The TRX price is still hovering in the same region described in last week’s Tron price prediction. The price has failed to break out of the downtrend once again and is now on its way to retesting the bottom of the bear flag. A daily closure below the bear flag might shatter all the bulls’ hopes, as the new lows would be only a matter of time in that case.
Tron has been one of the worst-performing smart contract platforms of last year’s bull run. As a result, TRX failed to break above its 2018 all-time high in contrast to most other major L1s. Blockchain analysts attribute this underperformance to the low network activity compared to other smart contract platforms.
At the time of writing, Tron price is trading at $0.0677. The price has gained 2% within the last 24 hrs as the markets cool down after two weeks of bullish price action. As per DeFi Llama, the TVL on the platform is increasing quite surprisingly. The platform TVL has now reached $5.78 billion.
According to Tron news today, the project’s founder, Justin Sun, would share his crypto journey on 11th August at Binance Live. Justin would have a lot to share about his transition from a leading role at Tron to working as the WTO ambassador.
Tron Price Prediction
Performing a technical analysis on TRX USD chart indicates the price has yet to break out of the bear flag. This breakout must be upward, or the price might soon head for new lows. The only possible bullish scenario comes into play if the price breaks out of the downwards trendline. The price will likely retest the $0.09 resistance in such a scenario.
Considering the bearish scenario, Tron price prediction of $0.05 is still on the table in case of a bear flag breakdown. Therefore, tight stops below $0.0629 are advisable. You can trade TRX and other cryptocurrencies by signing up on the top crypto exchanges like Binance, Kucoin and BYBIT.