TRON is bottoming out: Is it time for a long position in TRX?

TRON is a popular decentralized digital platform that has a relevant global presence. It was created in Asia after that; it became popular all over the world in the last few years. As a result, TRX started a rally from $0.01 to $0.19. However, TRX’s price is down because the crypto market has been in a bear’s grip since 2022.

TRX PRICE CHART

After the fall of the FTX liquidity crisis in November, TRON took support around $0.045, and it started an up move which is facing resistance around $0.065. Although the last few daily candlesticks are forming higher highs taking support near the baseline of the Bollinger Bands.

Technically TRX is bullish; price action also suggests it, but due to global recession, US Fed rate hike, and other global factors, you should not expect a rally like 2020. You have to book profit at the right time to avoid volatility. Click here to know how the token is expected to perform in the future and about entry-exit points.

TRX PRICE ANALYSIS

You can find sideways trading and expect the momentum to continue for the next few months until TRX breaks the resistance. Recently Justin Sun announced that he wants TRON to be a legal tender for five countries. However, the market does not show any speculation-based momentum for this news.

Technically candlesticks are forming in the upper Bollinger Bands with positive MACD and RSI, suggesting an uptrend. However, you should be careful about the volatility of cryptocurrencies for the long term and pick the right trend at the right time.

TRON is a popular cryptocurrency, and it has great potential for the next few years, so it must be in your portfolio. Indeed, as a long-term investor, you can accumulate TRX at the current price because the TRON price is bottoming out, and it will start a rally after a few months. It is time to keep a close eye on the crypto portfolio and prepare your watch list for long-term investment. 

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 61,129.38
ethereum
Ethereum (ETH) $ 3,369.73
tether
Tether (USDT) $ 0.999642
bnb
BNB (BNB) $ 571.40
solana
Solana (SOL) $ 137.39
xrp
XRP (XRP) $ 0.476387
dogecoin
Dogecoin (DOGE) $ 0.123501
cardano
Cardano (ADA) $ 0.393913