What comes to mind when you think of the word "Tron?" For some, it's a cheesy 80's movie. For others, it’s a promising blockchain platform. In today's article, we'll take a look at the latter - read on to learn about Tron and its cryptocurrency, Tronix, how TRX performed in 2020, and expert forecasts for 2021 and beyond.
Deep-Dive With Us: What Is Tron?
Tron is a decentralized platform that uses P2P and blockchain technology; its purpose is to share entertainment and other forms of content. Think of it this way: Tron is essentially a next-gen social media platform, in which you can create and share content with absolutely anyone - no matter where in the world they live. And you can get paid for creating and sharing content and data.
Tron is a next-gen social media platform for creating and sharing content. With Tron’s cryptocurrency ecosystem, content creators are paid with Tron’s basic blockchain unit of accounts: Tronix - which is often shortened to the ticker symbol TRX.
This is revolutionary: many social media platforms gather and monetize data from users, and the account holders never gain any benefits. Take Facebook, for example. This social media giant collects data on almost everything you do on the web, but you certainly aren’t going to receive compensation for it. Tron has a different vision: for each social media user to be in control of their data and to be compensated for what they share.
How Is Tron Used?
The most significant advantage of Tron is that you can empower content creators and artists worldwide. This platform is at the forefront of a digital revolution that is often referred to as Web 3.0. Essentially, platforms such as Tron will help the Internet fulfill its original purpose: to be an open, decentralized network. Is Tron the way of the future for content sharing? We think so. Tron is at the forefront of a digital revolution to make the Internet an open, decentralized network.
Throughout the “dotcom bubble,” the Internet significantly veered away from its decentralization. Social media giants rewired infrastructure so that tech giants could rake in profits from user data - but with Web 3.0, the power will be placed back in the hands of Internet users.
Now, that’s all fine, but how does Tron stand up from a developer’s standpoint? This platform is attractive to developers, as it is built to allow high-level language in smart contracts. Essentially, future developers can apply any programming language they want to Tron’s open-software design.
Tron’s Potential: The Good, the Bad, and the Ugly
Tron certainly has noble intentions. Putting power back in the hands of internet users and compensating them for their content and data? This seems like it would be widely embraced nowadays. And, in some ways, it has been smooth sailing for Tron - mainly through their success in forming partnerships with big players:
- Zag S&W: This is a leading global law firm with expertise in corporate and commercial law. Zag S&W is a member of the Legal 500, which has a huge network with some of the world’s largest companies.
- oBike: This is Southeast Asia’s largest bike-sharing company, which launched a token of its own (oCoin) on Tron’s network. Users can get paid in oCoins by riding oBikes, and then the coins, in turn, can be used to buy oBike rides.
- Bitmain: They are the leading designer and producer of ASIC chips utilized for Bitcoin mining.
And this barely scratches the surface. Some other high-profile partnerships that Tron has made include Samsung, Global Social Chain, Baofeng Group, the BitTorrent token, and Baidu.
The platform has fostered high-profile partnerships like Zag S&W, oBike, and Samsung.
Now, unfortunately, we must address the downsides of the Tron network - namely, its founder, Justin Sun, has a communication style that often angers investors. For instance, Sun may release an announcement… about an upcoming announcement. This can be frustrating for many people, and this has led to Sun developing a reputation as being too young and naive to run a blockchain of this magnitude.
What Factors Influence TRX’s Price?
Many factors can influence the price of TRX. In order to understand the upcoming TRX price predictions, it’s important to have a solid grasp on what kind of events can impact its value. This way, you will have an easier time monitoring crypto trends, understanding predictions, and even making ones of your own, and, hopefully, turning a profit.
Supply and Demand
This is the #1 factor that can influence the price of any digital coin. TRX’s price is driven up if its demand is higher than its supply - and when the opposite is true, then the price will fall. Many crypto evaluation platforms are highly optimistic in their Tron coin value predictions, largely because Tron’s high-profile partnerships may drive spikes in demand.
On the Rise: dApps
The demand for decentralized apps has increased enormously, and Tron has found itself as a big player in the dApp industry - second only to EOS. Investors don’t see this trend assuaging soon - likely, it will continue to grow. As more people choose to directly share content with viewers, and without the interference of Apple, Google, or other third parties, Tron will emerge as the obvious platform of choice.
Compliance With Global Regulations
We are beginning to see an international shift towards cryptocurrency regulation. Cryptos no longer exist out in the “Wild West” of the financial world - nowadays, they are becoming more compliant with government regulations.
