- TRX price exhibited corrections that may send the altcoin beneath $0.05357.
- A break past the 50-period Exponential Moving Average at $0.05500 would cancel that bias.
The Tron platform has witnessed immense development activity and partnerships lately. For example, binance-tied USD – BUSD – was the recent incorporation on the TRX blockchain, allowing users to withdraw and deposit the stablecoin via the platform.
Also, the blockchain’s native coin, TRX, recorded attractive gains, surging more than 25% following the cryptocurrency market crash. The altcoin soared from the $0.04528 November low to mid-December highs at $0.05763.
TRX changed hands near $0.05398 during this publication. However, the price exhibited a pullback mode and was susceptible to declines beneath $0.05357. That would see it settling at around a new foothold below this mark.
Will $0.05367 Short-Term Support Hold?
Tron’s price action and rallies following the market slump created a climbing channel on the 24hr chart. Ascending channel setups are usually bearish patterns. Nonetheless, TX broke beneath the channel, though the $0.05357 near-term support prevented escalated dips.
However, the coming weeks or days can see TRX sliding to $0.05326 or hitting $0.05293 if buying momentum weakens. The RSI gradually dipped beneath the mid-rage following gentle dips from the maximum range. That indicated a slight buying pressure ease following immense challenges from the selling side.
Also, the OBV steadily dropped since the mid-December session, limiting the much-needed trading volume that might heighten buying pressure. Thus, TRX may crash to $0.05326 or even $0.05293, offering short-selling opportunities.
Nonetheless, breaking beyond the $0.05500 50-period Exponential Moving Average would cancel the above tale. Therefore, first and foremost, TRX bulls should push past the near-term hurdle near the 26-period Exponential Moving Average of $0.05435.
That would bolster bulls to target the $0.05579 bearish block. Meanwhile, participants should monitor upswings if the Money Flow Index convincingly soars beyond the 50-midpoint. That would confirm an enormous accumulation continuation for TRX.
TRON’s Increased NFT Trade Volumes and Development Activity
Tron recorded a stable development activity surge after December 25. That heightened investor confidence briefly before weighted sentiment dipped further into the negative area. Moreover, TRON experienced a surge in NFT trading volumes.
The metric climbed from $350K after December 25 to around $1 million on December 29. TRX’s NFT trading volume stood at $420,000 during this writing. However, the mentioned growth indexes did not alter sentiment during this writing. Though they might positively affect prices with time, market players should monitor Bitcoin’s price performance to measure Tron’s possible price direction.
Bitcoin exhibited downward tendencies on the final day of the year. However, while publishing these updates, the world’s leading cryptocurrency by value traded near $16,553, battling the bearishness that emerged after FTX’s crash. So let us wait for what 2023 will bring for market participants.