Tron Price (TRX) Rose by 9%; Will Bulls Take it To New Highs?

Tron price analysis is bullish for February 2024 and suggests a rise in the long term. It is making a bullish pattern on the daily chart and keeps on reaching the swing highs.

TRX price did well in January and ended the month with good gains, boosting investor confidence and new participants may have taken new longs.

In January, Tron crypto had follow-up momentum and rose 4.10% approximately last week. It shows the bulls are increasing their power and are actively present at the higher levels.

The move in TRX is backed by huge buying volume, which is a sign that big players are also interested. If they joined the rally, then minor dips are likely to get snapped up. The chart pattern of Tron shows the bull run has started and this coin may turn out to be a good performer in the long term.

The 50-Day and 200-Day are sloping upwards, reflecting an uptrend. Any short-term pullback toward the support will be an opportunity to buy it at a lower price.

Does Tron Price Look Slightly Overbought?

Tron price is in a strong uptrend but it looks slightly overbought. Because of this, it is facing resistance at the upper levels. Currently, TRX is trading at $0.11715233 and is down 0.19% intraday.

This correction is necessary for a decent price recovery. The long-term investors are safe as long as the price trades above key EMAs.

However, if the correction happens, it will be seen as a buying opportunity for those who had missed the rally. The analysis suggests that TRX cryptocurrency is in the bulls’ control. So, it is better to play bullish bets.

TRX’s price did well in the last few weeks and generated good returns for its investors. If the momentum goes on, Tron may soar to $1.00.

Currently, the price is going up and is likely to test the higher level. So, it will be interesting to see how the will price reach the new upper levels. Hopefully, the buyers are there and they will easily stop the sell-off if it occurs.

Summary

Tron price prediction is bullish for February 2024 and it might soar to new highs. However, the journey will not be smooth, and short-term profit-taking may occur. Technical analysis suggests that TRX is in an uptrend, so, it’s better to look for buy-on-dips opportunities and stick with the positive trend.

Technical levels

Resistance Level: $0.12500000.

Support Levels: $0.10895507 and $0.10420881.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.