Is TRON (TRX) a good buy in June? How TRON’s users are pushing it forward

TRON (TRX) price struggling at $0.030 resistance

TRON TRX/USD, throughout the past week, had a bearish run. However, that run has been followed up by a bullish uprising as of June 23 and 24. In other words, the cryptocurrency is slowly kicking up the pace from the value it had just a day prior. 

To get a perspective of why this sudden spike in value occurred, we need to take a look at just how much usage TRON has received as of lately.

Breaking records

On June 21, we saw a report from TRONSCAN that indicated daily transactions of TRON exceeded 4.5 million for 7 days consecutively

In fact, as of June 21, the total transactions managed to break through 2.03 billion. This is a clear indication of how much the TRON token is used, and how much value it actually holds.

On June 22, CoolWallet, which is a hardware wallet, added support for TRC20 tokens. This means that users got the opportunity to store TRC20 tokens such as USDT, USDJ, JUST, WBTT as well as WINKLink in order to get TRX staking rewards. 

On June 23, TRONSCAN reported that the TRON total accounts have reached 41,208,537.

This is an indication that the TRON ecosystem, due to its rapid growth, is on a continuous mission to decentralize the web, and its accounts showcase just how much interest there is in the currency. 

Should you buy TRON (TRX)?

June saw a lot of activity for TRON, yet when we look at the graphs, its value was higher throughout April and May. Ever since it has actually dropped below the $0.100 mark. 

However, given the recent spikes in activity, support for TRC20 tokens throughout different wallets, and a huge increase when it comes to TRON accounts, we can see that the coin is starting its bullish run, and can assume that the next goal of the token is $0.080.

On June 24, the Price of TRON was $0.065. Given the fact on June 23, the price was at $0.055, we can see that its value managed to rise 18% within a single day. 

At this rate, it might be a worthwhile investment while its momentum is strong. By the end of June, if the momentum doesn’t stop, we could see it climb over $0.10 as it has done in months prior.

After the $0.050 resistance level has been cleared, we should have more confidence in TRON’s ability to continue moving higher throughout the following weeks.

The post Is TRON (TRX) a good buy in June? How TRON’s users are pushing it forward appeared first on Invezz.

Publication date: 
06/24/2021 - 22:14
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.