Key points:
- The TRON crypto price fell 17% in April. Can it reclaim its March highs?
- The crypto seems to have bottomed and could be heading higher soon.
- However, the TRX token must break above the $0.0710 level to rally higher.
The TRON crypto price fell 17% in April after rallying over 35% in March. The moves in TRON prices are similar to those seen in Bitcoin, as the world’s leading crypto also shed much of its March gains in April.
Also read: A Guide To Why and How To Buy Cardano.
Therefore, while the move lower is not suitable for investors who bought at or near the top, we can attribute it to the cyclical movements in the broader crypto markets. First, let’s look at TRON’s fundamentals to determine whether it is worth investing in the project.
Since its founding in September 2017 by Chinese entrepreneur Justin Sun, the TRON network’s value has always been connected to its founder. However, Sun has taken steps to distance himself from the project in recent years.
First, he initially transferred control of the project to the TRON Foundation but later dissolved it in July 2021. TRON then shifted to a decentralised autonomous organisation (DAO) operating model in December 2021.
As a DAO, the blockchain platform and its native token TRX are governed by consensus among the community that holds the TRX token. As a result, the TRON network is now a fully decentralised organisation, a vital hallmark of the next-generation Web3 companies.
The TRON network is well-known for its file-sharing capabilities via the BitTorrent platform it acquired in 2018. Justin Sun became BitTorrent’s CEO, although the file-sharing platform later issued its native token known as BTT in February 2019.
TRX has a total market value of $6.28 billion but is one of the many cryptos that have never traded above $1. TRON was initially launched as an ERC-10 token before migrating to its mainnet baked on the TRC-10 standard.
TRON crypto price prediction.
The TRON crypto price hit a high of $0.0796 on 31 March 2022 before the downtrend began as sellers stepped in, pushing its price 175 lower in April. However, we are in the middle of April, and there are two weeks left before the month ends.
The TRXUSD pair bounced off the $0.0581 support level on 12 April 2022 and started heading higher, indicating that the downtrend was running out of steam. As a result, TRX has been edging higher, but the momentum behind the move has been weak.
If the TRON price starts rallying higher, the next target would have to break the $0.0710 resistance zone. Once this level is broken, TRX would then head to the $0.0826 resistance zone.
The bearish scenario would see TRON break below $0.0555 and head lower, with the next support level at $0.0388.
*This is not investment advice. Always do your due diligence before making investment decisions.
TRON crypto price.
The TRON crypto price fell 17% in April, from a high of $0.0740 to $0.0614.