TRX is a popular cryptocurrency that runs on the Tron blockchain, where it functions as the network’s native currency. It was originally developed as an ERC-20 token during the surge in popularity of cryptocurrencies in 2017, and after the development was completed in mid-2018, it switched to its own blockchain.
What is TRX and is it still a relevant crypto asset
The long-term goal of the Tron network is to revolutionize the entertainment industry, mainly through games, torrents and other community-oriented activities, where it provides the opportunity to make micro-transactions.
At the same time, consumers will be able to directly contact artists and developers and enjoy their content in exchange for a small fee, often just a few cents – small enough not to cause tension among consumers, but also enough so that artists and developers can earn decently, provided that they have a certain audience.
The project also functions as a development platform focused on smart contracts, dApps, DeFi, NFT and other popular areas. Thus, it is one of the competitors of Ethereum, despite the fact that it originated on this blockchain. However, Tron is much faster and more convenient than Ethereum, not to mention lower fees. It is used in crypto exchanges as low cost (or even free) transport for major exchanges.
Tron was developed by Justin Sun, who is now the current CEO and face of the project. After the creation of the project, Sun did not hesitate to emphasize the potential of Tron, as well as the opportunities that blockchain and its coin can bring to the entertainment industry.
However, the price of TRX has hardly increased since the collapse in 2018, during the so-called “crypto winter”. That is why its recent surge has had a strong impact on the Tron forecast for 2021.
TRX price history and analysis, price prediction
TRX appeared in mid-September 2017, and during the first few months of its existence, its price did not show any noticeable movements. Basically, the exchange rate fluctuated between $ 0.001 and $ 0.002, until it began to grow in mid-December of the same year.
But as soon as it started to grow, it soared to a level that could not be repeated: from $0.002 to $0.3 in just three weeks. It reached its historical maximum on January 5, 2018. Shortly after that, a correction began, which turned into a major collapse when the “crypto winter” came on the market, and the TRX rate fell to $ 0.02.
Then it tried to rise again, although it did not go beyond $0.05 until mid-April. At that time, the entire market began to recover, and many believed that the crypto winter was over, which, of course, was not true.
However, TRX managed to climb to a decent height of $0.091 before the bears returned and started pushing the market back down.
Since then, the coin has mostly fluctuated in the range between $0.01 and $0.03, not going as deep as after the launch, but also not approaching $0.05, let alone rising above this level, until February 2021.
However, in the last four months, the price of TRX has started to rise steadily. At the beginning of the year, the price was $ 0.02, and by February 19 it had risen to $ 0.061. After that, there was a slight correction, but then the price returned to a slow but steady growth, eventually rose to $ 0.061, and then continued to grow and on April 5 reached a three-year high at $ 0.147.
Such a strong and rapid takeoff is usually followed by a correction, and as a result, TRX fell to $ 0.10. But, having found support at $ 0.1, the coin began to grow again. At April 12, it is at $0.13 after rising by 10% in 24 hours.
What’s going on with TRX lately
The latest “bullish” trend of Tron surprised most analysts, despite the fact that there were quite a lot of new developments in the project that supported the price of the coin.
For example, the TRON Foundation stated that the project recently became the world’s first deflationary cryptocurrency after it reduced the volume of its circulating supply. This happened in the period from March 30 to April 5 – just at the time when we observed a rapid increase in the exchange rate of the coin.
Another potential explanation for the recent price rise may be that Bitcoin’s dominance in the cryptocurrency market is getting weaker, and for altcoins such as TRX, the forecast has finally become more favorable.
What will determine the value of TRX in the future and what are the TRX price prediction
Many factors can contribute to the growth of the coin price. It already has a competent and fast blockchain – much faster than Ethereum. In terms of reduced supply, there is no reason for the price of TRX not to grow, especially since Tron has many excellent use cases.
In addition, the project has a big goal – revolutionary changes in the entertainment industry. This goal is specific enough for everyone to understand what they can expect, but not so specific as to be limiting. In principle, the project has many opportunities to achieve its goals in various ways, and there is a huge potential in this approach.
Thus, although no one can say for sure what the future holds for the price of the Tron cryptocurrency, there are quite a lot of reasons for optimism.
TRX is available on virtually any crypto exchange.
Tron (TRX) – price prediction for 2021 and beyond: what will happen next
Now let’s take a look at some price forecasts offered by well-known online sources.
Crypto experts believes that the coin will grow in the long run. The firm is optimistic about the prospects of TRX/USD for the future, expecting that in the next five years the value of the cryptocurrency will soar to $ 0.1447.
TradingBeasts gives a more bullish forecast, expecting the average price of TRX to reach $0.1468 by August 2021. According to the agency, Tron will reach an average price level of $0.15 by the end of 2021 and $0.16 by the end of 2022.
Then the coin will continue to grow until it rises to an average price of $0.2 by December 2024. However, this growth looks too stable and controlled, and the cryptocurrency market does not behave like this for such long periods of time.
Although TRX has indeed shown such growth for several months this year, it is unlikely that it will continue for as long as five years.
And finally, we have Wallet Investor, which gives, perhaps, the most realistic forecast of the Tron exchange rate. According to his estimates, the coin will rise to $0.176 over the next year, and to $0.361 over the next five years.
Can Tron be considered a good investment in 2021?
TRX has significantly increased in price in 2021, although it looks like it was late to the “party”. But whether it is a good investment or not, each investor decides for himself, using technical and fundamental analysis.
Will the price of Tron rise in 2021?
TRX has already made tremendous progress this year, and it is quite possible that it will continue to grow thanks to the latest changes in the Tron network and the cryptocurrency itself, especially the sudden decline in supply.
Will Tron reach the $1 level in the future?
For the entire time of its existence, TRX has not even come close to the $ 1 mark, but over time it can rise high enough for this goal to become real.
However, this will take either years or some powerful innovations on the part of the project. Alternatively, the only chance for the coin to soar in value is rapid mass adoption.