The first month of 2023 is underway, and most assets on the cryptocurrency market are already demonstrating fresh optimism for the new year, including TRON (TRX), the price of which has recorded gains on charts across multiple timeframes.
In connection with this, the native cryptocurrency of the TRON blockchain is set to grow its price by the end of January, according to the predictions made by the machine learning algorithm at the crypto tracking platform PricePredictions retrieved by Finbold on January 13.
The algorithm, which relies on technical analysis (TA) indicators such as the relative strength index (RSI), Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), and others, estimates that TRX will be trading at $0.060301 on January 31, 2023.
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If these projections prove correct, this would mean that the 16th-largest digital asset by market capitalization will be changing hands at a price 4.69% higher compared to TRON coin’s current price, which at press time stood at $0.0576.
Bullish sentiment across platforms
It should also be noted that the machine algorithm is slightly more bullish in terms of TRON for the same period than the crypto community’s estimates, which presently set the price of TRX at an average of $0.05961, based on the votes of 1,142 CoinMarketCap members.
At the same time, the analysis of 1-day sentiment gauges over at finance tracking platform TradingView indicates a bullish sentiment as well, pointing at ‘buy’ at 13, the result of oscillators in the ‘neutral’ zone at 8 (‘buy’ at 2 and ‘sell’ at 1), and MAs suggesting a ‘strong buy’ at 11.
TRON price analysis
Meanwhile, TRON was at the time of publication trading at the price of $0.0576, demonstrating an increase of 2.74% over the previous 24 hours and a 14.35% advance across the past week, adding up to the cumulative growth of 4.7% on its monthly charts, as per data retrieved on January 13.
In the meantime, the positive price action is likely the result of the combined effects of a recent crypto pump and developments such as Binance completing the integration of the Binance USD (BUSD) stablecoin on the TRON network. As always, the bullish continuation will depend on the positive news around its ecosystem, as well as the optimism on the crypto and financial markets.
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