TRON is the leading decentralized blockchain platform, primarily popular in Asia, but now it has a global presence with a wide range of use cases. At the time of writing this post, TRX was trading around $0.057. The last daily candle has broken the upper Bollinger Bands, suggesting a consolidation for the next few weeks between $0.053 and $0.057.
It would be the right time to invest in TRON for the short term. Before the FTX liquidity crisis declaration, TRON had maintained its support around the $0.06 level. Now the same level has turned into resistance, at least for the next few months.
On the technical side, MACD forms green histograms with a bullish signal; RSI is around 654, suggesting a short-term bullish trend. However, it is difficult to predict how long the bullish trend will last. However, we think TRON will touch the previous support of $0.06.
This short bullish trend has arrived after a long bearish pattern, so many crypto enthusiasts call it the Santa rally at the beginning of the new year, and most of them are pessimistic about this rally. Read our TRX price prediction to know how long the rally will sustain.
On the weekly chart, TRX candlesticks have been forming in the lower Bollinger Bands for the last few months, and the price often found resistance around the baseline of Bollinger Bands. The current price is trading around the baseline, so we can expect a downtrend in the next few weeks or a consolidation around the baseline.
The crypto market has global exposure, so the upcoming US data will impact the market, and it will be volatile in the next few weeks. If you have invested at a lower level in TRX, you can consider booking the profit at this level. Though this week, TRX price has formed a bullish engulfing candle, we still do not think it is an ideal time to invest for the long term.
If you are optimistic about this trend, you must invest in TRON. The crypto market will be volatile this year, so you must check your crypto portfolio monthly to book the profit and avoid this volatility.
Also Read: TRON Founder Urges Community to Cut Gas
