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Tron Price Prediction: TRX Sustained a $0.11 Level as Social Media Influence Grows

Rida Fatima Crypto Journalist Author expertise
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Tron (TRX) is one of the few altcoins to show a positive return over the past week, up almost 2%. Surprisingly, the coin maintained the $0.11 level even as the broader crypto market was down.

Moreover, after slipping off the $0.12 price level on May 12, buyers have managed to keep the price from dropping below the $0.11 support. Although TRX remains slightly bearish, on-chain data and daily analysis suggest a possible future price uptick.

Tron (TRX) Price Movement

The daily chart shows that Tron (TRX) encountered significant selling pressure in mid-May. As a result, TRX fell from $0.128 to $0.110 on May 28, marking a 14% drop in value.

Sellers tried even to push the price lower, but buyers held firm, leading to a price reversal. On June 11, Tron rose to $0.118 as the buying momentum increased before declining again.

The price of Tron (TRX) has stabilized around $0.116, slightly up by 0.75%. According to CoinMarketCap’s ranking, TRX has a market cap of almost $11 billion and is ranked 13th among cryptocurrencies.

Tron Getting More Buzz: Could This Push Up the Price?

According to On-chain data from Santiment, Tron’s social dominance has surged slightly. Social dominance is a metric that tracks how much people talk about a particular cryptocurrency on social media compared to the top 100 cryptocurrencies.

Tron Price Prediction: TRX Sustained a $0.11 Level as Social Media Influence Grows

Early on June 12, Tron’s social dominance was at 0.15%. This observation means that out of all the discussions about the top 100 cryptocurrencies, 0.15% were about Tron (TRX).

However, recent data show Tron’s social dominance has doubled to 0.30%, indicating a growing interest and engagement from the community and investors.

How This Could Influence TRX Price?

More online discussion about Tron could significantly impact TRX’s price and market position. This increase in discussion can also lead to greater awareness among potential investors within and outside the crypto space.

As more people talk and engage about TRX, it may attract more investors, pushing the price up. The chart below shows TRX’s price moving upward with consistent green candlesticks. 

Tron Price Analysis: Is TRX Ready for Take-off?

Tron (TRX) shows bullish signs on the price chart. However, the journey may not be entirely smooth. Let’s break down the key indicators and what they mean for TRX.

Firstly, TRX is trading on a bullish trendline, which means the price has consistently risen for some time. A break above this line would be a strong signal because it would push TRX above the 50-day SMA. 

This event would likely ignite bullish sentiment in the market, as it indicates strong upward momentum.

Tron Price Prediction: TRX Sustained a $0.11 Level as Social Media Influence Grows

The MACD is another key indicator to watch. The MACD line is above its signal line, and the histogram bars are green. This setup suggests the upward momentum is gaining strength.

Tron Price Prediction: TRX Sustained a $0.11 Level as Social Media Influence Grows

Meanwhile, the Fibonacci (Fib) indicator displays exciting movement in the Tron market.

Currently, Tron (TRX) is at the 38% Fib level. For the bullish momentum to be confirmed, the price must drop towards the 50% Fib level, a potential support zone, before the uptrend resumes.

Is TRX Bullish and a Good Buy?

Based on technical analysis, TRX shows strong bullish signs. However, it is important to watch for confirmation at the 50% Fib level and ensure the RSI supports further gains. 

If these conditions hold, TRX could be considered a good buy. Overall, while the outlook for TRX is positive, investors should remain cautious and look for critical confirmations before making trading decisions.

While you wait for a strong confirmation, investors might look into this Play-2-Earn crypto project, PlayDoge, which has significant growth potential.

New Meme Coin PlayDoge Presale Near $4.6 Million Target – Can it do 10X in Upcoming Months?

The PlayDoge meme coin has recently caught the attention of many investors within the crypto space. Its presale has garnered significant attention, raising over $4 million in less than a month.

Crypto enthusiasts worldwide are monitoring PlayDoge. They believe It could become the next 100x meme coin in 2024. Given the ongoing progress in its presale, PlayDoge could see significant success in the coming months.

PlayDoge has gained popularity due to its ability to combine elements of fun and nostalgia, similar to the ’90s virtual pet frenzy, but with a modern twist. 

Users can earn $PLAY coins by caring for virtual doge pets and playing retro game adventures. These coins earned can be staked to earn annual yields.

PlayDoge taps into the nostalgia of virtual pets while offering a fun, interactive experience. Moreover, the project has built a strong community of supporters and investors who believe in its potential. 

PlayDoge’s Presale Success

Launched two weeks ago, PlayDoge has already raised over $4 million out of its $4.6 million presale target. This means the presale might soon end, and interested investors must act fast to secure their spot.

Currently, $PLAY tokens trade at $0.00507 each, but the price will increase in a few hours. So, potential investors should hurry to the project’s official website and buy PLAY tokens using USDT, ETH, or a credit/debit card. 

PlayDoge’s staking and Play2Earn utility add an air of sustainability around it. As a result, influential crypto pundits like Crypto Mischief think it will be the next big crypto game. 

Its growing community support indicates that PlayDoge could continue to rise. PlayDoge might see substantial gains in the upcoming month if the current trends persist.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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Rida Fatima Crypto Journalist

Rida Fatima Crypto Journalist

Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.

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