Today, we will be taking into account the past price trends and market opinions of TRX in order to help you formulate a Tron price prediction for November 2019.
Tron is a blockchain project that was developed by Justin Sun, a former employee of Ripple and a serial tech entrepreneur. The native coin of the platform, TRX, was designed as a payment method for online content creators and publishers.
The goal of the platform is to create a global entertainment network that is powered by blockchain. TRON is based on a decentralized environment that has an open-source code where all users are allowed to store, publish, and distribute content.
According to Justin Sun, Google Play and the App Store only cater to the content needs of a limited number of users.
In June 2018, TRON launched its own mainnet, the day being now known as TRON’s Independence Day. The mainnet release moved TRON from the Ethereum blockchain on its own blockchain, which granted independence to the TRX token. The TRX token was previously built on Ethereum’s ERC-20 protocol, but now TRX functions on its own architecture.
The launch of the TRON mainnet also enabled the development of dApps on the TRON blockchain, outing the TRON project in direct competition with Ethereum, as it featured higher transaction speeds and scalability. Although TRON still has a long way before it reaches Ethereum’s popularity.
Currently, TRON has a trading price of $0.017176, ranking in 11th place with a market capitalization of $1,145,301,631, and a circulating supply of 66,682,072,191 TRX. Tron has decreased with 9.48%, and the 24-hour price volumes show that $1,137,753,710 worth of TRON was trading.
Tron Price Prediction: Analysis
Towards the last days of October, TRX saw a surge in price, which brought the coin to new monthly highs. On October 30th, TRX was trading at $0.022002, but the next day it slowly started descending to $0.020099.
This downward trend continued until November, as Tron opened the month at $0.019902 and was traded at around that level for the remainder of the day.
On November 2nd, Tron continued to follow the downtrend of Bitcoin, Ripple XRP, and others, with the price continuing to go down. Tron TRX was trading at $0.019673 but managed to briefly touch the $0.20 resistance level.
Up until November 7th, Tron continued trading between the $0.0193 and $0.0199 support levels, and occasionally touching $0.020.
On November 8th, the coin went below the $0.019 mark for the first time that week, closing at $0.018794.
The following three days, the coin traded between $0.0187 and $0.0197, struggling to get back to its former support levels.
On November 12th, the coin opened the day at $0.019091 and maintained a steady value throughout the day. November 13th saw some improvements, as TRX reached $0.020237, and closed the day at $0.020113.
November 14th saw a promising start, with $0.20, but it slipped to $0.019 towards the end
The current resistance, pivot, and support levels have been calculated at:
- Resistance Level (R3): 0.02012
- Resistance Level (R2): 0.0195
- Resistance Level (R1): 0.0185
- Pivot Point: 0.0178
- Support Level (S1): 0.0168
- Support Level (S2): 0.0162
- Support Level (S3): 0.0151
The Medium blog of Tron is very active, posting almost daily news regarding project updates, sponsored competitions, partnerships, and many others.
On GitHub, the project has 42 repositories, but only two developers, however, they seem to be very active, as updates were performed just a few hours ago.
The CEO of the project, Justin Sun, also has strong ties with market leaders, as well as previous partnerships with BitForex, FX market company – Shiftmarkets, and Chinese exchange OTCBTC. It is certain that the founder’s influence in the crypto market will garner him more prominent partnerships in the future.
On October 28, the president, Xi Jinping, has revealed the acceleration of blockchain adoption, which boosted the price of Tron with 25% in the last 24 hours of that day, taking TRX from $0.016195 to $0.019132.
There have also been rumors that the Dai stable coin will be implemented on Tron and Binance chains via the Loom network layer 2 scaling solution.
Tron Price Prediction: Market Opinion for November 2019
There have been a few crypto websites that have made their own TRON price prediction for November 2019. To have a broader view of the market, we decided to incorporate some of these forecasts:
The Cryptorating website predicted that in one week (26 November), the coin will be trading at around $0.021761, with an increase of 27.26%.
Cryptoground also made a forecast for 26 November, foreseeing that the coin will be trading at $0.0165, with a loss of -5.70%.
Digitalcoinprice forecasted that Tron will have a trading price of $0.03076739, with an increase of 75.6 %. This is one of the more optimistic predictions.
Bitverzo issued price predictions for Tron for the remaining days of November, along with the average, low, and high values of each respective day.
- Wednesday, November 20, 2019: average $0.014926, low $-0.020469, high $0.050714;
- Thursday, November 21, 2019: average $0.016136, low $-0.017571, high $0.049593;
- Friday, November 22, 2019: average $0.016547, low $-0.018248, high $0.052267;
- Saturday, November 23, 2019: average $0.015817, low $-0.021129, high $0.052502;
- Sunday, November 24, 2019: average $0.015477, low $-0.020329, high $0.051640;
- Monday, November 25, 2019: average $0.014522, low $-0.019646, high $0.048376;
- Tuesday, November 26, 2019: average $0.014042, low $-0.022223, high $0.047405;
- Wednesday, November 27, 2019: average $0.014727, low $-0.022271, high $0.050933;
- Thursday, November 28, 2019: average $0.015938, low $-0.018132, high $0.050105;
- Friday, November 29, 2019: average $0.016349, low $-0.019754, high $0.049723;
- Saturday, November 30, 2019: average $0.015619, low $-0.018490, high $0.051191.
Gov.capital predicted that Tron will be trading in November at $0.02021, with a maximum value of $0.0204, and a minimum value of $0.0200.
Tron Price Prediction: Verdict
This has been out Tron price prediction for November 2019. We hope that the information that we provided will be of help in your TRX trading.
