After the price of Bitcoin reached the all-time high of $99,649, its price experienced a correction that dragged most crypto assets downward.
In the midst of this context and at the time of writing, the price of Tron (TRX) is trading at 0.1906 USD, with daily losses of 4.58%, weekly losses of 7.11% and monthly gains of 15.7%. .
Despite the current correction, TRX price is trading at key levels and has achieved a new three-year high by surpassing the $0.16 line. Meanwhile, the price is approaching its all-time high at $0.30.
Without a doubt, in recent months the price of TRX has experienced a great rebound and has become one of the cryptocurrencies with the highest profits, approaching its ATH. Therefore, analysts make positive forecasts regarding this token.
Different factors pushed TRX to conquer key levels. Especially right now There are more than 55 billion dollars in the stablecoin backed by Tether USDT on the Tron Blockchain, according to DeFiLlama.
Thus, the growth that this Blockchain is having in the sense of becoming a preferred Blockchain for stablecoin ecosystems, drives the price of TRX to key levels.
By the way, on that topic, Shytoshi Kusama, the lead developer of Shiba Inu, praised Justin Sun, the founder of Tron, for a major achievement on the Tron blockchain:
Kusama highlighted how Tron has achieved a good fit between its product (TRX) and the market, especially in the use of stablecoins.
While, on the other hand, he suggested that Shiba Inu also has similar ambitions, although through different paths.
TRX Chart Analysis: Key Levels to Watch
Historically, TRX price is in an ascending channel, while in the short term, it experiences a corrective phase. In the medium term, Tron’s value has managed to surpass the upper limit of an uptrend channel.
TRX Chart Analysis: Key Levels. Source: TradingView.
Another important movement happened on November 23, 2024, TRX surpassed the key level of $0.16, triggering a strong rise to $0.22.
In the short term the price experiences a correction and in that sense it is necessary to establish the key levels to take into account:
Firstly, the support at $0.18, a level close to the 50 EMA and whose loss would take the price to $0.16. The loss of this last level would possibly lead the price to a reversal of the uptrend and take TRX to levels as low as $0.12.
Regarding resistances, the $0.20 levels are worth mentioning, as the price needs to settle above that level before projecting back to rise above the 3-year high or $0.22.
The next resistance is likely around $0.2502, a step before the next key level which is located at $0.30. Traders should expect repeated pullbacks before reaching that level.
Regarding the RSI at 53 points, in this context it could indicate that The worst of the correction has already happened and now the price could be heading towards stabilization. However, traders should keep an eye on the key levels mentioned.
Other important facts to keep in mind for the TRX token
Some data that is important to keep in mind is the following for TRON:
Firstly, TRX’s trading volume fell by as much as 35.73% and decreased to $273 million. While open interest presented a reduction of 4.47% to 138.26 million dollars.
Importantly, this data indicates a decline in activity and interest in TRX. The drop in trading volume by 35.73% suggests that there are fewer TRX transactions compared to previous periods.
Furthermore, the reduction in open interest by 4.47% could reflect a lower number of open contracts or lower long-term investment in TRX. Such data is consistent with the current TRX correction and, therefore, also reflects the momentum experienced by the token.
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