This past week has been terrible for the cryptocurrency market, and the price of Bitcoin and other digital currencies has been going down heavily. Tron (TRX) has weakened more than 15% since November 06, falling from $0.065 to a low of $0.052. But where is the price of Tron (TRX) going next, and what can we expect from the rest of November 2022?

The collapse of crypto prices was caused by the FTX crypto giant and its founder Sam Bankman-Fried going bankrupt and ended up with a huge liquidity gap of over $8 billion that ‘SBF’ tried to raise from investors.

Today, Crypto Lists will discuss TRX price estimates from a technical and fundamental analysis perspective. The current Tron (TRX) price stands at $0.054, which is approximately 40% off from its 2022 highs registered in May. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk and how much margin you got if trading with leverage.

Overview of Tron (TRX)

Tron is a blockchain-based entertainment content-sharing platform that has gained incredible traction in recent years, with millions of users and upwards of billion transactions. It allows users to create content and applications without having to rely on centralized services, and it is important to note that it also represents a direct challenge to the media industry, including web-based giants like Netflix and Amazon.

Tron also enables creators to sell their work directly to consumers, representing a benefit for both sides. The cryptocurrency powering the Tron blockchain is called Tronix (TRX), and it can be used to pay the content creators to access their applications.

FTX Group filed for Chapter 11

Many cryptocurrencies, including TRX, came under selling pressure this trading week as FTX Token (FTT), the digital coin issued by Sam Bankman-Fried’s cryptocurrency exchange FTX, dropped to its lowest level since February 2021 amid growing concerns about the finances of Alameda Research, SBF’s hedge fund.

Last Friday, the FTX cryptocurrency exchange filed for bankruptcy, according to a statement posted on its Twitter profile. FTX’s Sam Bankman-Fried has stepped down from his role as CEO, while FTX Group, which consists of FTX.com, FTX US, Alameda Research, and ~130 affiliated entities, have all filed for Chapter 11. John Ray III is succeeding Sam Bankman-Fried as the new CEO. John Ray said:

“The FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency.”

The cryptocurrency market erased almost all of its Thursday gains minutes after the bankruptcy announcement, and the risk of further declines is still not over. Salah-Eddine Bouhmidi, head of markets at I.G. Europe, believes that the price of Bitcoin is on track to plunge to $13,500 by the end of the year, and if this happens, TRX will certainly be at a much lower price level. This is because Bitcoin tends to set the trend for the whole market.

Rating: 9.33/10
Supply: 101,712,120,038 / 101,712,120,038
Release date: May 10, 2018

Description: Buy TRX during the bear market and build the future of the Tron network.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


On the other side, the weaker-than-expected reading on core inflation that was driven by the sharp 0.4% drop in core goods prices lifted investment sentiment on the stock markets. The softening in October inflation is certainly positive news, and according to Bank of America, the U.S. central bank could ease its monetary policy.

Cooling inflation would probably push the Federal Reserve to take a less aggressive stance in its interest rate hikes, and because of this, Bank of America is now more confident in a downshift to a 50bp rate hike in December.

Technical analysis for Tron (TRX)

Tron (TRX) has weakened from $0.065 to $0.052 since November 06, 2022, and the current price stands at $0.054. Tron (TRX) might have a hard time holding above the $0.050 level in the upcoming days, and a break below this level would indicate that TRX could probably test the price level at $0.040.

On the chart below, we can see that Tron (TRX) has been moving in the range from $0.050-$0.070 for a while, and as long the price of TRX is below $0.070, it remains in the SELL-ZONE.

Technical analysis for Tron (TRX)

Important support & resistance levels for Tron (TRX)

Important support & resistance levels for Tron (TRX)

On this chart (the period from March 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Tron (TRX) remains under pressure, but if the price advances above $0.065, the next target could be resistance at $0.070. The current support level is $0.050, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.045. If the price drops below $0.040, which represents very strong support, the next target could be located around $0.030.

What speaks for the rise in the Tron (TRX) price

The last several days have been extremely taff for the cryptocurrency market, and cryptocurrencies have been suffering as the FTX crypto giant and its founder Sam Bankman-Fried went bankrupt and ended up with a huge liquidity gap of over $8 billion. Tron (TRX) remains under pressure, but if the price advances above $0.065, the next target could be resistance at $0.070.

What indicates further downfall for Tron (TRX)

Tron (TRX) has weakened more than 15% since November 06, falling from $0.065 to a low of $0.052. The current Tron (TRX) price stands at $0.054, which is approximately 40% off from its 2022 highs registered in May. Tron (TRX) might have a hard time holding above the $0.050 level in the upcoming days, and a break below this level would indicate that TRX could probably test the price level at $0.040.


Get MEXC Global


Rating: 8.82/10
Number of instruments: 222+ instruments

Description: Sign up to one of the best reviewed exchanges on Crypto Lists

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Disclaimer:  Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

Tron Newsflash
    Will Tron (TRX) go beyond $0.075 soon?Will Tron (TRX) go beyond $0.075 soon?
    Saturday, 22 Oct 2022 12:20 pm
    In recent news, some analysts have predicted that the TRX coin could be set for somewhat of a bull run. The crypto has been discussed as deflationary after the TRON Network agreed to introduce a mechanism that decreases its total circulating supply over time, making the coin appealing in some regards when compared to inflationary currencies. If the coin manages to break through the resistance level of $0.075, it may continue its run toward a year high of $0.088, and perhaps further to $0.1! You can sign-up for Binance here to make an investment in TRX...
    Read the full newsflash


    Short Sellers gain on 98 of 100 major cryptocurrenciesShort Sellers gain on 98 of 100 major cryptocurrencies
    Monday, 9 May 2022 12:54 pm
    It has been an unusually tough weekend for anyone waiting for a rise in the top 100 cryptocurrencies by market cap. A bear market for both growth stocks and cryptocurrencies has been noted, which has made it easier for short sellers. In 98 out of 100 cases, short sellers have gained. Among the largest declines, Terra (LUNA) lost 25.6% in a week, Shiba Inu (SHIB) went down 20%, Cronos (CRO) is down 22%, ApeCoin (APE) lost 28.9% and Arweave (AR) went down 23.8% in a week. The only two winners among the major cryptocurrencies are Tron (TRX) and the native coin of Waves blockchain. Will we see continued declines, or will the crypto market reverse soon? Try trading yourself from leading CFD brokers like Skilling and eToro. You can...
    Read the full newsflash


    The buying opportunities for TRON (TRX) investorsThe buying opportunities for TRON (TRX) investors
    Wednesday, 4 May 2022 4:05 pm
    The TRX bulls have been brutally defending the $0.057 and $0.062 levels. The cyan box covering the $0.062 area showcases a bearish order block from mid-February. The Tron coin alternates between bulls and bears. In mid-April, it was back to the hands of the bulls. If TRX should maintain its bullish structure, it must defend the $0.057 and $0.062 levels in the following days and weeks. Fibonacci retracement levels assist TRON (TRX) investors seeking buying opportunities. $0.0795 to $0.0577 can be of particular interest, since those levels indicate a 61.8%-78.6% retracement level. The area between the two levels, $0.0712-$0.0749, is a good position for sellers to take profit. Besides, buyers can drive prices beyond t...
    Read the full newsflash

Recent crypto sites
Recent crypto coins
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top