TRON(TRX) Price Prediction 2023 – When will TRON hit $ 0.50?

Tron has proliferated since it got some sensible partnerships with some prominent tech companies. Tron bought the online file-sharing software provider BitTorrent and invested in a trading platform named Poloniex. Moreover, it is the only China-based blockchain network that is supported by Opera, Samsung, and Swisscom blockchain.

TRX, the native token of the Tron blockchain, was launched by a Singapore-based Tron foundation. Now Tron has become a completely decentralized network and a DAO based on ownership. Many applications and social media platforms like Nioxin and Steemit run through the Tron network. Moreover, the Tron network has its own social media platform named Tronchat. Content creators under these networks are rewarded for their popular content through the native currency TRX.

However, trading instruments like TRX is a high-risk investment compared to traditional stock, ETFs, or bonds. Therefore, a well-diversified portfolio is needed to invest in this instrument where the return on investment is very high. TRX Price Prediction Today is at 7.59% higher from the most recent swing low of 0.0557, which is the primary sign of possible bullish pressure.

Let’s see the TRX Price forecast from the Tron (TRX) technical analysis:

TRXUSD Bearish Pressure Is Strong

After the long bearish rally from November 2021 peak to January 2022 low, TRXUSD daily chart made a new swing high above the 0.0717 level for the first time. As a result, the bullish break of structure grabbed buyers' attention, opening the opportunity for another attempt by bulls from the 0.0554 to 0.0581 demand zone. In the weekly chart, the 0.0554 is a key support level and the price remains above it since the false break in January. Moreover, the RSI remained corrective below the neutral 50 level while the MACD Histogram turned bullish in the weekly chart. On the other hand, the recent price action is very corrective below the dynamic 20 EMA resistance, which is alarming for bulls. 

 

 

The above technical analysis shows that the price made a bullish channel breakout which is backed by a long bearish trend. Moreover, the RSI is bearish below the 50 level with a possibility of testing the oversold 30 areas while the dynamic 20 EMA is above the price.

Based on the TRX Price Prediction, bears have a higher possibility of winning the battle where any bearish daily close below the 0.0554 would increase the selling pressure toward the 0.0308 level. On the other hand, the alternative approach is to find strong bullish exhaustion at the 0.0554 level with a daily candle above the dynamic 20 EMA before aiming higher toward the 0.0800 level. 

TRXUSD Ichimoku Cloud Analysis

 

 

According to the Ichimoku Cloud analysis, the daily chart of TRXUSD is trending lower where the recent price moved below the Kumo Cloud with a corrective speed. Moreover, the future cloud is bearish where the Senkou Span A crossed below the Senkou Span B and aimed lower. 

This technical analysis shows a strong sellers activity in the daily chart as the traders dynamic index reached the lower band before aiming higher. Moreover, the TDI line is still stable below the 50 level, while the death cross in dynamic Tenkan Sen and Kijun Sen is active. 

According to the Tron Price Prediction, TRXUSD would be bearish if a daily candle closes below the 0.0554 static support level. In that case, bulls should find the price above the Kumo Cloud with a bullish daily candle before aiming higher. Moreover, the bullish price action above the 0.0717 static resistance level would boost the buying pressure with a 42% gain towards the 0.1020 level.

TRXUSD Intraday Price Action Analysis

In the intraday chart, TRXUSD is trading within a bullish correction where the technical indicators show a buy sign. The price moved above the dynamic 20 EMA in the most recent chart, while the latest intraday high volume level was below the price. However, the price failed to move above the 0.0622 intraday event level with a bullish pressure.

 

 

This technical analysis shows that the MACD Histogram turned PNP formation while the MACD line is trending up with a divergence. Moreover, the dynamic weekly VWAP is below the price and provides dynamic support. Meanwhile, the current price is still trading within a bullish channel where bears need to wait for the channel breakout to consider it as sellers’ failure.

Therefore, the primary approach of the intraday chart is to consider it bearish as long as it trades below the 0.0622 static event level. In that case, the bearish channel breakout would increase the selling pressure towards the 0.0500 level. On the other hand, a strong bullish H4 candle above the 0.0622 level would alter the current market structure and higher the price towards the 0.0717 level.

Is Tron (TRX) A Buy?

According to the Tron (TRX) Price Prediction, TRXUSD is trading at a critical demand zone from where a sharp movement may happen. In that case, investors should closely monitor the intraday chart before going long/short in this pair. However, as the broader market direction is bearish, any selling pressure below the 0.0554 would be an alarming sign for bulls.

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