TRX Price Prediction for September 2019: Is There a Chance to Get Out of Bearish Cycle?

Libra Coin News
Sat, 08/31/2019 - 18:00
Denys Serhiichuk
TRX keeps soaring since the beginning of summer 2019. Are there any prerequisites for a possible growth?
Cover image via freepik.com
Contents

Since the beginning of August, TRX continues to demonstrate volatility. For quite a long time, it occupied the 10th position in the world cryptocurrency ranking. However, its market capitalization has plummeted in recent weeks, and the asset has moved to in 14th position in the list.

News Background of TRX

Although TRX’s rate keeps going down against Bitcoin and the US Dollar, the Tron community has been very active in the crypto industry. The next fundamental factors have attracted attention to TRX:

  • Partnership with IDAX exchange. 
  • The second most discussed coin on Twitter.
  • Sun Network Launch

TRX keeps expanding its market and recently IDAX has become another strategic partner of the Tron Foundation. A Mongolian-based cryptocurrency exchange is going to launch TRX trading market and support Tron ecosystem on 30th August.  

The evidence of TRX’s popularity in the crypto community is the fact that it has become the second most discussed coin on Twitter. Moreover, the CEO of Tron Foundation Justin Sun keeps informing the community about the success of the network. He recently told his 1.5 million followers on Twitter about new Tron achievements. In particular, the number of Tron Network smart-contracts has reached 500 million.

One more vital news relates to the launch of Sun Network. The Sun Network protocol as a whole is focused on the efficient execution of smart-contracts, improving network performance and reducing fees. Sun Network includes DAppChain, a sidechain designed to scale the Tron core network. It is noteworthy that against the background of this positive news, the price of TRX did not change.

Expert Opinion on TRX Prediction

Although the Tron Foundation keeps introducing new features for product development, the analysts are still pessimistic regarding the TRX price forecast for September 2019. 

A trader Moon Overlord tweeted that TRX shows all signs of a future 50% price collapse. According to him, the price of TRON will soon break through the last and final support on the weekly chart. Moon Overlord does not know what is holding a coin, because it has almost no support left. However, it is unclear whether TRX eventually falls so significantly or not.

TRX Technical Analysis

Even though TRX’rate has been declining during most days of August, it is showing the biggest price rise out of the top 15 coins over the last 7 days.

Name

Ticker

Market Cap

Price
(USD/
BTC) 

Volume (24h)

Change (1h)

Change (24h)

Change (7d)

30 Day High / Low

TRON

TRX

$1 160 748 224

$0,017407/
0,00000170 BTC

$465 155 158

0,09%

-0,95%

4,22%

$0,023499 USD / $0,016371 USD

TRX Trade Pairs

On the 1D chart, TRX might have tested the $0.016 mark which might serve the local bottom. In terms of TRX price projections for September 2019, the lines of the MACD indicator are moving upward, suggesting the increase to the level of $0.20 and above.

TRX/USD chart by TradingView

Moreover, the Fibonacci retracement also confirms the price rise. In this regard, TRX might reach the $0.22 point (23.6%) by the end of September 2019.

TRX/BTC chart by TradingView

Our earlier TRX/BTC price forecast came true, as the price keeps located within the corridor between 160-200 satoshi. TRX is looking less optimistic against BTC, as the coin has not shown any growth signals since the beginning of June. Furthermore, the trading volume index has been decreasing over the most days of August. Respectively, TRX keeps being bearish in September 2019 with a further drop to the area of 150 satoshi.

The price of TRX is trading at $0017427/0.00000170 BTC at the time of writing.

Summary

Unfortunately, the high activity of Justin Sun and Tron Foundation, in general, could not save the coin from a decline. In this case, TRX’s price might rise in correlation to the US Dollar, however, there are almost no chances to grow against Bitcoin. TRON is another example of a coin when fundamental factors do not influence the rate.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.