Has the smart contract platform Tron (TRX) fallen behind the rally that Bitcoin started by reaching historic highs? Tron, one of the major altcoins that draws attention with its market value and blockchain activity, has lost about 10% in the last 24 hours. TRX, which has risen above $ 0.19 levels in the past days, is currently trading around $ 0.175.$TRX
Tron, known as the blockchain where Tether (USDT) is most traded, is struggling to keep up with a potential bull run. According to AMBCrypto’s analysis, Tron has performed weaker compared to other major altcoins and has failed to gain momentum in line with Bitcoin’s rise.
Tron (TRX) Price Analysis
TRX had gained significant momentum thanks to Tron founder Justin Sun's statements and development activities in the ecosystem. TRX, which has increased by approximately 66% since the beginning of 2024, fell slightly behind during the period when Bitcoin gained momentum with the US presidential elections.
In the analysis made by AMBCrypto, it is stated that the Bollinger Bands seen in TRX charts give more bullish signals. The increase in investor interest and the growth in trading volume were emphasized as positive indicators for Tron. In addition, the fact that TRX has approached its peak levels in April 2021 in recent months shows that the bull cycle in the cryptocurrency market also carries potential for Tron.
The analysis states that it is important for TRX to maintain the $0.17 level as a strong support. If this level is held, the possibility of the price testing the $0.20 level may become stronger.
If TRX breaks above the $0.20 resistance, this level is expected to become a new support point. Bollinger Bands are indicating increased volatility and strong buying pressure as the price extends towards the upper band. However, a small pullback is possible to consolidate recent gains.
According to the analyst, the $0.16 level will be a critical support point in case the uptrend ends. If TRX breaks below this level, a larger price correction is possible.
According to AMBCrypto’s assessment, the general outlook for TRX is positive. The altcoin, which has been growing steadily since August, still has strong investor interest, which could lead to positive price movements. However, it is thought that one should be cautious about market volatility and that the rise could continue before falling below the $0.16 level.
In summary, while TRX is currently experiencing some correction, if it can hold above the $0.17 level, a new rally towards $0.20 could be seen. However, broader market conditions and Bitcoin’s performance will continue to influence Tron’s short-term movements.