As international regulations become tighter, cryptocurrencies with more stringent practices will be better off. After all, if a cryptocurrency fails to meet regulations, it could be criminalized. Take Ripple, for instance, which is currently being sued by a regulatory agency. After the announcement, the price of XRP dropped by almost 50% over the course of one week.
Tron is in a great position to withstand regulatory crackdowns, as it is approved by the ACCA and is supervised by the Company Law of Singapore.
How the Price of TRX Has Performed Over Time
Let’s take a moment to explore how the price of Tron (TRX) has evolved since it was launched in 2017. As the chart shows, Tron’s standout periods were towards the end of 2017 and the beginning of 2018. TRX hit the crypto exchanges in October of 2017 with a price of about $0.002. Just a couple of months later, TRX experienced its first large leap; from December 4th - 18th of 2017, the price jumped from $0.003434 to $0.043127. Then there was another leap a short while later! In the first week of 2018, Tron met its all-time high, but then it quickly dropped during the next couple of months.
However, TRX was not the only cryptocurrency to experience such a huge jump during that point in time, so it would be wrong to assume that it was simply due to the newness of the platform. During that same timeframe, Bitcoin hit its own ATH, and Ripple grew by 36,000%. Almost every cryptocurrency skyrocketed in price, with most of them hitting their all-time high and then subsiding afterwards.
So, how did TRX fare after this initial boom?
The coin managed to remain stable throughout the next two years - that is, until the “COVID Crash” that took place in March of 2020. However, once more, TRX was not the only cryptocurrency to experience a large price fluctuation.
How Did Tron Do in 2020?
Taking a closer look at the COVID crash: in early March, TRX fell from $0.017251 to $0.010578. Interestingly enough, Tron was already experiencing a bearish run from the very beginning of 2020 and felt the market effects of COVID before other cryptocurrencies did. Some analysts speculate that this is because the Tron Foundation is based in Korea, and its geographic location means it felt an economical impact before other continents.
However, we have good news! TRX managed to recover from the crash - at the time of writing, its price is $0.029834. TRX managed to recover from the crash and rise from $0.010578 to $0.029834.
Realistic Short-Term Prediction: How Will Tron (TRX) Do in 2021?
According to expert forecasts, the price of Tron is going to increase slowly throughout 2021. The experts at TradingBeasts anticipate that TRX will start the year with an average price of $0.035 and close out at $0.038. Wallet Investor released a Tron price prediction of its own, which is quite bullish - they noted that TRX could reach as high as $0.0756 by the end of 2021.
In comparison to Wallet Investor’s forecast, TradingBeast’s prediction might not seem too promising. However, even with less gains next year, TRX is actually in a good position for longer-term growth. While TRX likely won’t see rapid hikes that carry it to $10 in 2021, it should instead show continuous, healthy growth as Tron’s technology continues to be adopted by content creators and data sharers.
2022 Forecast
Most analysts agree that Tron will only be moving up from this point on - that it will continue its growth from 2021 into 2022. Digitalcoin predicts that Tron will start 2022 at an average price of $0.074 and hit a high of $0.089 in November. TradingBeasts’ forecast, on the other hand, is more reserved. As seen in the chart below, they predict that TRX will enter 2022 at $0.048 and finish at $0.054.
Long-Term Predictions for Tron (TRX): 2023-2025
Let’s take a look at the best-case and worst-case scenarios for TRX. So, the question is: is a best-case scenario or a worst-case scenario more likely? We believe TRX will fall on the better end of the spectrum.
By 2023, we predict that Tron will have added far more organizations to its high-profile network of partners, thus increasing market interest in the platform. Due to increased exposure, we foresee that Tron will be especially popular among publishing and music startups. So, as the acceptance and adoption rate of Tron and TRX continues to increase, its predicted price will rise in direct correlation. Most Tron coin price predictions place TRX between $0.55 and $0.75 by 2025.
What's in Store for Tron in 2030 and Beyond?
The absolute potential of blockchain technology has not yet been reached - or even fully realized. However, Tron is one of the only projects that has placed a large focus on the promise it can offer years from now. It is one of the most forward-thinking blockchain projects, which is why many experts believe that it will experience booming growth in a few years. For now, perhaps it is simply ahead of its time.
As blockchain tech continues to grow more popular and Tron’s potential is better realized within the content creator realm, price predictions for TRX will likely grow larger and actually be reached. Until we see how the project goes, though, it is not safe to conclusively say whether TRX will be a good investment beyond 2030.
Technical Analysis of TRX Price
Now that you are equipped with vital information about Tron, let’s do a deep-dive into TRX’s price. Of course, this only addresses one day of TRX, but you can see approximately how the coin behaves during an average day in December 2020. After we present our sample technical analysis, we’ll show you how to make an analysis of your own!
