Tron was always the talk of the town when it comes to diversifying your crypto portfolio. Tron price is usually less volatile than other cryptos. Ever since TRX reached a price of around $0.13, then crashed back in November 2021 with the entire crypto market. However, from a technical perspective, TRX is looking heavily bullish currently and presents an interesting buy. In this Tron price prediction article, we look into the potential upside of TRX. Should you buy TRX today?
What is Tron Crypto Project?
Tron is a blockchain that aims to reduce the processing time of transactions. While Bitcoin and Ethereum are able to handle 6 and 25 transactions per second, Tron claims to be able to handle 2,000 transactions per second (TPS). It is a decentralized platform that hosts content sharing and entertainment. Back in 2018, Tron acquired the famous BitTorrent, a well-known website for file sharing.
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In their list of goals, Tron is looking to build an all-in-one platform for file sharing through financial rewards, and allowing content creators (especially in the gaming industry) to monetize their work. They also are among the most popular blockchains to host decentralized apps (DApps).
Tron Price about to POP soon?
The of Tron formed a symmetrical triangle. A resistance trend line has been formed for several months since the all-time high from back in May 2021. These two trend lines will cross in a few weeks, so a breakout will occur. There is a relatively good chance that we will also break out bullishly as symmetrical triangles are trend continuation formations. There is about a 60% chance that we will break to the upside. Because of this, however, there is also a chance that we will break down. This is around 40%. That’s why when investing, we should always account for when the market moves in an opposite direction.
Tron Price Prediction – Where will TRX price reach?
If Tron price breaks out of the triangle in a bullish manner, it might initially rally to the $0.11 and $0.15 resistances. These would be the first goals in our eyes. If this breaks, the price could target the triangle formation target. This is at around $0.22. Should the price reach this level, the overall uptrend would still be intact on the monthly chart, so we would expect it to scale above $0.22.