- Tron price has declined by 10% in the past 10 days and dropped to the 20-day EMA.
- In terms of market capitalization, Tron is among the top 10 cryptocurrency markets.
- TRX crypto price gained 23% last month, reaching this year’s high.
The Tron (TRX) price has remained positive since 2023 and has witnessed directional momentum. It has gained 200% till now and has defended the 200-day exponential moving average (EMA).
In August, the TRX price took support on the 200-day EMA and surged by 40% in one go within 3 weeks.
The bullish trend in the Tron price was disturbed near the $0.170 hurdle and showed weakness. The price has faced resistance from the $0.170 mark and has declined by 10%. This fall can be a pullback if the buyers defend the 20-day EMA.
Is Tron Crypto Expected to Gain Massive Buying Pressure Soon?
VEGETA (@VegetaCrypto1) has tweeted that people have been riding the Tron price for a long time. It has started gaining traction, and the community is growing, which could be a positive sign.
People r sleepin on $TRX.
— VΣGΣƬΛ (@VegetaCrypto1) September 3, 2024
Memes have started gaining traction, community is growing, more ppl will follow.
On @TronLinkWallet, The more $TRX u stake, the more Energy and bandwidth u get, more swaps u can perform!
Soon there will be buy pressure on $TRX due to this optional… pic.twitter.com/6B0rwnaYmY
On Tron Link Wallet, the number of stakes could be directly proportional to the energy and number of swaps. Due to these optional features, strong buying pressure can be anticipated, which may lift the price further.
During this bullish momentum, the TRX price has surpassed the last swing high in a weekly time frame. Massive gain can be seen if it triggers a pullback, and a new all-time high can be recorded.
Is the bullish trend still pending in TRX crypto?
AMCrypto (@AMCryptoAlex) has tweeted that the uptrend in Tron crypto is not over. The Tron price is holding strong despite a broader correction. It indicates the buyers’ strength and haste for the bullish momentum.
$TRX uptrend is still not over.
— AMCrypto (@AMCryptoAlex) September 1, 2024
It’s still holding pretty strong despite the broader market correction.
Here’s what could happen.
▪️ Correction to $0.15
▪️ Some consolidation
▪️ Pump to $0.19 by Q4 pic.twitter.com/EdRcgQ5KGC
Here are some forecasts based on this tweet:
- It may undergo a consolidation phase in the short term.
- TRX price may be corrected till the $0.15 mark.
- It is expected to smash the $0.19 mark by Q4.
TRX Crypto Price Overview
When writing, the TRX crypto was trading at $0.151, which almost remained neutral in an intraday session. The market capitalization was $13.13 Billion, and the 24-hour trading volume was $448.06 Million.
Tron Price in Correction Phase: Is It Preparing for a Bullish Move?
Based on the technical chart, the TRX price has undergone a consolidation phase and has melted to the 20-day EMA. The price is in a bullish trend, and bullish momentum on the 20-day EMA sparks bullish momentum.
Suppose the digital asset price surpasses the last swing high; it might be a buying signal. If the trading volume supports the trend, it may tempt buyers for a new all-time high.
Alternatively, buyers might panic if the TRX crypto price sustains below the 20-day EMA. Investors may prefer to book profit below the 20-day EMA and may drag down the price to the 200-day EMA.
Tron Price Analysis and Forecast
The TRX price is currently in a crucial phase as it hovers around the 20-day EMA after facing a decline. The community sentiment seems optimistic, indicating potential buying pressure and bullish momentum shortly.
Analysts and experts are optimistic about TRX’s potential for a new all-time high. However, they also acknowledge the possibility of a consolidation phase and corrections in the short term. The upcoming movements of the TRX price will be vital in determining the trajectory of this cryptocurrency.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
