Will the price of TRON go up or down in June? This is a question you are likely to be asking yourself given the recent price trend for TRON
TRON price is around $ 0.0731, up about 6% in the last 24 hours, and the intraday price range for TRON is $ 0.0688 to $ 0.0785 at the time of writing.
However, TRON price has been in the red for the week, off nearly 5% of its intra-week high and nearly 50% in the last 30 days. But despite this seemingly dismal 30-day performance, TRON (TRX) year-over-year returns are still very impressive at 303%.
TRON price overview
TRON’s price performance over the past five months has been remarkable to say the least. Although TRX has not reached the level of top altcoins like Ethereum, Cardano and Binance Coin, it has nonetheless achieved some important milestones.
On January 1, the price of TRON was hovering around $ 0.026. When Bitcoin shot to its all-time high, TRX price soared 240% to $ 0.064 in just a month and a half. Prices continued to rise despite very little rejection, topping $ 0.1 to hit $ 0.18 on April 17, their highest level since January 2018.
TRON plunged 50% between April 17th and 25th, hitting lows of $ 0.090 before rebounding 70% as the bulls rose to highs of $ 0.168. Widespread sales occurred May 12-23, with the bears climbing back to $ 0.047 on a 72% decline.
TRON’s price has stayed above $ 0.060 since rising 6% on May 31, closing at $ 0.076. While June had a slow start for the cryptocurrency, interest and news could help propel prices higher.
Historical price data for TRON from the market aggregator CoinMarketCap shows that the cryptocurrency hit an ATH of $ 0.3004 on January 5, 2018. The current price level is almost 76% below this high.
Let’s take a look at June’s TRON (TRX) award for its technical outlook.
TRON price forecast for June 2021
The market is currently under great pressure. However, the sector is largely oversold and a near-term recovery in June is likely. TRX’s June target price could fall around $ 0.10 for bulls if the bulls prevent a dip below $ 0.066 this week. If not, TRX / USD could drop to the price levels discussed in our technical outlook below.
Here’s a quick technical look at TRON price, highlighting the areas of resistance and support that could limit an uptrend or halt another decline.
The bulls have made two consecutive green candles on the daily chart but are under tremendous downward pressure as the lower wicks show. The next moves in the timeframe should see buyers break the resistance line of a symmetrical triangle pattern and target the 20-EMA ($ 0.081) to bolster a potential rally.
According to technical analyst @cryptotoad, TRX is showing signs of positive movement that could include a breakout to $ 0.081. Confirmation and retest of previous resistance levels would highlight new support and give bulls room to seek a new uptrend.
$ trx To update:
– Kryptotoad (@ Mesawine1) June 2, 2021
Above the 20-EMA lies an important supply zone that is likely to limit any major upside movement the bulls might pull before the end of June. The barrier is at $ 0.10 where we have the 50 SMA and 61.8% Fibonacci level of the downturn from $ 0.17 to $ 0.054.
If they break this level, the next targets could be the 50% Fib level ($ 0.11) and the 23.6% Fibonacci retracement level ($ 0.14).
TRX / USD daily chart. Source: TradingView
As mentioned earlier, TRON fell sharply in mid-May after confirming a head and shoulders pattern on the daily chart. The value of the cryptocurrency fell 32% in one day and has not risen to more than $ 0.095 since then.
If we look at the technical picture of the daily timeframe, price follows the resistance line of the symmetrical triangle pattern. However, the bears are about to break the support line, which could open a path to the recently tested floor at $ 0.054.
On the 4 hour chart, TRX price has made a series of lower highs and lower lows. There is some indication of another attempt to break higher, but the bulls are showing some weakness near the 20-EMA right now.
If the market hits a new dump, a bearish flip TRX / USD will likely fall below the above support base at $ 0.066. This outlook is likely to be reinforced if the MACD continues to weaken within the negative zone and the RSI does not break above the equilibrium point.
Should the market rot further this week, values between $ 0.059 and $ 0.065 would be possible. The monthly low could then be anywhere near the $ 0.050 line.
TRX / USD price on the 4-hour chart. Source: TradingView
What could be driving the TRON price in June?
The short term price movement of TRON can be influenced by many factors, with the price likely to rise or fall depending on the prevailing factor.
One of the main drivers of cryptocurrency prices is the supply and demand principle. This factor can work well in the long term, especially as the space is still maturing. For TRON, demand could continue to grow thanks to the explosion of decentralized applications and DeFi.
Steps like the ones suggested in the following tweet by Tron founder Justin Sun could increase demand for TRX.
📢 News for everyone #TronNetwork Ecosystem miners!
️ #TRONICS, don’t worry and get your golden pickaxes ready!
🤗 No need to transfer your previous mining funds to other locations, just keep mining!
– Justin Sun 🅣🌞 (@justinsuntron) June 7, 2021
The cryptocurrency also has one of the most active blockchains with active addresses in the last month compared to those registered on Bitcoin and Ethereum.
News related to cryptocurrency regulation and compliance could also play a big role in TRON’s price action for this month.
Cryptocurrency prices fell sharply in May as China moved to curtail crypto-related activities and mining. It is such regulatory and compliance issues that could trigger a new sell-off that is affecting the price of TRX. Alternatively, prices could rise significantly if the news emerges favoring the adoption of cryptocurrencies. This is certainly the case, which led to a spike in the price of TRX after El Salvador became the first country to adopt Bitcoin as legal tender.
Please note that the above article is a purely opinion-based post based on relevant available data. It should not be viewed as direct investment advice.