Tron (TRX) has been in a positive mood since August 17, 2023, advancing from a low of $0.071 to a high of $0.112. The current Tron (TRX) price stands at $0.105, and despite the current correction, bulls continue to control the price movement.
But where is the price of TRX going next, and what can we expect from January 2024? The year 2024 is eyed with optimism, with many crypto analysts foreseeing a potential surge in the crypto economy’s market cap, possibly reaching $3.2 trillion.
In the weeks to come, TRX and the cryptocurrency market will remain significantly influenced by the decisions of the U.S. Securities and Exchange Commission (SEC) and investors should keep in mind that while positive developments can trigger substantial price increases, they also carry potential risks.
Today, Crypto Lists will discuss TRX price estimates from a technical and fundamental analysis perspective. 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 have if trading with leverage.
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- 1 Tron has experienced remarkable growth in recent years
- 2 Reuters reports on Tron network usage
- 3 Technical analysis for Tron (TRX)
- 4 Important support & resistance levels for Tron (TRX)
- 5 What speaks for the rise in the Tron (TRX) price
- 6 What indicates the downfall of Tron (TRX)
- 7 What do analysts and experts say?
Tron has experienced remarkable growth in recent years
Tron, a platform based on blockchain technology for sharing entertainment content, has experienced remarkable growth in recent years, boasting millions of users and facilitating billions of transactions.
It empowers users to generate content and develop applications independently of centralized services and it’s crucial to highlight that Tron presents a direct challenge to the media industry, disrupting web-based giants such as Netflix and Amazon.
Additionally, Tron provides creators with the capability to directly sell their work to consumers, offering a mutual advantage for both parties involved. Tron has actively engaged in several acquisitions since it was founded and it is important to mention that the acquisition of BitTorrent, a widely-used peer-to-peer file-sharing protocol, was perceived as a strategic step to bolster Tron’s capabilities in content sharing and distribution.
Notably, the network has a 3-layer architecture divided into Storage Layer, Core Layer, and Application Layer, and it adheres to Google Protocol Buffers, which is a language-neutral, platform-neutral, and extensible way of serializing structured data for use in communications protocols, data storage, and more. The cryptocurrency powering the Tron blockchain is called Tronix (TRX), and it can be used to pay content creators to access their applications.
It’s a visionary endeavor striving to build a fully decentralized internet and at present, it actively supports a diverse spectrum of decentralized applications across industries like gaming, entertainment, and social media. Tron network has more than 170 million users globally, the popularity of this project is constantly growing but there are also some negative rumors about Tron currently.
Reuters reports on Tron network usage
Justin Sun, the founder of Tron blockchain, has been called out that terror organizations are increasingly moving funds via the Tron network. A recent report from Reuters suggests that between July 2021 and October 2023, Israel’s National Bureau for Counter-Terror Financing seized 143 Tron wallets but Tron blockchain founder Justin Sun has rejected suggestions that his protocol is increasingly being used by terrorist organizations.
According to Reuters, numerous terrorist organizations are inclined towards transferring funds through the Tron protocol due to its faster and more cost-effective nature compared to the Bitcoin network. To back this claim, the Reuters report cites the seizure of 143 Tron wallets between July 2021 and October 2023 by Israel’s National Bureau for Counter-Terror Financing (NBCTF).
As per a Reuters report, Israeli authorities seized 87 Tron wallets belonging to Hezbollah and 56 wallets belonging to Hamas, which were linked to “severe terror crime.” However, in his November 27 post on X, Justin Sun, the founder of Tron blockchain said that Tron is committed to fighting terror funding and added:
“While we are committed to combating terrorist financing by integrating various analysis projects and partners, our top priority remains maintaining decentralization, ensuring the safety of everyone’s assets, and providing instant, affordable, and reliable transactions, as has always been the case.”
Nevertheless, Justin Sun is rumored to be U.S. regulators’ next target after Binance’s Changpeng Zhao and this is certainly not good for the future performance of TRX. On the other side, the positive fact is that the year 2024 is eyed with optimism, with many crypto analysts foreseeing a potential surge in the crypto economy’s market cap.
There is growing optimism in the cryptocurrency community regarding the SEC potentially approving Bitcoin ETF applications and it is looking increasingly likely that a Bitcoin ETF will be approved by early 2024 which should be also positive for TRX. In the weeks to come, TRX and the cryptocurrency market will remain significantly influenced by the decisions of the U.S. Securities and Exchange Commission (SEC) and investors should keep in mind that while positive developments can trigger substantial price increases, they also carry potential risks.
Technical analysis for Tron (TRX)
Tron (TRX) has been in a positive mood since August 17, advancing from a low of $0.071 to a high of $0.112. The current price of TRX stands at $0.105, and as long the price of TRX is above $0.100, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.
Important support & resistance levels for Tron (TRX)
On this chart (the period from July 2023), I marked important support and resistance levels that can help traders understand where the price could move. Tron (TRX) is trading currently below its recent highs, but if the price jumps above the resistance that stands at $0.110, the next target could be the resistance that stands at $0.115. The current support level is $0.100 and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.095. If the price drops below $0.090, which represents an important support level, the next target could be $0.080.
What speaks for the rise in the Tron (TRX) price
Increasing network activity stands as a promising signal for TRX, potentially paving the way for future expansion but it’s crucial to consider that the broader sentiment prevailing in the cryptocurrency market can significantly impact TRX’s price direction. TRX’s ability to maintain above $0.100 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $0.110 would be beneficial for the bulls to remain in control of price movement. Tron is a promising player in the blockchain space, with a robust ecosystem and a growing community of developers and users, but the cryptocurrency market’s regulatory landscape holds considerable significance for TRX’s future trajectory.
What indicates the downfall of Tron (TRX)
The downfall of TRX can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends. The highly volatile nature of the cryptocurrencies may scare investors again to sell TRX if some negative news happens in the cryptocurrency market and because of this, investing in TRX involves a significant degree of unpredictability and substantial risk.
What do analysts and experts say?
As 2023 comes to a close, many crypto analysts expect Tron (TRX) to maintain a positive trajectory in the upcoming weeks or even months. Crypto analysts say that the SEC approval for the first Bitcoin ETF in the U.S. would certainly positively influence the price of TRX but it is also important to mention that there are also some negative rumors that are connected with TRX. According to Reuters, numerous terrorist organizations are inclined towards transferring funds through the Tron protocol due to its faster and more cost-effective nature compared to the Bitcoin network.
Tron blockchain founder Justin Sun has rejected these rumors but Justin Sun is rumored to be U.S. regulators’ next target after Binance’s Changpeng Zhao and this is certainly not good for the future performance of TRX. In the weeks ahead, market sentiment and regulatory developments will continue to have a major influence in determining the price of TRX. Keep in mind that the cryptocurrency market is highly dynamic; it can experience rapid falls, and it’s essential to conduct thorough research, stay informed about market developments, and be aware of the risks associated with investing in cryptocurrencies.
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.