Is TRON’s price going to rise or fall in June? This is a question you are likely to ask given TRON’s recent price trajectory
TRON price is around $0.0731, up by about 6% in the past 24 hours and the intraday price range for TRON is $0.0688—$0.0785 at the time of writing.
TRON price is, however, in the red over the week, clipping nearly 5% off its intra-week high and nearly 50% over the past 30 days. But despite this seemingly dismal 30-day performance, TRON (TRX) year-on-year returns are still very impressive at 303%.
TRON Price Overview
TRON’s price performance over the previous five months has been remarkable, to say the least. While TRX has not skyrocketed to the levels achieved by top altcoins like Ethereum, Cardano and Binance Coin, it has still posted some major milestones.
On 1 January, TRON’s price hovered around $0.026. As Bitcoin rocketed towards its all-time high, TRX price increased 240% in just a month and a half to reach $0.064. Prices continued to swell amid very little rejection to surpass $0.1 and reach $0.18 on 17 April, its highest level since January 2018.
TRON crashed 50% between 17 and 25 April to touch lows of $0.090 before rebounding 70% as bulls pushed to highs of $0.168. Widespread selling ensued from 12-23 May, with bears revisiting $0.047 courtesy of a 72% downturn.
The price of TRON has stayed above $0.060 since surging 6% on 31 May for a monthly close at $0.076. While June has seen a slow start for the cryptocurrency, interest, and news could help push prices higher.
Historical price data for TRON from market aggregator CoinMarketCap shows that the cryptocurrency hit an ATH of $0.3004 on 5 January 2018. The current price level is thus nearly 76% down from that peak.
Let’s look at TRON (TRX) price for June with respect to its technical outlook.
TRON Price Forecast for June 2021
There’s a lot of pressure in the market at the moment. However, the sector is largely oversold and a short-term bounce in June is likely. The price target of TRX for June may fall around $0.10 for bulls if bulls prevent a decline below $0.066 this week. If not, TRX/USD could decline to the price levels discussed in our technical outlook below.
Here’s a brief technical look at TRON price, which highlights the areas of resistance and support that might cap an upside or stem a fresh decline.
Bulls have managed two successive green candles on the daily chart, but are facing huge downward pressure as shown by the lower wicks. The next few moves on the time frame should see buyers break above the resistance line of a symmetrical triangle pattern and target the 20-EMA ($0.081) to strengthen a potential upswing.
According to technical analyst @cryptotoad, TRX is showing signs of a positive move that could include a breakout to $0.081. Confirmation and retest of the previous resistance level would highlight new support, giving bulls room to target a fresh upside.
$trx update:
Seeing signs of a breakout on #trx. If this can show some continuation there is a good trade opportunity here with a very distinct target.#tron #crypto pic.twitter.com/AGYmXx5pUs
— Cryptotoad (@Mesawine1) June 2, 2021
Above the 20-EMA lies a key supply zone that is likely to restrict any major upward move bulls might pull before the end of June. The barrier is presented at $0.10 where we have the 50 SMA and the 61.8% Fibonacci level of the downswing 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 noted earlier, TRON declined sharply in mid-May after the confirmation of a head and shoulders pattern on the daily chart. The cryptocurrency’s value dropped 32% in one day and has failed to rebound higher than $0.095 since then.
If we look at the technical picture on the daily time frame, price is tracking the resistance line of the symmetrical triangle pattern. However, bears have come close to breaching the support line, which could open up a path to the recently tested floor at $0.054.
On the 4-hour chart, TRX price has been making a series of lower highs and lower lows. There’s a hint of another attempt to break higher, but bulls are currently showing some weakness near the 20-EMA.
If the market hits a fresh dump, a bearish flip will likely plunge TRX/USD below the aforementioned support base at $0.066. This outlook is likely to strengthen if the MACD weakens further within the negative zone and if RSI fails to break above the equilibrium point.
In the event of further rot in the market, values ranging around $0.059—$0.065 would be possible this week. The month-on-month low could then be somewhere close to the $0.050 line.
TRX/USD price on the 4-hour chart. Source: TradingView
What might drive TRON Price in June?
TRON’s price movement in the short term might be impacted by many factors, with the price likely to go up or down depending on the prevailing factor.
One of the main drivers of cryptocurrency prices is the principle of supply and demand. This factor may work well when looked at in the long term, especially as the space is still maturing. For TRON, the demand may continue to soar thanks to the explosion of decentralised applications and DeFi.
Moves such as the one suggested in the tweet below by Tron founder Justin Sun might just add to the demand for TRX.
📢 News for all #TronNetwork Ecosystem miners!
🎉 #TRON will restart #Justlend and #Justswap mining on June 11! Don't miss it!
⛏️ #TRONICS, don’t worry and get your golden pickaxes ready!
🤗 No need to transfer your previous mining funds to other places, just keep mining!
— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 7, 2021
The cryptocurrency also boasts one of the most active blockchains, with active addresses this past month compared to those registered on Bitcoin and Ethereum.
News related to cryptocurrency regulation and compliance might also play a big role in TRON’s price trajectory for this month.
In May, cryptocurrency prices fell sharply as China moved to restrict crypto-related activities and mining. It is such regulatory and compliance issues that could trigger a fresh sell-off affecting the price of TRX. Alternatively, prices could rise significantly if the news that favour crypto adoption surfaces. This is certainly the case that has seen TRX price surge after El Salvador became the first country to adopt Bitcoin as legal tender.
Please note, the above is a purely opinion-based piece, based on relevant data available. It should not be deemed as direct investment advice.