Tron (TRX) Price Prediction: What Next After the Big Sell-Off?

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The Tron price is bouncing back after it crashed to the lowest level since April 25 in the overnight session. The TRX is trading at $0.1270, which is about 27% above its lowest level today. The currency has a market capitalization of more than $9 billion, according to data compiled by CoinMarketCap. 

What happened: Tron and other altcoins declined during the overnight session as many investors started to take profit following a relatively strong rally. Ethereum dropped below $4,000 while Bitcoin fell by more than $3,000 points. 

In addition to profit-taking, investors are anticipating new regulations as the number of hackings in the United States continue rising. For one, there is an ongoing hack of the Colonial Pipeline. With the hackers demanding payments in crypto, regulators could tighten the rules. Also, Tron and other cryptocurrencies are falling as traders wait for the upcoming inflation data from the United States.

Tron price prediction:

The daily chart shows that the Tron price has been on a strong upward trend since 2020. Recently, though, it has found some resistance after it reached an all-time high of $0.1800. The currency has moved below the 25-day and 50-day moving average, signalling that bears are prevailing. It has also formed what looks like a double-top pattern whose neckline is at $0.090. 

Therefore, at this point, there are two likely scenarios. First, the currency could bounce as bulls target the upper side of the descending trendline. The other scenario is where the price retests the lower line. A bullish trend will only be validated if the price moves above the upper trendline. Similarly, a bearish breakout will be validated if it moves below the lower line.

Tron is an ambitious initiative that has lined up lots of potential milestones in the years to come.

Its current offering is called Exodus, the free platform suitable for peer-to-peer distribution and storage of content. Exodus is not using blockchain technology at present but uses a special web-based file system protocol that supports a distributed file system. This phase is expected to stay through December 2018.

The next phase, called Odyssey, is scheduled to go-live around January 2019. Odyssey, which will leverage the power of blockchain, will involve monetary incentives to promote the creation and hosting of content on Tron.

Instead of following the traditional ways of tracking clicks and views of the content being accessed, Odyssey plans to base the incentives producers on a method that will depend on user interaction and engagement with the content. It may be linked to a “tipping” plan – something like a reward based on how good the user perceived the content.

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