Tron (TRX) has been in a negative mood since October 31, 2024, falling from $0.170 to a low of $0.160.
The current price of TRX stands at $0.161, and the risk of further decline still persists. However, the positive fact for the cryptocurrency market is that Bitcoin has experienced a notable resurgence in its bullish momentum and the price of the flagship cryptocurrency continues to trade above $70,000.
But where is the price of Tron (TRX) going next, and what can we expect from November 2024?
Today, Crypto Lists will discuss Tron (TRX) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
Content-sharing platform
Tron is a blockchain-based platform for sharing entertainment content, and it has seen impressive growth over the past few years, now boasting millions of users and over a billion transactions. By enabling users to create and share content and applications without relying on centralized platforms, Tron is positioning itself as a direct competitor to traditional media giants like Netflix and Amazon.
Tron allows creators to sell their work directly to consumers, creating advantages for both creators and their audiences. Founded by Justin Sun in 2017, Tron has made several notable acquisitions and partnerships, including buying BitTorrent, a well-known peer-to-peer file-sharing service. This move was widely viewed as a strategic step to strengthen Tron’s content-sharing and distribution abilities.
However, negative information is that the US Securities and Exchange Commission (SEC) accused Justin Sun and the Tron Foundation for selling unregistered securities through their TRX token Initial Coin Offering (ICO) in 2017. Additionally, the SEC mentioned that Justin Sun created a TRX promotional campaign using several public figures. Names like Lindsay Lohan, Jake Paul, and Austin Mahone are included in the list of those public figures.
In May 2024, the SEC reinforced allegations from its original lawsuit, asserting that Justin Sun and his companies sold unregistered securities via TRX and BitTorrent (BTT) tokens and engaged in “manipulative wash trading.” The SEC stated that TRX and BTT were marketed, offered, and sold to U.S. consumers and investors. It also highlighted that Sun made frequent trips to the United States during the period when these tokens were being promoted, offered, and sold.
The ongoing case between the U.S. Securities and Exchange Commission (SEC) and Tron (TRX) founder Justin Sun continues to unfold with no final verdict yet. In recent developments, a federal judge denied the SEC’s motion to expedite the case, granting a procedural win to Tron. This decision slows the SEC’s push for an early resolution by preventing it from adding arguments around the Howey Test’s “common enterprise” criteria for securities, which the SEC claimed was relevant. Tron’s legal team contends that their token transactions happened largely outside U.S. jurisdiction, questioning the SEC’s authority over these foreign activities.
A major partnership with Chainlink
Last week, Tron announced a significant new partnership with Chainlink, further expanding the number of ecosystems using Chainlink’s Oracle network. This partnership allows Tron to tap into Chainlink’s reliable data feeds and other services, which can enhance the network’s capabilities for applications requiring real-world data—like decentralized finance (DeFi) and gaming. This collaboration not only strengthens Tron’s infrastructure but also underscores Chainlink’s role as a preferred Oracle provider for blockchain projects looking to bridge on-chain and off-chain data.
Chainlink Data Feeds plays a crucial role in the decentralized finance (DeFi) space by providing decentralized applications (dApps) with accurate, reliable price data. Through this integration, Tron’s major DeFi platforms, such as JustLend and JustStable, gain access to trusted off-chain data, allowing them to execute transactions and settle smart contracts securely. This means that users of these dApps can count on consistent, real-world data, which is essential for safe and efficient operations in DeFi.
Tron’s founder, Justin Sun, expressed optimism about the collaboration, noting that it positions the network to secure over $6.5 billion in total value locked (TVL) within its DeFi ecosystem. The announcement came during the SmartCon 2024 event and this this partnership replaces Tron’s previous oracle solution, WINkLink, with Chainlink’s infrastructure, which is advertised as reliable and trustworthy. Justin Sun added:
“TronDAO has joined Chainlink Scale, adopting Chainlink Data Feeds as Tron’s official oracle. Once upgraded, $6.5B+ in DeFi TVL [total value locked] will be secured by Chainlink, creating opportunities for Chainlink and TRON’s $60B+ in stablecoins and RWA.”
Technical analysis for Tron (TRX)
TRX has weakened from $0.170 to $0.160 since October 31, 2024, and the current price stands at $0.161. TRX might have a hard time holding above the $0.160 level in the upcoming weeks, and a break below this level would indicate that TRX could probably test the price level at $0.150.
Important support & resistance levels for Tron (TRX)
On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. Tron (TRX) is trading currently below its recent highs, but if the price jumps again above the resistance that stands at $0.170, the next target could be the resistance that stands at $0.180. The important support level is $0.150 and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.140.
What speaks for the rise in the Tron (TRX) price
Tron is a promising player in the blockchain space, with a robust ecosystem and a growing community of developers and users. Tron is continuously working on new partnerships and according to the latest news, Tron announced a significant new partnership with Chainlink.
Increasing network activity could be a positive signal for TRX, potentially paving the way for future expansion but it’s crucial to consider that the broader sentiment prevailing in the cryptocurrency market can significantly impact TRX’s price direction. TRX’s ability to maintain above the $0.160 level is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $0.170 would be beneficial for the bulls to take control of price movement.
What indicates the downfall of Tron (TRX)
The downfall of TRX can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends. The highly volatile nature of the cryptocurrencies may scare investors to sell TRX if some negative news happens in the cryptocurrency market and because of this, investing in TRX involves a significant degree of unpredictability and substantial risk.
The case between the U.S. Securities and Exchange Commission (SEC) and Justin Sun, founder of Tron (TRX), is still unfolding, with no resolution in sight. Any unfavorable developments or rulings could impact the perception of TRX in the market and may lead to price volatility. Investors often react to regulatory news, particularly in the crypto industry, where legal clarity is still evolving. Consequently, ongoing negative news or potential rulings against Sun and Tron could shake investor confidence and weigh on TRX’s value.
What do analysts and experts say?
Tron is a promising player in the blockchain space, with a robust ecosystem and a growing community of developers and users, but the cryptocurrency market’s regulatory landscape holds considerable significance for TRX’s future trajectory.
Many crypto analysts have the opinion that certain terrorist organizations may favor the Tron protocol for fund transfers due to its speed and lower transaction costs compared to Bitcoin. This raises concerns for Tron, as associations with illicit activity could impact regulatory scrutiny and public perception. Looking forward, TRX’s price will likely be shaped by market sentiment and any developments in regulation, particularly as authorities increase oversight of crypto transactions.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
