Tron (TRX) has witnessed a steep decline after claiming a peak of $0.08527. TRX is trading at $0.07787, experiencing an over 4% decrease in the last 24 hours.
The token has also decreased by 2.3% and 3.8% within a 14 and 7-day interval. However, in the past 30 days, TRX has been on an overall price rise of 2.12%.
The asset’s performance hangs on a balance as these fluctuations continue while uncertainty grapples the mind of interested investors. Let’s see what the recent price action says about the token.
Recent Price Action of TRX
TRX saw a surge in June, breaking past the $0.08 mark for the first time in almost a year. This breakout was fueled by its connection to Ethereum and positive developments in its ecosystem.
However, that same month, news of the SEC’s lawsuit against Tron’s founder, Justin Sun, about its classification as unregistered security and other related entities sprang up, affecting price significantly. Following this, TRON dropped around $0.06527 on June 10.
Despite the setbacks, TRX recovered and climbed back to around $0.08056 on July 21. The following day, it experienced a significant increase of over 15%, reaching a mid-day high of $0.09317.
The price subsequently dropped to date, although, on July 28, 2023, it stood at approximately $0.08345 due to inflation reports.
On all fronts, the token has the potential to be both bearish or bullish, an attribute that perplexes investors the more. A daily chart showing TRX indicators could hint at the asset’s short- and long-term actions.
Based on the chart above, the price of TRX is currently trading higher than the 50-Day and 200-Day moving averages, suggesting a strong uptrend as the bears consolidate momentum.
Also, the MACD indicator trading below the signal line with emergent red histogram bars suggests bearish momentum and prevailing sell pressure on TRX.
The Relative Strength Index is 43.79, dipping below the oversold region (30). While the moving averages flag bullish signals, the RSI and MACD indicators suggest more bearish reversals for Tron (TRX) in the coming days.
Some traders may interpret this as a buying opportunity to amass more TRX tokens anticipating bullish reversals in the coming months.
Key Price Levels
As depicted on the chart, TRON/USDT is trading on trendline support, and also, there’s a significant resistance level at $0.09.
If the coin holds above the trendline support, it could signify a continuation of the current upward trend, with a potential $0.09 resistance level breakthrough.
This breakthrough could lead to further price appreciation and a bullish rally. On the other hand, if the coin fails to maintain the trendline support, it may experience a bearish pullback.
Experts’ Analysis of the Short and Long-Term Prediction of Tron (TRX)
DigitalCoinPrice predicts a price of $0.17 by the end of the year, $0.28 in 2025, and an average trading rate of $0.85 in the long term of 2030.
According to CaptainAltCoin, TRX is predicted to drop to a minimum of $0.0613 in 2033 and average around $0.00705.
By 2025, the coin is estimated to reach a rate of $0.1672 but will only survive in the coming years. The experts believe the token would likely become worthless and die off.
Bitnation stands on a highly speculative analysis of the token. By the end of 2023, TRON is expected to achieve a maximum price of $0.1404. The minimum price will likely fall to $0.0935, while the average is predicted to trade at $0.117.
In the long term, TRX will likely continue its rally to $0.68, average around $0.662, and fall to the most negligible value of $0.639 by 2030.
Possible Factors Fueling the Price Action of TRX
Over time, several factors affect the price of currencies in the crypto market. Like every token, these factors can either propel in the up or down direction.
US Inflation Data Report
Tron’s price surged on July 28 following positive US consumer inflation data. TRX token reached $0.084, the highest level since July 23.
The Bureau of Labor Statistics reported a rise in personal consumption expenditure (PCE), the core PCE, and the Fed’s preferred inflation gauge. The consumer price index (CPI) also indicated falling inflation, pushing the Federal Reserve’s decision to raise interest rates by 0.25%.
This circumstantial news impacted Tron’s market trend and boosted its price that day. Hence, the Federal Reserve keeping interest rates unchanged for an extended period could have positive implications for Tron and other cryptocurrency prices.
Recent Developmental Updates in Tron’s Ecosystem
This month, the Tron blockchain celebrated reaching its 170 million account milestone. It also made news by supporting its first-ever Real World Asset (RWA), stUSD, generating increased interest in the platform.
These positive developments followed a challenging period for the coin in June, as its availability on the Ethereum blockchain was overshadowed by legal action from the SEC, accusing Tron of fraud.
A tweet from Tron founder Justin Sun regarding the platform’s use of a bridge from the BitTorrent network to access Ethereum’s features and decentralized applications (DApps) may also attract new investors.
#TRON (#TRX) has now expanded its reach by going live on the #Ethereum blockchain by leveraging the #BitTorrent bridge . With the contract address 0x50327c6c5a14dcade707abad2e27eb517df87ab5, #TRX is now fully accessible within the Ethereum ecosystem.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 2, 2023
Ultimately, these recent updates and advancements have the potential to influence Tron’s performance positively in the crypto market.
Wall Street Memes Alternative Nears $20 Million In Presale Phase
Wall Street Memes is a meme coin project that aims to revive the historical culture of the original Wall Street community. The project connects with the crypto industry by leveraging meme power, bringing together small-time investors in solidarity.
WSM, the native token of the project, has rapidly become a sensation among meme coins. Its presale launch achieved remarkable success, attracting enthusiastic interest from investors and traders.
With an impressive social media following of over 1 million, Wall Street Memes has garnered significant attention in crypto. As a result, there are high expectations, and many anticipate a substantial increase in the token’s value. The project’s unique approach and widespread popularity make it an exciting prospect in the cryptocurrency market.
Wall Street Meme Coin Features
The Wall Street Meme coin’s key features appeal to investors and developers even more. They include:
Wall Street Memes lead the meme coin movement, embodying humour, internet culture, and meme-driven trends. With a playful and lighthearted approach, the project engages its community through the power of memes.
Centralized Stance on Financial Independence
At its core, WSM embraces an anti-capitalist narrative, challenging traditional Wall Street influence and striving for a more equitable financial system. Empowering small investors and promoting economic independence for all backgrounds is a central goal.
Furthermore, Wall Street Memes’ community-driven philosophy is crucial to its success. The project values diverse perspectives and emphasizes the collective power of its community, fostering a sense of unity and strength in their journey together.
Wall Street Memes Presales Skyrocketing Towards $20 Million
WSM’s presale performance has been impressive, similar to the successes of PEPE and Sponge in their early stages. So far, it has raised over $18.8 million, attracting enthusiastic responses from investors with positive expectations for its future success.
The token is currently priced at $0.0325, with the next phase set to begin in approximately 32 hours, where it will be sold at a slightly higher price of $0.0328.
WSM’s tokenomics allocate 80% of the tokens to community rewards and active marketing, aiming to give back a considerable extent of its liquidity. This understanding of WSM’s tokenomics is one of the reasons why investors are eager to participate in the presales.
After the presale, WSM will be listed on various exchanges, drawing in more investors and contributing to the community’s growth.
Meanwhile, the Wall Street Memes Airdrop is active on the official token website, and participants can win significant rewards. Five lucky winners will each receive $10,000 worth of $WSM tokens, totalling $50,000 in dividends.
The purpose of the airdrop is to give back to the community and reward participants who complete specific tasks. To be eligible, participants must follow WSM’s social media accounts, acquire $WSM tokens, provide proof of purchase, and fulfil other specified tasks.
Participants can win substantial token rewards and contribute to the lively and supportive WSM community by engaging in these activities.
To purchase WSM tokens, potential investors can begin by linking their digital wallets to the token’s website and exchanging their ETH or USDT for WSM. Also, the token can be purchased using their bank cards through the website.
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