Tron (TRX) Price Estimate October 2023 – Rise or Fall?

Tron (TRX) has been in a positive mood since August 17, advancing from a low of $0.071 to a high of $0.091.

The current Tron (TRX) price stands at $0.088, and despite the current correction, bulls still control the price movement.

However, the sentiment on the cryptocurrency has changed a little bit in the last two days; Bitcoin fell below the $28000 level, while the latest economic data from the U.S. indicate that we could see one more interest rate hike this year.

But where is the price of TRX going next, and what can we expect from October 2023?

Today, Crypto Lists will discuss 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.

Tron is a blockchain-based entertainment content-sharing platform

Tron is a blockchain-based entertainment content-sharing platform that has gained incredible traction in recent years, with millions of users and upwards of billion transactions. Tron allows users to create content and applications without having to rely on centralized services, and it is important to note that Tron represents a direct challenge to the media industry, including web-based giants like Netflix and Amazon.

Tron also enables creators to sell their work directly to consumers, representing a benefit for both sides. Tron was founded by Justin Sun in 2017, and it is important to mention that Tron has been involved in various acquisitions and partnerships, including the acquisition of BitTorrent, a popular peer-to-peer file-sharing protocol. This acquisition was seen as a strategic move to enhance Tron’s capabilities in content sharing and distribution.

Tron has a 3-layer architecture divided into Storage Layer, Core Layer, and Application Layer, and it adheres to Google Protocol Buffers, which is a language-neutral, platform-neutral, and extensible way of serializing structured data for use in communications protocols, data storage, and more. The cryptocurrency powering the Tron blockchain is called Tronix (TRX), and it can be used to pay content creators to access their applications.

Tron had a major network upgrade in July 2023, and according to a team of Tron, the new Stake 2.0 mechanism offers users greater flexibility in staking and unstaking their resources, with the ability to customize lockup periods for delegated resources according to their individual needs. TRON founder Justin Sun said that this upgrade brings significant improvements to the TRON ecosystem, encouraging greater participation in the network, attracting more developers to the platform, and stimulating the ecosystem’s growth.

Rating: 9.33/10
Supply: 101,712,120,038 / 101,712,120,038
Release date: May 10, 2018

Description: Jump on the Tronix train!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

›› Read Tron review›› Buy or Sell TRX here

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The popularity of Tron is constantly growing

Tron is an ambitious project dedicated to the establishment of a truly decentralized Internet, and it currently supports a wide range of decentralized applications across various industries, including gaming, entertainment, and social media. Tron network currently has more than 170 million users globally, and the popularity of this project is constantly growing.

Positive information is that there has been a significant increase in the number of transactions in the last several weeks for TRX, indicating investors have confidence in TRX’s price prospects. On-chain activity, such as the number of transactions and unique addresses, is an essential metric to consider, and many crypto analysts agree that growing network activity is certainly a positive indicator for TRX and could lead to further growth in the future.

However, the sentiment on the cryptocurrency has changed a little bit in the last two days; Bitcoin fell below the $28000 level, while the latest economic data from the U.S. indicate that we could see one more rate hike this year. Economists are warning that many central banks (especially the Fed) will hold interest rates at restrictive levels for longer, and because of this, they expect a recession that could hit financial markets.

The focus of investors now shifts to the U.S. non-farm payrolls report that will be released this Friday, and a stronger-than-expected report on Friday will be the last thing financial markets want to see. Crypto investors will also have their eyes set on the U.S. Securities and Exchange Commission (SEC), as it has some key decisions to make in the next two weeks that could invariably affect the crypto industry.

Technical analysis for Tron (TRX)

Tron (TRX) has been in a positive mood since August 17, advancing from a low of $0.071 to a high of $0.091. The current price of TRX stands at $0.088, and as long the price of TRX is above $0.085, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.

Important support & resistance levels for Tron (TRX)

On this chart (the period from January 2023), I marked important support and resistance levels that can help traders understand where the price could move. Tron (TRX) has weakened from its recent highs, but if the price jumps above the resistance that stands at $0.095, the next target could be psychological resistance at $0.10. The current support level is $0.085, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.080. If the price drops below $0.080, which represents an important support level, the next target could be $0.070.

What speaks for the rise in the Tron (TRX) price

Growing network activity is certainly a positive indicator for TRX and could lead to further growth in the future, but it is also important to keep in mind that the overall sentiment on the cryptocurrency market can play a crucial role in TRX’s price trajectory. TRX’s ability to maintain above $0.085 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $0.10 would be beneficial for the bulls to remain in control of price movement.

Tron is a promising player in the blockchain space, with a robust ecosystem and a growing community of developers and users, but the regulations on the cryptocurrency market are also very important for the future of TRX. The U.S. Securities and Exchange Commission (SEC) will have some key decisions in October, including decisions for several pending spot Bitcoin ETF applications. October 17 is the second deadline for the SEC to decide on the iShares Bitcoin Fund, VanEck Bitcoin Trust, Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and Wise Origin Bitcoin Trust, and the SEC approval would certainly positively influence the price of TRX and many other cryptocurrencies.

What indicates the downfall of Tron (TRX)

Tron (TRX) has demonstrated a consistently positive trend in the last several weeks, and despite the current correction, it has maintained a positive trajectory. However, investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain. The current support level for TRX stands at $0.085, and if the price falls below this level, the next target could be $0.080. The price of TRX is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $25000 price level, that would certainly have a negative influence on the price of TRX.

What do analysts and experts say?

Tron (TRX) has been in a positive mood since August 17, and there has been a significant increase in the number of transactions in the last several weeks for TRX, which indicates that investors have confidence in TRX’s price prospects. However, the sentiment on the cryptocurrency has changed a little bit in the last two days; Bitcoin fell below the $28000 level, while the latest economic data from the U.S. indicate that we could see one more rate hike this year.

The Bureau of Labor Statistics reported this Tuesday that U.S. job openings, a measure of labor demand, unexpectedly rose in August amid a surge in demand for workers in the professional and business services sector. According to analysts, this situation with strong U.S. job data is an example of when good news looks like bad news, and investors now expect that the Federal Reserve will keep interest rates at restrictive levels for a longer period, which is not good for risk-on assets such as cryptocurrencies.

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.