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- 1 Tron price prediction suggests that TRX might become one of the outperforming crypto in 2024.
- 2 TRX price sustained above the upward-sloping 50-day EMA.
- 3 The short-term correction in TRX crypto is getting bought up.
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
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
