TRON is a leading blockchain-based decentralized operating system. Finally, TRON regained the previous support of the pre-FTX crisis while many other altcoins regained the position within a few weeks in December; TRON has taken two months. It is interesting to analyze TRX’s short-term price analysis because TRX’s price is consolidating between $0.56 and $0.63.
At the time of writing, TRX was around $0.06, which is support for the short term, and it will face resistance around $0.063. TRX prices will consolidate within these ranges for the short term, but candlesticks are forming in the upper Bollinger Bands, while MACD and RSI might turn bearish in the next few weeks.
So, it is a decisive moment for TRX’s long-term perspective, and if it breaks the resistance, it will be bullish. On the opposite side, the TRON price can come to the level of $0.05. Read our TRON prediction to know in which direction the prices will move in the coming years.
On the long-term timeframe, the candlesticks in the first week of January suggested a bullish trend. After that, the trend started to slow down with two weekly bearish candles, so we think it will return to the Bollinger Bands baseline around $0.058 and consolidate within the range.
That is why we think immediate support is vital for TRON. If it breaks the support, it can be long-term bearish, following the trend of the last 12 months. It is true that we can find a profit booking at the current level after a short rally.
Technically, candlesticks are forming in the upper BB while other technical indicators are bullish, suggesting a continuation of the trend, but the price action does not support this view.
Before investing, we would suggest you wait for a few weeks to get a proper direction and let the price action suggest the ideal time to invest in TRX. This year, you can observe volatility in crypto prices, so you need to find the right opportunity to gain in the short term.
