After experiencing a strong pullback during the final week of August, the Tron price has regained momentum and is currently trading at a discount of ~5%. This hints at a high possibility of this altcoin achieving a new yearly high during the upcoming time.
With rising volatility in the crypto market, is this the right time to invest in this digital asset? In this article, we have covered the short-term price analysis and sentiment of the 09th largest cryptocurrency by market capitalization.
Make Or Break Situation For TRX Price?
The Tron price has recorded a neutral trend over the past seven days by recording a change of +0.33%. Moreover, with a 24-hour trading volume of $274.91 million, it is currently valued at $0.1599. Notably, it has jumped ~50% this year, highlighting rising adoption for it in the market.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram. With a potential bearish convergence, the Tron token hints at a negative price action this week.
Further, the SMA indicator has experienced a negative crossover in the 1D time frame. This indicates that the altcoin may lose value during the upcoming time.
Is Tron Price Expected To Rise?
If the altcoin successfully retests its support trendline of the triangle pattern, the TRX coin price could retest its resistance level of $0.1635. Furthermore, if the bulls dominate the market, it will prepare to test its upper resistance level of $0.1760 this month.
Conversely, if the bears gain dominance, the Tron crypto could break down its support trendline and drop toward its low of $0.15. Moreover, if the bearish sentiment intensifies, it could further plunge toward its lower support zone of $0.1450.
Wondering if the TRX price will hit $0.20 this year? Read our Tron (TRX) Price Prediction 2024 – 2030 to clear all your existing doubts!
