Tron Bulls Regain Control as On-Chain Data Indicates Buying Pressure
Tron (TRX) remains in a consolidation phase, trading approximately 66% below its December peak, despite the bullish trend in major cryptocurrencies like Bitcoin. Key points include:
- Tron's performance as a Layer-1 blockchain is strong, leading in stablecoin settlement volume and user activity.
- On-chain data shows TRX has re-entered a buying pressure zone, indicating potential for an upward price movement.
- Analysts are monitoring if buying pressure will lead to a breakout above current resistance levels.
Market Context
While Bitcoin reaches new all-time highs, many altcoins including Tron lag behind. Some analysts question the possibility of an altseason amidst Bitcoin's dominance and macroeconomic uncertainties. However, there remains optimism for a rotation into altcoins.
Technical Analysis
- The daily chart shows TRX consolidating near the $0.28 resistance zone with bullish structure intact.
- Support is established at $0.26, which has held firm during recent tests of the upper boundary.
- A breakout above $0.28 could lead to targets of $0.30 and possibly retest highs around $0.36.
- Losing support at $0.26 may trigger declines towards the $0.2430 region.
