The TRON (TRX) price weakened after it moved up to its year high in April but since late July it has being showing an uptick to be valued at $.013 giving it a market capitalisation of $10.42bn by 26 October.The cryptocurrency recently surpassed 58 million accounts and has announced new development projects.
What are some of the reasons why TRON’s value is going up? And is there scope for the price to move up further?
In this article, we look at the project’s latest developments and the outlook for the TRON future price based on the recent forecasts.
TRON developing an NFT marketplace
TRON was founded in 2017 by Chinese entrepreneur Justin Sun, a former chief representative for the Ripple cryptocurrency (XRP) in Greater China.The decentralised TRON platform focuses on file sharing and entertainment content.TRON acquired the file sharing network BitTorrent in 2018.BitTorrent launched its own native cryptocurrency, BTT, in February 2019 on the TRON blockchain, using its TRC-10 standard.
Data from Tronscan shows that the total number of TRON accounts has surpassed 58 million, with more than 2 million transactions processed daily.
On 26 October, there were 71.66 billion TRX coins in circulation, of a total supply of more than 100.85 billion.
The company has a market capitalisation of $7.4bn, according to data from CoinMarketCap , ranking it the 30th largest cryptocurrency by total value.
As of 20 August, there were more than 10 million accounts holding BTT – 20% of the total accounts on the TRON network.
On 18 August, data from the CryptoRank blockchain data platform showed that the total TRON coin value locked on the TRON public blockchain broke $10.1bn, ranking it third behind the Ethereum and Binance Smart Chain (BSC) blockchains.
TRON uses three-layer architecture – a storage layer, core layer and application layer.There are several modules in the TRON core layer, including smart contracts, account management and consensus, according to the company’s white paper , which offers TRON potential for growth.TRON runs on a Delegated Proof-of-Stake (DPoS) consensus in which there are 27 super representatives (SRs) that produce blocks on the chain.
Every six hours, TRX account holders can freeze their accounts and vote for SRs.The protocol generates a new block every three seconds, and each block awards 32 TRX to SRs.This process allows for faster throughput than some other blockchains.
Developers can create distributed applications (dApps) and customised wallets on the blockchain.Smart contracts enable TRON to develop non-fungible tokens (NFTs).
The developers announced on 23 August that TRON has made a strategic investment of an undisclosed amount in the DeFine social NFT platform.The funding will be used to develop “the first NFT marketplace in the TRON ecosystem and launch auctions soon”.
TRON also https://twitter.com/Tronfoundation/status/1430047937904594944?s=20 that the network’s BTFS file storage system will integrate with DeFine in September.And TRON plans to expand its NFT ecosystem with APENFT.
The TRX price reached an all-time high of $0.3004 on 5 January 2018 during a strong rally in cryptocurrency prices.
The markets subsequently collapsed, with TRX ending the year around $0.01.The TRON trend bottomed at $0.0088 on 12 March 2020, turning higher to reach $0.02 by the end of the year, and then bursting up to a peak of $0.1799 on 17 April as cryptocurrency markets rallied.They fell sharply over the next week before peaking again in May at $.015.
The price dropped to a low of $0.0468 on 22 June, rose to $0.0698 on 29 June and then slipped back to $0.04917 on 20 July before the recent rally.TRX reached $0.0951 on 15 August, its highest price since 19 May.There was then a longer rally saw them peak in September at $0.12.
Another trough and small recovery has seen the price reach $0.1 by 26 October.
So, what is the future of TRON? What price do the latest forecasts indicate?
TRON (TRX) price prediction: can the price return to all-time highs?
TRON technical analysis from CoinCodex was neutral, with the coin trading around $0.0103 at the time of writing (26 October).
There were 28 bullish indicators and 0 indicators giving bearish signals.
The moving average convergence divergence (MACD) and momentum indicators were neutral, while the relative strength index (RSI) was 59.03, indicating that TRON was a neutral.An RSI number above 70 indicates an asset is overbought, while a number below 30 indicates it is oversold.CoinCodex predicts that the TRON price will drop by more than 9% to $0.093 by 25 November.
The TRX/USD forecast from forecasting site Wallet Investor is bullish, projecting the price will rise from $0.1039 at the start of November to $0.163 in a year’s time.
It then estimates the price will more than double to $0.418 by the end of 2025.
DigitalCoin ’s TRON price prediction also anticipates that the price will rise, but at a slower rate.It forecasts that the price will average $0.161 in 2021, rising to $0.18 in 2022 and $0.293 in 2025.For the longer term, it projects the price will average $0.453 in 2028.
The TRON coin price prediction from Coin Price Forecast projects that the price will end 2021 at $0.16, rising to $0.24 at the end of 2022, but then growth will slow from 2023 to 2026 to reach $0.37.The algorithm predicts the price will resume its rise in the second half of the decade, reaching $0.57 by the end of 2030, and trading above $0.60 in the years to follow.
It’s important to keep in mind that cryptocurrency markets are extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even harder to give long-term estimates.
As such, analysts and online forecasting sites can get their predictions wrong.We recommend that you always do your own research and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decisions.And never invest more than you can afford to lose.
Where to buy TRON (TRX) in 2021
If you are looking to invest in the coin for a long-term, you can buy it via cryptocurrency exchanges like Poloniex, Bancor, KuCoin and Binance.You can then transfer your TRX coins to a hardware or electronic wallet for safe storage.
Alternatively, you can trade TRX with contracts for difference (CFDs) on Capital.com.
CFDs allow you to speculate on short-term price fluctuations without having to buy the actual coin.Trading CFDs offers the opportunity to try to benefit from both bullish and bearish price action.If you expect the TRX price to rise, you can open a long position.
If you think it will drop, you can open a short position – and still make a profit on the trade if the price moves lower.
Notice that with Capital.com, you can trade TRX not only against the US dollar but also bitcoin .
As a leveraged product, CFDs are designed to maximise gains, which can be large on volatile products such as cryptocurrencies.However, you should be aware that using leverage also increases the size of the loss should the price moves against your position.
Make sure you understand how CFDs work and do your own research before you begin to trade.And never invest money you cannot afford to lose.Learn more about cryptocurrency CFDs with our comprehensive guide .Create an account on Capital.com to stay on top of the latest TRON news, price analysis and forecasts, and spot the best trading opportunities.
* Note that CFD trading on cryptocurrencies is currently not available in the UK under FCA regulations.
FAQ
Whether TRX is a good investment depends on your personal circumstances, risk tolerance and the composition of your portfolio.
It is vital that you do your own research before investing in any asset, including cryptocurrencies.
The direction of the price is influenced by sentiment on the broader cryptocurrency markets, offering potential for the price to rise further if the cryptocurrency rally continues.Forecasting sites predict that the TRX price will trend higher over the coming years.However, keep in mind when reading these estimates that analysts and online forecasters’ predictions can be wrong.Which forecasters you choose to believe is down to your own research and view of market conditions.
Based on current price projections, the TRX price is unlikely to reach $1 in the next decade.The highest price forecast is $0.57 from CoinPriceForecast.
Like any cryptocurrency, TRX is a high-risk investment that also has the potential for high returns.Cointobuy gives TRON a safety rating of 6 out of 10.It’s crucial that you understand the risk of investing in cryptocurrencies before you get started, and never invest money that you cannot afford to lose..
