Broader market recovery saves TRON (TRX) from further dips

TRON (TRX/USD) has made a slight recovery during the past 24 hours, and this has been attributed to the ongoing market support. During the past 24 hours, the cryptocurrency market has managed to break past a bearish trend set mid this week. Going by the recent market performance, there is a chance that this uptrend could fail. At the time of writing, TRON was trading at $0.063 after an 8.2% gain in just 24 hours.

TRON is recovering from a downtrend

TRON has been on a major decline since the last quarter of 2021. The token is currently holding on to an 82% Year-to-Date (YTD) gain, making it one of the few cryptocurrencies yet to go below the highs created at the beginning of last year.

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TRON’s current uptrend could be triggered by various factors. The market has recovered, and BTC and ETH are trading at around $38K and $2800, respectively. This price movement has attracted short-term traders that want to book profits causing TRON’s rally.

If TRON can maintain this uptrend, it could recover towards $0.068. Increased buying pressure from this point would set TRON on a path towards $0.071. The token was last trading at this price on January 6. If the market support can progress into the coming weeks, TRON’s uptrend o $0.08 and $0.10 will be even more likely.

TRON has been on a downtrend since mid-November, and this price movement could be reaching exhaustion. In this case, the prices could consolidate or create an opportunity for whales to buy during the low prices.

TRON’s bears could not be over

TRON’s bearish trend could be far from over. The token started a persistent downfall after the network’s founder, Justin Sun, announced that he was resigning from the project. Sun was popular for his strong opinions in the crypto space; thus, his departure from Tron shook investor confidence.

If TRON continues to crash, the lower support lies at $0.05, last set on July 21. Failing to recover at this point could push the prices further below towards $0.045 and $0.035. At these levels, TRON’s YTD gains will be erased.