Tron price prediction remains bearish, as it has already breached a double bottom support level of $0.0547 and is now descending towards $0.o46. TRON DAO, the blockchain network’s official Twitter account, published some of the protocol’s performance highlights from November 7 to November 13 on November 16.
At the end of the given period, the total number of accounts connected to the blockchain was 119,949,499, and the total number of transactions facilitated by it was 4.19 billion.
TRON Total Value Locked (TVL) also surpassed $12.3 billion, and its blockchain height surpassed 45.83 million. This remarkable increase in network activity and value occurred during the same week that the FTX crypto exchange platform failed, severely affecting the crypto sector.
According to data from CoinMarketCap, while writing this article TRX the native token of Tron, is trading at $0.04932 with a 24-Hour volume of $346,307,067.89
Recently Tron blockchain overtook 45.83 million, and its Total Value Locked(TVL) achieved a new goal and reached $12.3b.
— Exon Center (@exoncenter) November 22, 2022
TRX/USD price decline was slowed by the news that TRON network activity is still positive despite the FTX crisis. TRX/USD began trading at $0.05156 on November 23. It has fluctuated between a high of $0.052 and a low of $0.048. TRX/USD is currently trading at $0.0511, a nearly 4% surge in 24 hours.
Here’s what’s going on with Tron.
Justin Sun Expresses His Thoughts on the Advancement of NFTs
On November 15, Justin Sun, the creator of Tron, gave an interview in which he discussed his predictions for the future of NFTs. In the interview, he stated that “the current generation of NFTs doesn’t offer much in terms of utility.” Fortunately, a number of new initiatives are testing out novel use cases, whether for Web3, the metaverse, or play-to-earn (P2E) and play-and-earn (P&E) games.
At this critical stage of #Web3 development, #NFTs are and will continue to be the underlying mechanism for multiple initiatives & advancements.
@apenftorg, fractional #NFTs, #aNFTs, and others concepts will certainly help drive #blockchain forward!https://t.co/NWHWWRlrck
— H.E. Justin Sun (@justinsuntron) November 16, 2022
He went on to say that NFTs have been and will continue to be the foundation for many initiatives and achievements during this critical stage of Web3 development. Surprisingly, the Tron NFT space has expanded in recent weeks. The total number of NFT trades and trading volume in USD increased, which was good news for the ecosystem.
Several other on-chain data points, in addition to the NFT market development, suggested that TRX investors would soon be satisfied. This ecosystem expansion may also benefit the price of TRX/USD.
Recent Events Influence Tron Price Prediction
TRON was one of the cryptos with the highest Galaxy score, according to LunarCrush research. It was encouraging for TRX because it suggested that the price would rise in the coming days. TRON also released its weekly statistics on Twitter on November 21, which contained some important data about its ecosystem.
Trending post on LunarCrush:
"TRON Total Number Of Accounts Hit 120 Million: Weekly Report"
— kstam69 (@kstam69) November 19, 2022
For example, the platform has completed its project submission for the third season of the TRON Hackathon 2022 and has successfully concluded its “Hacker House” event at Harvard University. TRX/USD appeared to benefit from these developments.
TRX, on the other hand, has been unable to maintain its position in the cryptocurrency world as its social volume has fallen in recent days. It could be the cause of the TRX/USD price decline.
Tron Price Prediction – Daily Technical Levels
Pivot Point: 0.05081
Tron Price Prediction – TRX to Gain Support at $0.046
TRX/USD has broken through a descending triangle that was supporting Tron at $0.055. The same level is now acting as a barrier. Tron has formed a double bottom pattern at the $0.046 level, and a breakout of this could expose TRX price to the $0.04550 level.
Furthermore, the RSI and MACD are bearish, as is the 50-day moving average, which is currently hovering around $0.060. Consider selling below $0.055 or buying above $0.046 today.
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