Tron Price Prediction (TRX)
If you want to learn about Tron price prediction, you’re in the right place.
Whether you’re a long-term investor or a short-term or position trader, this article is for you. I will analyze the price and come up with a plan of action that has the best odds of happening. More than that, this article gets updated on a weekly basis so feel free to come back once a week for a new market analysis.
You will find out:
- Tron’s historical data
- Current market sentiment
- Tron price prediction (2 targets: short-term & long-term)
Last updated: November 28, 2018
I’m going to analyse the historical price of Tron and cross-validate it with the current market conditions to draw plausible conclusions on the future price.
Whether you’re a short-term or long-term investor or trader, it doesn’t matter — I cover both scenarios and tailor this guide to suit most people interested in investing some money in Tron.
Apart from the technical analysis, I will be looking into the fundamental aspects of the coin, too.
This will include a closer look at the team involved in developing Tron and the general outlook in terms of the market sentiment.
Historical price data of Tron
In order to pinpoint any possible price reversals, taking a look at the macro picture is a must.
Here’s TRX/USD on a weekly chart on Bitfinex:
As of recently, the crypto market had been in a drastic decline and things don’t look promising at all.
On the weekly chart above, the last three candles are red and each is longer than the previous one.
If you take a look at the volume associated with these candles, each volume bar is larger which means that the volume is expanding.
An expanding volume in a bear market is a sign of strength and the price is expected to continue in the downward direction.
Since we are looking for a possible reversal, ideally we would be looking for a stopping volume—each next volume bar is getting smaller.
But that’s not the case here and the last green candle that is being formed this week doesn’t tell us anything as it’s still in the marking.
Taking all of the above into account, we are unable to draw any sensible conclusions until we see the first signs of stopping volume and/or a bearish divergence where the price is falling on a contracting volume.
Tron’s current market valuation
As you can see, by analysing a simple weekly chart you have developed a basic but sound strategy.
And this strategy is to wait out the period of uncertainty if you’re only looking to go long on Tron.
If you’re a trader, however, you might want to consider going short upon the next pullback which you could use as a valid entry point for your short position. At the moment, it will be rather tricky to go short as the market seems to be in a free fall which projects no viable pullbacks to be used as such.
Since we’ve just analyzed the macro picture on the weekly chart, it would be beneficial to take a look at a smaller frame.
That’s when you go smaller and analyse finer details on a daily chart of TRX/USD:
The daily chart confirms our findings from the weekly one.
The volume is still expanding and the last two candles, even though black, are posing a bullish divergence.
A bullish divergence occurs when the price goes in the opposite direction to the volume—volume bars are getting smaller, but the price is rising.
That’s a sign of weakness and a further decline is in the offing. Although, the last black price candle is still being formed and hasn’t closed yet, so keep an eye on the volume bar from today to forecast any possible reversals.
The support becomes resistance when the price breaks a support level below.
In the chart above, if you were looking to short Tron, the resistance line (r1) would be an ideal point of entry as long as one condition is met: price divergence on the way up to r1 (decreasing volume whilst the price is climbing).
That would be a sign of weakness which should make it extra tough for the price to break above the r1 and hence the short entry.
As of today though, I would not recommend going short for one reason: we don’t know where the bottom is.
And without a clearly defined target, you will be in the dark.
You could try, however, moving down your stop order to prevent possible losses had the price was to pull back before continuing in the same direction. It’s harder to execute properly than it might look and I’d advise against it at this moment in time.
Where to buy Tron
Alternatively, you could make a deposit on Binance and then buy BTC directly on the platform and then exchange it for Tron. This way, however, is going to take a bit longer due to the verification process that will require you to comply with the AML/KYC guidelines.
Where to trade Tron
You can trade Tron on any cryptocurrency exchange if you buy for less and sell for more and call it trading.
If you want the real deal, you must register at BitMex where you could actually apply leverage to your positions.
Just be careful and make sure you understand how to use it.
What you need to do to predict the price yourself
In order to maximize the accuracy of the prediction, you have to revert to the historical chart data.
It’s absolutely necessary you carry out this step as this will make the analysis much simplier. For example, knowing where the all-time high and the most recent bottom exists will determine key support and resistance areas.
Once you’re equipped with that knowledge, you need to correlate that data to today’s market conditions.
It will allow you to come up with reasonable conclusions and give you an idea on where the price is most likely to go in the future.
There’s really not much more to it. And this is exactly what I’m discussing here today with regards to Tron.
So let’s get to it!
As of today, I’m unable to do any valid price prediction for Tron and you should take extra precautions to invest or trade the market yourself.
It’s an extremely grey area at the moment and no clear signs of plausible trades are present.
If you’re interested about generating profit without getting your hands dirty, you might want to read my article on the Top 5 Best Cryptocurrencies to Invest in 2019 over here.
I wish you luck and please share if you found value in this guide. Also, leave a comment below if you have any questions or contact me directly over here.
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Disclaimer: You should do your own due diligence, research and analysis before you invest any money in cryptocurrencies. Cryptocurrencies are highly volatile and classed as high-risk investments. You should never invest any money unless you’re prepared to lose your capital. The author of this article holds the said assets and might be biased towards them.