- Summary:
- Tron price is on a contrarian trajectory to the broader market as investors speculate what could be in store following Justin Sun's post.
Tron price bumped up on Tuesday as investors reacted to a cryptic post by Justin Sun. The coin traded at $0.224 at the time of writing, up by 2.1% on the daily chart. Meanwhile, the broader crypto market was down, with the market leader, Bitcoin at -1%. Traders are speculating what could be in store following TRX following Sun’s message on X, and that will likely define the path taken by the coin in the near-term.
Tron is one of the altcoins touted as potential heirs to Ethereum’s throne, and it remains to be seen whether it will live up to the hype. Meanwhile, speculation abounds that Sun’s announcement could have repercussions for ETH. The Tron blockchain outperformed Ethereum in the last week, generating $12.9 million in transaction fees versus $6.7 million. The value of Tron’s futures transactions were up by 1.8% in the last 24 hours, signaling rising investor confidence in TRX price future performance.
Despite its gain, the momentum on Tron price is still weak, with its 24-hour volume down by 2% as of this writing. That shows that most investors are unwilling to continue buying the coin at a higher price. In addition, that is affirmed by its Average Directional Index (ADX) indicator reading at 22, which signals a weak trend.
Notably, Tron price has been trading in a tight range between $0.210 and $0.227 and the price as of this writing is within that bracket. Therefore, a break outside that range could signal the onset of a stronger trend with a potential spike in volatility.
Tron Price Prediction
Tron price pivots at $0.221 and the upside will prevail if action stays above that level. With the buyers in control, TRX will likely meet the first resistance at $0.226. Breaking above that level will signal the strengthening of the upward momentum, with the next barrier likely to be at $0.230.
On the other hand, the momentum will shift to the downside if the price breaks below $0.221. That will likely see movement to the first support at $0.218. The upside narrative will be invalid if TRX price extends action below that level. Also, such momentum could send the coin lower to test $0.214.
