Tron (TRX) price prediction for April

By: Michael Harris
Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to… read more.
on Mar 28, 2021
  • American actress Lindsay Lohan is rolling out her own NFT via Tron
  • TRX price has raced higher in the past few days to erase losses from earlier in the week
  • Tron bulls are eyeing a move to $0.72, followed by the next strong resistance zone above the $0.80 mark

Tron (TRX) price is having an impressive month of March as it is trading over 45% higher, after recording similar gains in February. 

Fundamental analysis: Tron joins the NFT party

American actress Lindsay Lohan is rolling out her own non-fungible tokens (NFT) via Tron. The NFT market continues to grow and apart from Lohan, a number of other digital artists and musicians are attempting to capitalize through auction and sales. 

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Lohan will sell her tokens on a new Tron-powered NFT clearinghouse, where other celebrities will also be involved including Swae Lee, Tyga, Ne-Yo, Soulja Boy, and more.

NFTs refer to special blockchain addresses that carry an unchangeable digital history of ownership to different files, even if those objects are available to anyone. The main difference between those tokens and other more famous digital currencies is that NFTs are non-fungible. 

It still remains unclear what is the content of Lohan’s new NFTs. 

“Hollywood and the Music industry are finally waking up to crypto and it is in large part thanks to NFTs,” Lohan said in a statement. 

“I couldn’t be happier to be a part of this revolution, helping to bridge the gap between creators and content admirers.”

Lohan has recently sold a decentralization-related album cover NFT on Rarible and a Daft Punk NFT for $15,000 on Ether. On February 11, she posted a tweet praising the Tron founder Justin Sun for his  “super fast and 0 fee” blockchain.

Technical analysis: Testing key resistance

TRX price has raced higher in the past few days to erase losses from earlier in the week. Tron price is now trading about 45% higher in March, after recording a similar portion of monthly gains a month earlier. 

Tron weekly chart (TradingView)

The rally has stopped near the $0.65 handle where a 61.8% Fibonacci retracement line is located to offer strong resistance. This retracement is coming off a huge correction that took place in the 2018 – 2020 time period. If broken, cryptocurrency traders who are buying Tron will be looking for a move to $0.72, followed by the next strong resistance zone above the $0.80 mark.

Summary

US actress and musician Lindsay Lohan is planning to issue her own non-fungible tokens (NFT) on Tron and auction them off on March 20. In the meantime, TRX price is marching higher to test the crucial resistance zone.

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