Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tron (TRX) has seen significant growth of 6.66% over the past 30 days as the asset looks to sustain a bullish rally. However, in the last 24 hours, TRX has lost gains as its price has declined by 0.78%, trading at $0.2434 on the crypto market.
Bands squeeze signals tension on Tron
According to CoinMarketCap data, TRX technical indicators suggest this setback might be temporary. Notably, Tron’s Bollinger Bands signal bullish possibilities for the coin. TRX’s daily trends on the bands are expected to be in a tight squeeze as of press time, indicating that a breakout is still possible.
Alex Dovbnya
Similarly, the four-hour chart shows the TRX price is on the lower bands. This will likely trigger a rebound as the asset is now temporarily oversold. TRX might post no further decline, so the dip could reverse and start to bounce up again.
Market participants will likely experience an uptick in price if investors begin acquiring the coin in anticipation of a further rally.
One noteworthy development with TRX is that it has maintained its support well above $0.20 even amid the current decline.
This development sparks optimism for holders as Tron shows resilience on the market. If TRX continues to show a strong push, Justin Sun’s prediction that the coin could post an all-time high (ATH) could become a reality.
The Tron founder’s epic prediction on the likelihood of TRX hitting an ATH in this second quarter relies on the asset’s technical setup.
All eyes on Tron’s momentum for confirmation
Godfrey BenjaminTron’s performance this year has been impressive. It ended the first quarter on a strong note despite market volatility. As reported by U.Today, TRX was on the verge of flipping Cardano (ADA) as its price stabilized above $0.2290 while ADA dropped.
With the current setup, the next couple of hours will indicate if TRX will stay on its bullish path.
Vladislav Sopov
Dan Burgin