Tron crypto is gathering momentum today to escape out of range bounded zone. The last week experienced a breakout of the upper supply zone. However, the bulls could not retain the breakout and the price slumped back into the range again.
The price of TRX crypto has been fluctuating within a range for several days, indicating short-term uncertainty. The range-bound trend will persist as long as the price stays within the range. The range has a support level of $0.100 and a resistance level of $0.110.
At the time of writing, the TRX crypto price hovers near the $0.109 with a gain of 0.109%. The crypto has a total market cap of $9.647 Billion and ranks 11th in the overall crypto market. At press time, the 24-hour volume was 279.97 Million with a 28.50% intraday rise,
Tron Crypto Price Trend Analysis
TRX crypto price has shown a strong performance in the last three months and delivered high profits to its investors. The price trend became positive in mid-June when it crossed $0.05.
Moreover, the price climbed from $0.05 in October to $0.110 in the first week of January 2024. The crypto turned out to be a multibagger for the investors, gaining almost 100% in value.
Lately, the crypto went above the resistance zone of 0.110 but could not stay above it. However, the price is still close to the 20-Day EMA, indicating strength on the chart.
A breakout above the current level will signal the buyers’ desire to push the price higher and it may reach new peaks soon. A breakdown below the 20-Day EMAs may pull the price to the lower support levels.
As per the technical perspective, the TRX crypto is displaying bullishness and rising tendency as it sustains above major trend 20, and 50-Day EMA.
Moreover, the TRX is in a strong uptrend as MACD highlights a bullish cross in its domain hinting more bullishness and the RSI shows no signs of overbought conditions yet, suggesting that the TRX asset has more room to grow, as it is trying to take on 14 SMA as well.
Tron Price Prediction January 2024
As per the most optimistic view of our analysts, the TRX price could reach a high of $0.127 by the end of the month. The bearish view of analysts hopes for a breakdown of the 20 and 50-Day EMAs after which the price may drop to a low of $0.100.
Tron Price Prediction 2024
The price prediction for 2024 shows that Tron crypto may advance to a high of $0.193 by the end of year 2024. The less optimistic analysts estimate a price target of $0.155 by the end of year 2024.
Tron Price Prediction 2025
On the most bullish observation, Tron crypto could gain to a high of $0.262 in the year 2025. On the flip side, the most pessimistic prediction of our analysts is for the price to reach $0.212.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2024/01/19/tron-trapped-in-a-range-will-trx-crypto-break-out-or-break-down/