (R2): 0.0357;
- Resistance Level (R1): 0.0346;
- Pivot Point: 0.0331;
- Support Level (S1): 0.0320;
- Support Level (S2): 0.03048;
- Support Level (S3): 0.0294.
Tron was one of the top gainers earlier this week despite the downtrend experienced by the majority of cryptocurrencies. On September 10, Tron announced it was entering a strategic partnership with a decentralized exchange (DEX) aggregator, 1Inch. The partnership aims to speed up the growth of Justswap, a TRON-based decentralized trading protocol for automated liquidity provision, and an open financial market. 1Inch will open it up to a greater audience as well as enhance its price accuracy to make it more reliable for users.
Tron (TRX) Price Prediction: Market Opinion for September 2020
We have collected different TRX price prediction opinions on TRX from a wide variety of analysis websites, and below are their forecasts for September 2020.
Digitalcoinprice forecasts that by the end of September 2020, TRX will be worth $0.08381574 based on the forecast, as it is expected to gain 149.65 % by then. Below are the projected prices for the whole of 2020:
|Month||Average Price ($)||Change (%)|
|Jan 2020||$0.06625436 USD||97.34 %|
|Feb 2020||$0.06096777 USD||81.6 %|
|Mar 2020||$0.08053232 USD||139.87 %|
|Apr 2020||$0.07292923 USD||117.22 %|
|May 2020||$0.07594402 USD||126.2 %|
|Jun 2020||$0.06548308 USD||95.04 %|
|Jul 2020||$0.06192086 USD||84.43 %|
|Aug 2020||$0.07625832 USD||127.14 %|
|Sep 2020||$0.08381574 USD||149.65 %|
|Oct 2020||$0.06088525 USD||81.35 %|
|Nov 2020||$0.08027815 USD||139.11 %|
|Dec 2020||$0.01771946 USD||-47.22 %|
Although TRX has been on an uptrend this year and generally since its first launch, gov.capital does not see this trend continuing. According to its projection, TRX will be worth $0.0269 (-51.787%) by this time next year.
Cryptoground predicts that TRX will be seeing a steady downward move, at least for the next year. In 5 years, the price is expected to rise over 331% and hit $0.1447. Below is a table with the forecasts from tomorrow to the next five years.
Trading Beasts predicts a rise in TRX price of up to $0.0400160 by December, 2020. Unlike Cryptoground, Trading Beasts does not anticipate the price going down as it forecasts that TRX will be worth $0.0442679 by December 2021.
Tron (TRX) Price Prediction: Verdict
Looking at the different price predictions for TRX, it seems that TRX may be a good investment for the short term, particularly for the month of September 2020. Beyond that, it may take a bit more patience to hold on through the ups and downs of the market. Also, the forecasts are based on previous price history, and several factors can change the market at any time, so great care should be taken to ensure the best decision is made.
Featured image: thestreet.com