Tron (TRX) has been in a positive mood since June 10, advancing from a low of $0.064 to a high of $0.080.
But where is the price of TRX is going next, and what can we expect from the rest of July 2023? 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 network had a major upgrade on July 11
- 2 Interoperability is key
- 3 Growing network activity is certainly a positive indicator for the TRX
- 4 Technical analysis for Tron (TRX)
- 5 Important support & resistance levels for Tron (TRX)
- 6 What speaks for the rise in the Tron (TRX) price
- 7 What indicates the downfall of Tron (TRX)
- 8 What do analysts and experts say?
Tron network had a major upgrade on July 11
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. Tron allows users to create content and applications without having to rely on centralized services, and it is important to note that Tron 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, and it can be used to pay content creators to access their applications.
The Tron (TRX) network had a major upgrade on July 11, and according to a team of Tron, the new Stake 2.0 mechanism offers users greater flexibility in staking and unstaking their resources, with the ability to customize lockup periods for delegated resources according to their individual needs.
Interoperability is key
The compatibility with Ethereum’s EIP-3855 promotes interoperability between the two ecosystems, attracting more developers to TRON and reducing migration costs for projects across both chains.
On the other hand, the streamlined smart contract interface calling provides developers with estimated transaction fees for deploying their contracts, simplifying the development of smart contracts.
Finally, the revamped P2P network module enhances the connection efficiency, availability, scalability, and transmission efficiency of the Tron network.
Growing network activity is certainly a positive indicator for the TRX
Tron network currently has more than 169 million users globally, and it has built a comprehensive ecosystem encompassing NFTs, DeFi, GameFi, stablecoins, the metaverse, and cross-chain solutions.
The popularity of this project is growing, and TRON founder Justin Sun emphasized the organization’s commitment to fostering the growth of the TRON ecosystem, attracting more public to the platform.
Sun also said that the new upgrade brings significant improvements to the TRON ecosystem, which will encourage greater participation in the network, attracts more developers to the platform, and stimulates the growth of the ecosystem.
There has been a significant increase in the number of transactions last several weeks for TRX, which usually indicates that investors are getting confidence in the underlying coin’s short-term price prospects.
On-chain activity, such as the number of transactions and unique addresses, is an essential metric to consider, and it is important to say that in the first three days of July 2023, there have been over 20 million transactions on the TRON network. Many analysts say that growing network activity is certainly a positive indicator for TRX and could lead to further growth in the future.
Technical analysis for Tron (TRX)
Tron (TRX) has been in a positive mood since June 10, advancing from a low of $0.064 to a high of $0.080. The current price of TRX stands at $0.077, and as long the price of TRX is above $0.070, 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 December 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Tron (TRX) has weakened from its recent highs, but if the price jumps above the resistance that stands at $0.085, the next target could be resistance at $0.090.
The current support level is $0.075, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.070. If the price drops below $0.070, which represents an important psychological support level, the next target could be $0.065.
What speaks for the rise in the Tron (TRX) price
The Tron network had a major upgrade on July 11, and because of this, there has been a significant increase in the number of transactions last several weeks for TRX, which usually indicates that investors are getting confidence in the underlying coin’s short-term price prospects.
Growing network activity is certainly a positive indicator for the TRX and could lead to further growth in the future, but it is also important to keep in mind that the overall sentiment on the cryptocurrency market can play a crucial role in TRX’s price trajectory.
TRX’s ability to maintain above $0.070 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $0.080 would be beneficial for the bulls to remain in control of price movement.
What indicates the downfall of Tron (TRX)
Tron (TRX) has demonstrated a consistently positive trend in recent weeks, and despite the current correction, it has maintained a positive trajectory. However, investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain.
The important support level for TRX stands at $0.070, and if the price falls below this level, the next target could be $0.065. The price of TRX is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $28000 price level, that would certainly have a negative influence on the price of TRX.
What do analysts and experts say?
The new upgrade significantly improves the Tron Network, providing its users and developers greater flexibility, compatibility, and efficiency. Tron (TRX) has been in a positive mood since June 10, and it is important to say that in the first three days of July 2023, there have been over 20 million transactions on the TRON network.
According to analysts, growing network activity is certainly a positive indicator for the price of TRX, but the overall sentiment on the cryptocurrency market also plays a crucial role in TRX’s price trajectory.
The good news is that the cryptocurrency market remains supported after the latest data from the US showed that inflation cooled more than expected in June, which increased confidence among investors and offered reasonable hopes that the Fed might be about to kick its rate-hike habit.
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.