Tron Price Prediction as Justin Sun eyes Tencent’s NFT division
Tron price has moved sideways in recent days as its previous bullish momentum has faded. The TRX token is trading at $0.067, where it has been for the past few days. This price is approx. 44% above the lowest level this year. As a result, the total market capitalization has risen to around $6.2 billion.
TRX recovery fades
Tron is one of the leading blockchain projects in the world. Started by Justin Sun, the network has become a central operating system in the industry.
Like Ethereum, Tron hopes to become the best place for developers to build quality decentralized applications. In fact, several developers have chosen the platform to build their apps. Some of the most notable apps using Tron are Just Lend and Just Stables.
According to DeFi Llama, the platform has a total value locked (TVL) of over $5.8 billion. While this is significantly lower than the all-time high of $6.4 billion, it is higher than the YTD low of less than $3 billion. Just Lend is the largest app in the ecosystem.
How to buy Tron.
The Tron price has been moving sideways recently due to the weak performance of USDD, the recently launched stablecoin. After experiencing strong growth, demand for the coin appears to have slowed in recent weeks. According to CoinGecko, the total market capitalization has remained around $720 million recently.
On a positive side, Tron has managed to maintain the stablecoin’s stick during the most tumultuous periods in the market. It has done this by using over-collateralisation. USDD is trading at $0.992.
Tron price is also moving sideways after Justin Sun said that TronDAO was looking to buy the NFT arm of Tencent. The company, which is one of the largest firms in China, has been forced to exit the NFT business by the strict regulations of the Chinese government. It is unclear how much money TronDAO will pay for the project.
Tron price prediction
The four-hour chart shows that the TRX price has moved sideways in recent days. The coin is moving with the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has moved slightly below the neutral point of 50.
A closer look shows that Tron has formed an ascending channel shown in green. Therefore, there is a likelihood that it will resume the bullish trend as bulls target the upper side of the channel at around $0.073. However, a drop below the lower side of the channel will signal that there are still more sellers in the market.
