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Tron price prediction as TRX rally gathers momentum

By:
on May 22, 2023
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  • Tron has been one of the best-performing cryptocurrencies recently.
  • TRX has jumped to the highest level since June 2022.
  • The coin has jumped by more than 71% from last year’s low.

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Tron (TRX/USD) price has been in a relentless rally even as other cryptocurrencies retreated. The coin has jumped in the past four straight days and is now hovering at the highest level since June last year. It has soared by more than 70% from the lowest level in November last year.

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TRX and Bitcoin diverge

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Tron has jumped sharply even as other major cryptocurrencies retreated. Bitcoin retreated to below $27,000 while Ethereum stands below $1,820. Other popular meme coins like Shiba Inu, Pepe, and Sui have also retreated.

It is unclear why TRX price has jumped sharply in the past few days. A likely reason is that Tron’s ecosystem is doing well. According to DeFi Llama, there are 18 dApps in its ecosystem with a total value locked (TVL) of over $5.5 billion. This makes it the third-biggest chain in the world.

Interestingly, Tron has more users than Ethereum. Data by DeFi Llama shows that the number of active users in Tron has soared to over 2 million while BNB has over 1.39 million and ETH has 33k users. Tron has over $45 billion in stables compared to Ethereum’s $69.59 billion.

Tron price has jumped even as conditions in the financial market worsen. One of the biggest risks in the market is about the ongoing debt limit crisis in the US. Joe Biden and Kevin McCarthy will meet on Monday to attempt to reach an agreement.

Tron price forecast

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Tron Price

TRX chart by TradingView

The daily chart shows that the TRX price has been in a strong bullish trend in the past few days. It has jumped by over 71% from the lowest level this year. Tron also jumped above the important resistance level at $0.073, the highest point on February 19..

TRX price has moved above the 50-day and 200-day exponential moving averages. It has also formed an inverted head and shoulders pattern, which is a bullish sign. The Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level.

Therefore, there is a likelihood that Tron will likely continue rising as buyers target the next key resistance point at $0.092, the highest point on June 1. A move below the support at $0.073 will invalidate the bullish view.

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