Tron (TRX) Holds Gains On Weekly Chart Amidst Top Coins’ Corrections
February 24 2023 - 8:30AM
NEWSBTC
Many digital currencies recorded bullish price movements in the
last 7 days. However, in the past 24 hours, several tokens,
including top coins, have shown signs of corrections. According to
CoinMarketCap data, Bitcoin and Ethereum have declined in the last
24 hours and in their weekly gains. The broader crypto market cap
is also down in the same period. Despite the daily price decline of
these coins, Tron (TRX) recorded a green start today before losing
some 24 hours gains. But based on CoinMarketCap data, Tron is
currently up by 2.94% in its 7 days gain. In the meantime, Tron
outperforms some of the major tokens, including Bitcoin and
Ethereum, in weekly gains. Related Reading: BTC Down 2% As $1.8
Billion Bitcoin Options Contract Expires Today But will the price
of Tron TRX reclaim its gain earlier today? What are the major
factors holding its weekly price growth, and what’s the possible
look of the token in the coming days? Let’s find out below. Factors
Influencing Tron TRX Price On many occasions, demand, supply,
market sentiment, network development, and macros affect the prices
of digital tokens. For today, February 24, the market sentiment is
in the Greed zone, standing at 53. Furthermore, the Tron
network remains relentless in carrying out developmental
activities, which shows the activeness of the developers and
community. According to information from CoinMarketCap, the 24-hour
trading volume of the token is currently up by 1.50%, indicating
increased activities in the network. Meanwhile, Tron is picking up
what it left off last year as it carries out a new project
development known as the HackaTRON Season 4. This program allows
blockchain developers to compete, creating more decentralized
applications. This project aims to improve the network’s existing
development by providing eco-friendly blockchain initiatives.
According to the report, the submission period for this new project
kicked off on February 1 and will continue till April 15. The
HackaTRON Season 4 project is a combined effort of the TRON network
and Huobi exchange, and this is a way to drive the token’s price.
Additionally, Binance, the world’s largest crypto exchange, tweeted
on February 11, stating its collaboration with Tron to adjust
withdrawal fees. According to the founder of Tron Foundation,
Justin Sun, the idea of the partnership is to make digital currency
transactions affordable for its users. He believes that the
adoption and accessibility of cryptocurrencies will greatly
increase through collaboration. TRON (TRX) Price Prediction In The
Short And Long Term? TRON is in a sideways trend today on the daily
chart and has maintained this trend from February 22 till date. The
bulls rallied on February 15, 2023, to form a golden cross on the
daily chart; however, the asset has lost some of its initial
momentum. TRX enjoyed positive price momentum trading at the $0.07
price level between February 17 and February 20, 2023. However, the
price has retraced to the $0.06 level. Also, the Relative Strength
Index (RSI) is 58.46, which is in the neutral zone. The indicator
is moving sideways, which indicates price neutrality and
uncertainty. TRON’s Moving Average Convergence/Divergence (MACD) is
above its signal line. However, it is descending, which indicates a
possible bearish signal in the coming days. Despite the pullback,
it is trading above its 50-day and 200-day Simple Moving Average
(SMA), a bullish signal in the short and long term. It implies that
the asset may resume its uptrend soon. Also, the 50-day SMA has
continued to rise, reflecting bullish pressure. Related Reading:
Shiba Inu Based BONE Poised For New All-Time High? Here’s Why TRX
support levels are $0.06764, $0.06826, and $0.06881; resistance
levels are $0.06997, $0.07059, and $0.07114. The coin will likely
surpass the $0.06997 resistance level in the next few days.
However, a price pullback might occur and trigger a downtrend. Note
that altcoins are volatile and might struggle to regain their value
after a price pullback. Also, remember that investments carry
certain risks and should be approached with proper research,
technical analysis, and risk management. Featured image from
Pixabay and chart from TradingView.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024