Post-Christmas, the cryptocurrency market took a hit, and Tron (TRX) was not spared from the downturn. Despite reaching a new peak earlier in the month and claiming the 10th spot by market cap, TRX has since suffered heavy losses, with the price dropping by over 43% from its recent high of $0.43 to the current level of $0.25. However, there are indications that a local bottom may be forming soon.
CryptoQuant’s analysis of TRX’s price heatmap suggests that the green trend, represented by the one-year moving average plus two sigma, could act as a crucial support level during the current market correction. Historically, this trend has been a strong foundation during bull rallies and is expected to provide similar support now, potentially marking a local bottom for TRX’s price.
The current levels for the green, purple, and blue trends are $0.23, $0.40, and $0.49, respectively. These levels are dynamic and may adjust upward with increased interest and demand. If TRX price remains above the green trend, it could signal the start of a new upward trend. However, a drop below the green trend could indicate a weakening bull cycle, with Tron’s price potentially targeting the purple and blue trend levels with increased demand.
Despite the recent setback, experts anticipate a moderately favorable year ahead for TRX. CoinCodex predicts a modest 2.93% price increase to $0.264 by January 24, 2025, with neutral sentiment and a Fear & Greed Index reflecting high optimism at 73 (Greed). TRX has seen 50% green days and 17.17% volatility over the past month, indicating active market participation. Analysts view this as a good buying opportunity, with expectations of a short-term peak of $0.268 on December 30, 2024.
