The recent announcement by Justin Sun, founder of TRON, to become the Permanent Representative of Grenada to the World Trade Organization, sent the price of TRX through the roof. However, he has since stepped away from the project, and the TRON Foundation has now settled to dissolve on July 25, 2022. This means that the price of TRX will continue to rise. If you’d like to learn more about TRX, read on to learn more.
The TRX crypto price chart shows a huge spike at the end of 2017, followed by little movement for three months. This trend is not unusual for cryptocurrencies, as many soared during the recent Bitcoin bull market. Unfortunately, the Chinese government’s decision to ban digital tokens following the TRON ICO probably hindered the growth of the project. This is due to the fact that such an increase is not sustainable. In this article, we will examine why the TRX price fluctuates, and why that is important.
TRX has had a rocky ride. The cryptocurrency‘s price climbed over 400 percent from $0.03 in February to $0.16 in July, before falling back down again by August. In August 2021, it finally broke through $0.06 and closed the year above that level. However, the market continues to fluctuate. In the second half of April, the crypto price of TRX has fallen to less than $0.07, a level not seen in almost three years. The price of TRON (TRX) is susceptible to a boom-and-bust cycle, with growing excitement followed by doubt.
Despite the recent bull run in Bitcoin, the TRX price is showing little movement so far this year. The recent spike was not sustainable. Towards the end of March, TRX price dipped below $0.06, and it didn’t recover. But it did reach $0.04 by June, which was a psychological resistance to the price at that time. After that, TRX price will remain volatile. It is likely to continue to increase in price, but its rapid growth will be limited by its inability to climb above $0.10 until the end of 2021.
The current sideways price action may make it favorable for intraday traders. However, the price has been retracing its decline by 25% since the low of the new year. This might mean that TRX price is preparing for another decline. An oversold bounce can occur when targets extend into levels of unexpected liquidity. Nevertheless, this retracement is a sign of a weakening market and could be a signal of an upcoming decline.
TRX growth rate
The growth rate of Tron (TRX) price depends on the general cryptocurrency market trend. When the market is growing, Tron usually displays confident growth. In 2022, however, the market might not recover from its crash due to tighter monetary policies. Nevertheless, in the years to come, positive news may be announced for the cryptocurrency market, such as new partnership projects, adjustments of media content developers, or an increase in online settlements.
However, a lack of interest or negative criticism could cause the price of TRX to fall below its current level of $0.0704. In the end, this would likely deter investors from buying or selling the token. Regular trade practices would likely settle the price at $0.0788 and a potential high of $0.1115. Ultimately, the growth rate of TRX will depend on the overall acceptance rate. For now, the price of TRX has been steadily increasing for over 2.5 years, and it is likely to continue its uptrend until the end of Q2.
TRX price prediction
While most experts agree that the TRX price will rise over the long run, the prospects for growth remain ambiguous. A strong dApps market could give impetus to the adoption of TRX. Its price could increase to a high of $0.393 or fall as low as $0.227. Despite this uncertainty, TRX can be an excellent long-term investment. Buying small shares at a time and dividing them over 12 months are two prudent investment strategies.
Tron’s price will increase significantly with its new partnerships. As an example, Justin Sun was recently named a representative for Grenada at the World Trade Organisation. Tron’s platform has gotten better with each announcement, while the DeFi projects are competing with Ethereum for market share. The price of TRX is expected to grow substantially during 2020 and into the year 2021. In the meantime, a steady stream of investments is expected to fuel the price of TRON and the cryptocurrency.
If you are a BTC investor, you may have wondered if a retail TRX ETF could boost its price. After all, the recent rally in BTC was built around the news of an ETF launch. However, since the BTC ETF’s launch, two more have followed. If this retail ETF is launched, TRX’s price could continue to climb. But will investors jump on board?