- The 24-hour trading volume has surged by 540% to $14.41 Billion.
- The market value of Tron Crypto has claimed the 10th position in the cryptocurrency market.
Tron’s (TRX) price has witnessed a significant bullish move and has recovered from many years of loss. Since November, the TRX price has continuously increased, setting the stage for a bullish rally.
At the beginning of December, the price took support on the 20-day EMA. Furthermore, it displayed a giant momentum of 100% on December 03.
Amid this bull run, the Tron price has reached a crucial $0.4500 level. However, it has failed to continue and lost 13.44% in the past few hours.
Justin Sun’s recent remarks may be the cause of this sharp rise. Tron’s founder had compared TRX with XRP on December 02. Let’s analyze its further momentum.
Is a Bullish Rally Still Possible for the TRX price?
The TRX price was trading at $0.388 at press time, which has advanced by 65% over the past 24 hours. The market capitalization was $33.41 billion, with a gain of 65.49% in the past 24 hours.
TRX coin price has formed a morning star candlestick on the 20-day EMA. It has shown a massive bull run. Amid this bull run, the Tron price has exceeded the 2018 high.
After this massive surge, momentum halted near $0.4500, and a short-term profit booking was noticed. According to the chart analysis, the price will remain bullish until it defends the $0.3500 level.
Buyers might ride the trend once the token’s price surpasses the $0.4500 mark. After seeing this spike, the Tron price is expected to display a slow and steady gain. It could gain 30% to 40% during this move.
On the other hand, if the TRX coin price loses the $0.3500 level, a selling opportunity could be generated. Here, big players might prefer to book profit, which could result in a strong bearish momentum.
TRON Aiming to Follow XRP’s Footsteps
Tron and Ripple are strong coins that rank in the top 10 in the cryptocurrency market in terms of market value. Both of these coins have witnessed outstanding performance since November. As we can see, the market sentiment is bullish, and all the crypto coins have been bullish.
Justin Sun, a Chinese-born crypto enthusiast, compared TRX with XRP on December 02. Sun implied that TRX has the potential to grow similarly to XRP when he called it the “next XRP.”
As we know, the XRP is stealing the show daily in terms of its performance. The TRX price has climbed by 100% on December 03. This tweet has influenced bulls, which has resulted in a massive bullish rally in the Tron crypto.
Tron Crypto Price Analysis and Forecast
The Tron price has experienced a remarkable surge. It has doubled within a day and showed potential for further bullish momentum. With significant trading volume and market capitalization, it has positioned TRX in the top ten cryptocurrencies.
The recent price action indicated that the token has faced some resistance near the $0.4500 level. At the same time, the overall trend remains positive as long as it holds above the $0.3500 support.
If TRX can break through the $0.4500 mark, it may pave the way for additional gains from 30% to 40%. However, dropping below the critical support level could trigger profit-taking and bearish pressure. Thus, traders should monitor these key levels to gauge future price movements.
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.
