The Tron project has displayed an impeccable price performance this year. Further, with increased adoption and the launch of a unique and exciting project on its blockchain, its native token “TRX” has outperformed major cryptocurrencies over the past few months.
However, with rising uncertainty in the crypto space, this altcoin has experienced a neutral action over the past few weeks. Considering the fundamentals of this project, is Tron still a good investment for the upcoming crypto bull run?
With a 24-hour trading volume of $320.36 million, the Tron token has dropped ~2%. Furthermore, it has plunged 1.38% over the past week. This indicates a weak buying-and-selling pressure for the altcoin in the crypto market.
On the other hand, it has recorded a jump of ~5% during the past 30 days and has rewarded its old investors with a YTD return of over 50%. This highlights a long-term bullish sentiment for it in the crypto space.
The Simple Moving Average (SMA) has experienced a bearish convergence in the 1D time frame. This suggests an increase in the selling pressure for the 9th largest crypto project.
Moreover, the RSI indicator has failed to breach the overbought range in the Tron price chart with its average trendline recording a negative crossover. This has resulted in it experiencing a sharp plunge toward its halfway mark.
If the bears continue gaining momentum, the TRX coin price will plunge toward its support trendline of $0.1525 during the upcoming time. Moreover, if the bearish sentiment intensifies, this could result in it dropping toward its important support zone around the $0.140 mark.
Suppose, a bullish reversal occurs, this could result in the TRON token retesting its resistance level of $0.1760. Maintaining the price above that level could set the stage for it to potentially head toward its upper resistance level of $0.190 this year.
Wondering about the long-term prospects of this altcoin? Read our Tron (TRX) Price Prediction article!
Tron project has a high scalability, which makes it one of the top picks for the long-term perspective.
At the time of writing, the price of 1 TRX coin was $0.1620.
If the market favors the bulls, the Tron coin could potentially achieve a high of $0.330 in 2025.
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