Tron’s TRX cryptocurrency price is currently at $0.2464, facing volatility but showing potential bullish momentum with a triangle pattern formation. Analysts suggest a possible breakout above $0.25 could push TRX towards $0.29, with further gains possible. However, if bearish trends dominate, it may drop to $0.22 or lower. Justin Sun has also issued a warning regarding scams after a TRON DAO Twitter hack.
In a turbulent crypto landscape, Tron’s price has been caught in a flicker of uncertainty lately. Over the past few days, the TRX cryptocurrency has displayed a notably volatile price action. Despite these fluctuations, it hasn’t managed to regain any tangible momentum, resulting in a rather stagnant performance last month. However, experts suggest that this may be about to change, as signs indicate a potential breakout from a specific trend pattern on the horizon.
Currently, TRX is priced at $0.2464 with a sizeable trading volume of $404.11 million. The circulating supply is noted to be around 94.92 billion, and its market capitalisation sits at approximately $23.308 billion. Since mid-March, the Tron price has formed a triangle pattern that suggests bullish sentiment might be gaining traction among traders, a shift that could bode well for future price movements.
Digging a bit deeper, the Relative Strength Index (RSI) shows it hovering just above the neutral zone in the daily timeframe. Some analysts are keen on watching for a bullish crossover on the Tron price chart, which points towards an optimistic outlook for TRX in the near future. Alongside this, the Simple Moving Average (SMA) reflects similar signals, suggesting a positive crossover and supporting the idea of an upward trend.
Looking ahead, if TRX manages to breach its key resistance of $0.25, things could get interesting. In that scenario, the cryptocurrency may look to challenge its next upper target around $0.29. Should bullish momentum increase, it could even stretch further to hit the resistance level near $0.33 this month. That said, it’s important to recognise the risks, too. If bearish pressure prevails, TRX could break its support line within the triangle pattern, potentially drumming up a decline to the $0.22 range. If that spiral continues, further drops to about $0.21 would be on the cards, which would be quite adverse for TRX holders.
In addition to these price dynamics, some troubling news surfaced as Justin Sun made headlines by warning users about a scam following a hack targeting the TRON DAO’s Twitter account, which serves as a stark reminder of the challenges in the crypto space. Recent happenings underscore both the opportunities and risks inherent in trading TRX as it navigates this volatile terrain.
