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Tron Price Heatmap Points to Possible Floor

Tron Price Heatmap Points to Possible Floor

YellowYellow2024/12/27 03:11
By:Yellow

In the aftermath of the Christmas holiday, the cryptocurrency market witnessed a significant downturn, with numerous assets experiencing severe losses, including Tron ( TRX ). Earlier in the month, TRX had reached a new high and reclaimed its position as the tenth-largest cryptocurrency by market cap, renewing optimism within its community.

Nonetheless, the recent market decline has extended TRX's losses, dropping over 43% from its peak of $0.43 to its current price of $0.25. Yet, data suggests that a local bottom may soon form.

CryptoQuant's analysis of TRX’s price heatmap indicates that the one-year moving average plus two sigma, represented by the green trend, may act as a crucial support line amid the ongoing market correction.

Historically, this trend has been a reliable foundation during bullish rallies, and it is expected to provide similar support, potentially establishing a local price bottom for TRX.

The green, purple, and blue trends are currently positioned at $0.23, $0.40, and $0.49, respectively. These levels are likely to increase with rising interest and demand. Attention should be directed towards the purple and blue trends as these could become resistance zones. Maintaining a position above the green trend may indicate the beginning of an upward movement for TRX. Conversely, a slip below this trend might point to a weakening of the bullish cycle. As demand gains strength, TRX's price could aim for the purple and blue trends, with surpassing $0.40 providing strong market confidence.

Earlier this month, TRX's rally was fueled by speculation concerning a potential listing by Grayscale and initiatives by Tron’s founder, Justin Sun. Sun’s efforts, such as the $30 million acquisition of WLFI tokens related to Tron's project, along with his advisory roles, have engaged and energized the community. His connection to the artwork "Comedian" has also sparked interest, influencing tokens like BAN and related endeavors.

Despite recent setbacks to TRX’s rally, experts forecast a moderately positive outlook for the asset in the coming year. CoinCodex, for instance, anticipates a 2.93% price increase to $0.264 by January 24, 2025. Sentiment remains neutral, yet the Fear Greed Index suggests high optimism, currently at 73 (Greed). Over the past month, TRX has displayed 50% green days and 17.17% volatility, reflecting active market engagement.

Analysts regard this as a buying opportunity, expecting a short-term peak at $0.268 on December 30, 2024.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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