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- Tron (TRX) has been predicted to soar to $0.125 when buyers continue to dominate the market.
- However, the asset could break its $0.1 support level to trade at $0.094 when sellers seize control.
Justin Sun’s Tron (TRX) is currently trading at $0.103031 after surging by 15 percent in the last 30 days. The asset has surged by 39.89 percent in the last three months, adding $0.02938 to its price. Unfortunately, the current market pullback has flipped its market sentiment from bullish to bearish with a score of 35/100. The past seven days have seen a decline of 3 percent with another fall of 0.8 percent in the last 24 hours.
The increasing selling pressure at the current price zone has brought up the discussion of the possibility of the asset reaching $0.125. Before analyzing that possibility, it is important to note that the asset has been moving at a sideways trend and has managed to sustain above the $0.10 psychological level.
The current phase has been termed the “cooldown phase.” Despite the current bearish trend, analysts believe that TRX could stage a prolonged uptrend continuation. This could be largely triggered by the possible spot Bitcoin ETF approval which could bring the whole market back to life.
Another reason for a possible uptrend continuation is the upcoming Bitcoin halving which has a record of sending most altcoins to new all-time highs.
A quick look at the price performance indicates that TRX has had an incredibly profitable year with a year-to-date gain of 90 percent as it sustains the bullish trend continuation. At the $0.10 mark, the asset is showing a consolidation phase according to the analysts.
More on the Tron (TRX) Price
A quick look at various metrics such as the Relative Strength Index (RSI) shows a fall from the bullish zone to the overbought boundaries as it moves to the halfway line. The Exponential Moving Average (EMA) also indicates that the 50-day and 200-day are moving higher in the bullish zone to support any shortcomings according to analysts.
Currently, the asset has shown signs of surviving the market pullback as the price consolidates to retest the broken resistance trendline. On top of that, buyers are very dominant at the $0.10 psychological level as they increase the possibility of a bullish reversal. When bulls continue to seize control, the price could hit $0.125 in no time. However, strong resistance by bears could send the asset below its major support level at $0.1 to trade at the 50-day EMA at $0.0949.
In August, Tron established a strategic partnership with the decentralized finance protocol Curve Finance to introduce a stUSDT pool on Curve. This was confirmed by Tron’s founder Justin Sun.
Our joint efforts will introduce a stUSDT pool on Curve, amplifying user benefits. Together, we aim to empower the community and forge decentralized finance!
Tron has also partnered with ChainGPT, a leading AI infrastructure provider for Web3 to bring resourceful tools to its system as well as broaden its community. Its recent development positions the asset to finish the year with a minimum price of $0.123663. According to analysts, Tron can finish the year with an average price of $0.154578, and a maximum price of $0.185494.