At the time of writing, 12/29/2020, TRX ended the day at approximately $0.029471 - an increase of 2.08%, following Sunday’s rally of 4.93%. When tracking the broader market, TRX fell through the FIB level of 23.6% to an intraday, early morning low of $0.02825 before moving upwards. TRX steered clear of the first $0.02617 major support level and rallied at $0.030597 for an intraday, early afternoon high. TRX, however, once again broke through the 23.6% FIB level before experiencing a late pullback to $0.0291.
Taking a look at the technical indicators:
- 1st Major Resistance Level: $0.03062
- 1st Major Support Level: $0.02831
- 23.6% FIB: $0.0291
- 38.2% FIB: $0.0428
- 62% FIB: $0.0648
All right, so we understand that this technical analysis contains a lot of information, and it might seem overwhelming at first. However, learning to create and read technical analyses of your own doesn’t have to be difficult - it just takes some practice.
First, you need to use a reputable platform with plenty of analysis tools - for example, you can create a Libertex account. Even the demo version contains all real markets, and you can apply whichever indicators you wish.
After choosing a platform, you’ll need to acquaint yourself with a few key concepts:
- Trends. There are three kinds of trends - an uptrend, a downtrend, and a sideways trend. With an uptrend, TRX is rising, thus forming greater highs and higher lows. In a downtrend, TRX is falling, creating lower highs and lower lows. And with a sideways trend, the asset is moving horizontally. You may also come across the terms “bullish” - which refers to an uptrend, and bearish - which refers to a downtrend.
- Resistance vs. Support. Movements don’t happen in a smooth line - they experience upward and downward bounces. As a price goes up, it experiences resistance - and as it moves down, it experiences support. Thus, “Resistance” is a level in which an uptrend might pause or rebound (and it implies that there is a concentration of sellers). Conversely, “Support” is a level where the downtrend might pause or rebound - and it implies that there is a concentration of buyers.
- Analysis Tools. Now we’re getting into the meat of the matter! There are a plethora of analysis tools at your disposal; some of the most popular ones include OHLC charts, Bollinger Bands, MACD, and Simple Moving Average. For a better look at each of these tools, the Libertex blog has excellent tutorials on how to read the results - like this MACD tutorial, for instance.
The Experts Weigh In on Tron’s Long-Term Forecast
What exactly have the experts been saying on how Tron will perform long-term? We’ve compiled opinions from some of the industry’s best crypto analysts for your perusal.
- Jason Appleton from the Crypto Crow believes that TRX’s price will show minimal gains until the platform is more accepted and presents new and exciting motivators for buying tokens. Appleton, who is a crypto miner, trader, investor, entrepreneur, and educator actually purchased 35,000 TRX when it was first launched in 2017.
- Wallet Investor predicts that TRX will hit $0.0600 in one year and $0.175 five years from now.
- CoinArbitrageBot predicts that TRX will be worth $0.05555 in exactly one year and $0.032520 in three years.
- CoinSwitch gives a prediction of a $0.54 TRX price in 2023, $0.763 in 2025, and perhaps even $1 in 2030.
So, the question is: to hodl or not to hodl?
On the one hand, if you play the long game, you can potentially rake in huge profits from sharp increases in TRX’s price. However, holding crypto may end badly - as, with a sharp decline in price, exchanges will close trader’s positions.
One way to get potential profit in a shorter period of time is to trade TRX as CFD. Want to try this out in a totally risk-free way? Check out the demo accounts at Libertex!
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FAQ
What Will Tron Be Worth in 2021?
According to various experts, Tron could be worth anywhere between $0.03 and $0.07 by the end of 2021. Its price increase largely depends on the further adoption of blockchain technology among startups.
Is Tron Worth Investing in 2020?
Yes, Tron is certainly worth investing in! Although it is experiencing slow growth right now, TRX has not yet realized its full potential.
Does Tron Have a Future?
Even though experts may disagree on the rate at which TRX’s price will increase, they are all in agreement about one thing: it will, indeed, go up. So, yes, Tron does have a long-term future.
How Much Will Tron Be Worth in 5 Years?
There have been predictions ranging from $0.1 all the way to $1 for XRP’s 2025 price.
Will Tron’s Price Go Up?
Pretty much all signs point to yes - Tron will continue to increase. Gains will be slow in the short-term but should increase heftily in a couple of years.
Can Tron TRX Reach $10?
Yes, this is indeed possible, but would likely happen after 2030.
Will Tron Ever Hit $1?
Various experts predict that Tron will hit $1 at some point between 2025 and 2030.
