This article examines the recent performance of TRON (TRX) at the end of July and the price forecast for August 2023.
TRX Performance in July
TRON price began July around $0.28 and steadily increased throughout the month. By the last week, TRX surpassed the $0.34 mark, becoming one of the top-performing altcoins. The main catalyst for this rise was TRON Inc.'s announcement regarding a $1 billion mixed securities shelf, sparking institutional interest.
TRON Price Chart Analysis
The 4-hour chart for TRX shows a clear bullish trend with higher highs and higher lows. The last two break of structure zones were confirmed in mid and late July. Currently, the price of TRX is around $0.349, remaining above the 30-period EMA. However, the RSI is above 84, indicating possible short-term exhaustion. This does not suggest a trend reversal but could lead to a cooldown.
TRON Price Forecast for August
In August, two realistic scenarios for TRX price are considered.
**Bearish Scenario:** If the rally stalls, TRX could revisit the $0.315–$0.322 area. If that support fails, the next key area will be $0.305–$0.31.
**Bullish Scenario:** If the upward trend continues, TRX price may target the $0.36–$0.375 range. A break above these levels could pave the way for a move towards $0.40.
In conclusion, TRON continues to attract traders' attention due to its recent achievements and DeFi activities. However, technical indicators suggest a potential short-term cooldown before a possible new rally.
