The cryptocurrency market is looking very green right now; that is a good thing.Altcoins have picked up after Bitcoin, which has rallied very strongly in recent days.This is a time when investors will rush to the crypto market, not just for Bitcoin but also for altcoins.If you are one of such investors who are not yet certain about how altcoins will do in December 2020, we are here to help you this time with Tron price prediction.
So in this article we will analyze one of the popular cryptocurrencies, Tron (TRX), and its expected performance in December 2020.This will also cover Tron price prediction and analysis for the last month of the year.Tron (TRX) Overview
Tron was created in 2018 by Justin Sun, who is now the CEO.It was initially on the Ethereum blockchain, which holds the big majority of altcoins known as ERC20 tokens, then TRX was moved to the Tron blockchain in 2019.They were then converted to TRC20 coins and have since been independent on their own blockchain.
The blockchain is known for supporting dApps and smart contracts and is currently the second after Ethereum in this regard.
There is an increasing number of people using dApps and smart contracts daily, and Tron hosts a good number of them.The blockchain also recently opened its doors to fans of the DeFi market through its partnership with institutional digital assets custody company – BitGo.
Today, TRX is the 15th largest cryptocurrency, although it has spent a fair share of time among the top ten.
It has a total supply of over 100 billion coins and a circulating supply of 71,659,657,369.The market cap is $2,566,189,228, and $2,574,242,129 worth of TRX have been traded in the last 24 hours.Each TRX is worth $0.035719 at the time of writing this article, gaining 2.89% in the last 24 hours.Tron (TRX) Price Prediction: Analysis
TRX has mostly been in consolidation since the year 2020, with a slight upward movement.It also has two prominent peaks at which the price surged suddenly, one in February and the other in September.At the moment, it has reached another new peak which surpasses that of February and on its way to take out that of September, as the market looks very promising.
TRX has been in bad shape for quite some time now, but that is about to change.
A Golden Cross just occurred between the 20 MA and the 50 MA on the daily chart.For those who are not familiar with this, a Golden Cross occurs when a shorter timeframe Moving Average (MA) crosses above a longer timeframe MA.This usually indicates a bullish trend, and that has just happened, which means TRX could see a few good days ahead.If this momentum continues, we can expect another golden cross for the 50 MA and 20 MA over the 100 MA as well.
However, another key indicator, the Relative Strength Index which tells the condition of an asset whether it is overbought or oversold, is currently on the high side.
An RSI of over 70 usually means the asset is overbought, and the price could be going down soon.TRX RSI is currently at 74, which indicates an overbought condition.This may not necessarily mean that a crash is imminent, but it is something to keep in mind.
Walletinvestor has calculated some key resistance and support levels that could help traders make better choices on entry and exit points.The levels are shown below.
Also, according to Walletinvestor, the market sentiment for TRX is generally bullish right now.Here are the resistance and support levels, as well as the pivot point calculated by Walletinvestor: Resistance Level (R3): 0.0362;.
