Tron’s Price Analysis: Can TRX crypto Keep Climbing?
Billionaire Justin Sun has set Tron on a path of growth through X (previously Twitter), sparking renewed interest in TRX crypto. But just how high can TRX go in the current market environment? In this article, we delve into the latest price trends for TRX and explore whether there might be a stronger play to consider amidst the August crypto landscape - pepe Unchained.
TRX Price Analysis: Assessing Tron’s Upward Trajectory
With TRX currently trading at $0.155, marking a 24-hour gain of +1.23%, Tron has reemerged in the spotlight following a surge in market interest. The recent rally has seen TRX climb by an impressive +37.5% after bouncing from a support level of $0.1215.
Breaking above the crucial local support of the 20DMA at $0.1334, Tron’s price movement indicates a strong technical stance that bolsters its growth prospects. As TRX hovers near a potential new all-time high, it remains poised for further appreciation in the near term.
Notably, the upside momentum in TRX is supported by buy-pressure evidenced by the price action breaking through the Bollinger band range. The current technical pattern suggests a bullish pendant formation, signaling a continuation of the upward trajectory.
However, caution is advised as the Relative Strength Index (RSI) shows signs of severe overbought conditions at 72.1. Moreover, with most major altcoins experiencing losses, TRX’s surge may face challenges in the short term.
Is TRX at Its Peak?
While TRX remains on an upward trajectory, the current consolidation levels indicate a potential peak in the short term. As attention shifts to the number of new coins deployed on Sun Pump, the sustainability of TRX’s growth remains uncertain.
Despite the excitement surrounding TRX, its price growth has been capped by its substantial market cap of $13.5 billion. This limitation hampers the coin’s ability to deliver the 10x gains that many traders seek.
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