TRON (TRX) was trading at $0.062 at the time of writing after a 1.6% gain in 24 hours. TRX has gained less than 1% over the past week, while its monthly gains stand at around 2%. Traders are anxious to see whether a bullish streak will be created as Justin Sun, Tron’s founder joins the Huobi Advisory Board.
TRX price prediction
Over the past 24 hours, the broader cryptocurrency market has dropped by 2.3%, with the market cap now at $954 billion. During the same period, TRX has reported trading volumes of over $668 million, showing a growing interest in the token.
TRX has traded between $0.0617 and $0.0649, showing low volatility in the token. At the current price, TRX seems to be rallying for support, and if the buyer support can be sustained, the token could gain again and possibly break the barrier at $0.065.
TRX has a market cap of $5.8 billion, ranking it the 15th largest cryptocurrency. TRX has plunged by around 35% year-to-date (YTD), replicating the bearish sentiment reported across the overall cryptocurrency market for most of 2022.
TRX is leaning towards a bullish momentum, as seen in the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). The RSI indicator is currently at 51, indicating that the bulls are eyeing control. However, the slight gains made during the past 24 hours show that a bearish streak is still at play.
On the other hand, the MACD line is slightly above the signal line, hinting toward a bullish momentum. However, the bulls do not appear strong enough, and if there is a slight drop in prices, the bullish thesis will be invalidated.
If bears take over, TRX will likely drop toward the immediate support level at $0.059. This will push TRX toward its weekly lows. The broader cryptocurrency market is bearish, and if there is selling pressure, TRX could drop toward $0.055.
On the other hand, if the bulls become stronger, a rally to $0.075 and possibly $0.1 could be created. Such a rally is likely because of the latest developments happening with the founder of TRON, Justin Sun, who has joined the Huobi advisory board. The development makes TRX one of the cryptos under $1 to watch out for.
Could Justin Sun’s Huobi deal trigger TRX gains?
Sun is among the five advisers on the Huobi Global advisory board. Sun hinted that he was interested in acquiring the Huobi Global exchange and even bringing back the exchange’s operations into Mainland China.
Sun’s remarks came days after About Capital, a firm based in Hong Kong, announced plans to buy the Huobi Global exchange. The purchase came after the founder of Huobi, Leon Li, said that he planned to sell his majority stake for more than $1 billion, with the exchange valued at $3 billion.
It is rumored that Sun was the core investor in the About Capital M&A fund. However, Sun has not confirmed that he is the one who bought the exchange. The CEO of FTX, Sam Bankman-Fried, has also denied being behind the acquisition of the exchange. TRX could make notable gains if this acquisition goes through, with traders anticipating a rally to $1.
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