TRX Price Forecast: Tron Price Resurges But Expect Action Below $0.3

Summary:
• TRX price has resurged after declining sharply in recent days. The sentiment surrounding the coin favour the upside, with a barrier at $0.3

Tron (TRX) price snapped its three-day losing streak on Tuesday as it rose sharply by 5.3% to trade at $0.277 at the time of writing. The crypto coin rose by 96% in a single day a week ago, rising to a record high price of $0.499. However, rejection at the $0.500 mark triggered a sharp decline that has seen TRX price trade at 35% below its ATH.

Despite its recent troubles, 98% of TRX holders are still in profit. That has resulted in strong traction that could help sustain the upside. The cryptocurrency market has hit bumps in the last five days as investors continue booking their profits. As a result, the market capitalization has dropped by nearly $300 billion during that period.

The Tron ecosystem experienced a strong sentiment-driven upturn last week as it posted impressive returns in the DeFi space. However, its total value locked declined sharply by 14.9% in the last seven days, indicating reduced utility for TRX coins.

Also, the number of whale transactions has dropped substantially during that period. According to IntoTheBlock, the number of transactions valued at $100k or more declined from 2,422 to 522 in the last seven days. That signals waning investor confidence in TRX price upside potential, which could add downward pressure to the coin.

Nonetheless, Tron’s strong show in the DeFi space, coupled with Founder Justin Sun’s $30 million investment in a Trump-backed World Liberty Financial, has built a strong sentiment that could help TRX price return to its recent highs.

Tron price forecast

Tron price pivots at $0.270. The RSI indicator signals bullish control. However, a break below that level will favour the sellers to take control.

The price will likely move to the first resistance at $0.280. However, extended upward momentum could break above that level and test $0.290.

The first support is likely to be at $0.261. However, a stronger bearish momentum could break below that level and invalidate the upside narrative. Also, that could extend the TRX price decline to test $0.253.