Featured image: beincrypto.com
Tron News Today – Top Headline for Tron TRX December 14th, 2019
- Massive TRX order via BitMex exchange
- Scammers impersonating Justin Sun following USDT growth
- Binance U.S assessing TRON’S TRX
Tron recently received a large order via the BitMex exchange platform. The order volume was 8,314,848 trades, which has been traded on the 4-hour candle. This is a new height for the coin after hitting its largest order on November 22nd, though the order came as a result of a sell-side. Before this, the biggest buy order of that volume occurred on 15th August, this is most likely a once in a while situation for the coin.
TRON (TRX) Price Today – TRX / USD
Tron Price Analysis – since Thursday, the price of the coin has been trying to pull out from the Lows and the 0.01420 is currently the new resistance level in the way of a higher move. Away from this price, the next resistance is likely to be 0.01492 on the way up.
Tether (USDT) has reached an outstanding firmness in the digital sphere with a Tether (USDT). A Tether (USDT) is a cryptocurrency processing on blockchain mechanism distributed on TRON (TRX) network, has accomplished remarkable constancy in the digital space with an enormous 916 million stable coins inflow. According to several predictions that TRON based USDT may get substantial recognition taking over a quarter of all distributed
USDT, although created to provide steadiness and precision during the transaction, its influence in the digital space has advanced as there are several other factors in Bitcoin (BTC) price discovery. The overall volume of USDT has been at an incessant value of 4,108,044,456 coins, but its configuration on other blockchain networks differs.
Scammers Impersonating Justin Sun following USDT Growth
The recent growth in USDT has opened doors for new scams. An announcement was made by TRON Europe on December 12th, 2019 warning the general public to be conscious of fake USDT since impersonators of Justin Sun, CEO of Tether foundations has been promoting such fake USDT and selling them to inexperienced buyers and in some cases going as far as seeking for a partnership deal.
Binance U.S Assessing TRON’S TRX
Binance U.S would be testing TRX for listing, though it is not yet guaranteed it will be on asset add-on. TRON, its prospect of getting centralized has summoned several criticisms, despite that the network is relatively legendary for gambling distributed apps. The asset runs on TRON network resources to develop rewards that can be sold on the open market.
TRON’s founder account on Weibo blocked, TRX/USD feels the pain
- The “Chinese Twitter” blocked the account of Justin Sun.
- TRX/USD has been on retreat following the news.
Chinese social media network Weibo, which is often called “Twitter for China,” blocked the account of TRON’s founder Justin Sun.
Dovey Wan, a founding partner of Primitive Ventures, wrote on Twitter:
BREAKING and FINALLY … @justinsuntron ‘s Weibo (Chinese Twitter) account is now officially SHUT DOWN. totally not surprised given how loud he has been on Weibo even after the Buffet Lunch/kidney stone drama…
Notably, Sun is known for his controversial marketing tactics that are often criticized both in China and around the globe.
Sun stayed calm and encouraged TRX holders todo the same. He assured TRON users that he would resolve the issue with Weibo via a “direct communication channel.”
TRON is super safu! Just follow me on @justinsuntron. We have a direct channel to Weibo and will get this resolved asap.
TRON feels the pain
Meanwhile, TRON (TRX) has been losing ground following the news. The 14th largest coin with the current market value of $915 million, has lost over 2.6% on a day-to-day basis to trade at $0.0137 at the time of writing. TRX/USD is also down 6% on a weekly basis and over 31% on a month-to-month basis.
Looking technically, TTRX/USD is moving within the downside channel. The initial support is created by $0.0133. This barrier is reinforced by the lower line of the daily Bollinger Band and the lowest level of
On the upside, the initial resistance awaits us on approach to $0.0148. This area limited the recovery at the beginning of December; also, it is reinforced by the middle line of the daily Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on the confluence of SMA100 (Simple Moving Average) daily and the upper line of the Bollinger Band (currently at $0.0163).
Considering the downward-looking RSI (Relative Strength Index), the bearish scenario looks more likely in the short run.
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DigiByte Founder Slates TRON As A ‘Chinese Government Scam’
- According to Jared Tate, the popular TRON cryptocurrency is actually just a government scam.
- He adds that the token’s listing on Binance.US threatens to undermine faith in American regulatory bodies.
- Tate was very clear in his opinion of both TRON and the Binance platform.
According to the DigiByte (DGB) founder Jared Tate, the popular TRON Chinese cryptocurrency is actually just a government scam. On top of this, he adds that the token’s listing on Binance.US threatens to undermine faith in American regulatory bodies. Tate reacted this way to recent news that Binance.US would be giving TRON a listing as well as 17 other altcoins.
Tate was very clear in his opinion of both TRON and the Binance platform. The founder has claimed that these projects are equally making fools of the American public.
Taking to Twitter this week, Tate said:
“If American regulators allow @BinanceAmerica to continue operating let alone list the biggest scam in crypto history fronted by the Chinese government to dupe unknowing American citizens there will be an unprecedentedloss of faith in our law makers.”
It’s safe to say that both Tate and TRON have a bit of a messy situation now.
As per CCN, Tate’s move to call TRON a Chinese government scam could come from Justin Sun’s willingness to “humble himself” before the Chinese leadership in the past.
Part of the Binance.US announcement reads:
“Our priority to continue exploring more digital asset listings for our users runs in parallel to our efforts to deliver a mobile application and more access to new states we currently do not operate. Binance.US recognizes that the ease of issuing blockchain tokens and the perceived lack of regulation could make these tokens targets for abuse. Binance.US has both legal obligations and moral duties to shield our users from fraudulent blockchain projects and combat financial crimes.”