Tron price prediction suggests that TRX crypto might outperform in the upcoming bull run. It is in a strong uptrend and investors are waiting for dips to buy this coin. TRX price is forming a highly bullish pattern and buyers are continuing their dominance.
At the beginning of November, Tron crypto hit a YTD high at $0.11313 and tested the November 2021 levels. However, short-term investors have taken this opportunity to book the profits. So, the price witnessed a minor sell-off from the YTD high and retraced back to the 50-day EMA.
Luckily, TRX buyers are active near the EMA and they immediately came forward to give a bounce.
At the same time, a sudden surge in the buying volume confirms that the bounce back is supported by big players. Later, the price recovered and attempted to take the previous swing high out. However, the bears were active and gave a sharp rejection.
However, the TRX price did not decline much and took support near the 50-day EMA again. Currently, the Tron price is trading at $0.10346 on a flat basis and the 24-hour volume to market cap is 2.47%.
Will Tron Price Consolidate in December?
Tron price prediction says it might hit a new swing in 2024 but December might be the month for consolidation.
Moreover, TRX price rallied a lot in the last 11 months and looks mildly overbought. So, the probability of consolidation in the current month remains high.
On a daily chart, the visible consolidation range is in between $0.09442 to $0.11303. So, the next directional move in Tron will be visible when buyers or sellers break either side of the range.
The analysis suggests that till TRX holds the lower range support, the buyers should build longs and stay with the trend.
TRX Price Analysis: Should Investors Buy the Dips?
TRX price showed a steep rise and formed a bullish pattern on a daily and weekly chart. It shows the confidence of investors in the potential of the Tron project.
TRX is one of the most popular and highly liquid crypto. It is working on an ambitious project dedicated to building the infrastructure for the decentralized internet.
Therefore, the future of this crypto looks bright. So, any dips in its price will be a good buying opportunity for the investors.
Conclusion
Tron price prediction stays bullish for 2024 and the uptrend is likely to continue. However, in December, the TRX price might spend time in the consolidation range mentioned above.
Technical Levels
- Resistance levels: $0.11303 and $0.12000
- Support levels: $0.09442 and $0.08492
