Tron (TRX) is trading between $0.16 and $0.17 as per Coinpedia Markets, nearing the resistance at $0.17. This level is crucial for TRX, as a successful breakout could lead to a rise toward the next resistance at $0.18, offering about a 6% potential increase. However, if the price fails to break through $0.17, we might see TRX test lower support levels around $0.16 or even $0.15.
Technical Indicators Suggest an Upward Move
Looking at technical indicators, TRX shows signs of being oversold. With an RSI of 24.44 and a stochastic value of 4.69, these metrics suggest that TRX might soon see upward momentum. The Tron Price has faced a slight dip of 1.42% this week, but in the broader picture, it has gained over 5% in the past month and 31% in the last six months, indicating positive long-term growth.
Read Tron’s TRX price prediction 2024–2025
Bearish Short-Term Outlook?
The short-term trend for Tron Crypto is slightly bearish. The 10-day Simple Moving Average (SMA) is positioned below the 100-day SMA, signaling a potential short-term pullback. Despite this, the overall trend shows growth, with the Tron Coin making significant progress over the past few months.
Partnership with Chainlink: A Game Changer
One of the key developments for Tron Crypto is its new partnership with Chainlink. This collaboration will integrate the Tron Network into the Chainlink data feed, making it the official oracle for the foundation. This move is expected to bring enhanced security and reliability to the Tron ecosystem, which could positively affect the price of TRX in the long run.
Analyst Predictions: Could TRX Hit $0.20?
Popular crypto analyst Crypto Jack believes TRX is on the verge of breaking out from an ascending triangle pattern. If this breakout happens, he projects the Tron Price could rise to $0.195. Additionally, the 14-day RSI is nearing the overbought zone, suggesting that a rise to $0.20 is possible in the coming weeks as market activity increases.
Final Thoughts: Is TRX a Good Investment?
Despite the short-term uncertainty, the long-term outlook for Tron Coin remains optimistic. With strong growth in recent months and promising developments like the Chainlink partnership, Tron Price Prediction points to potential gains ahead, especially if resistance levels are broken. Keep an eye on TRX for possible upward momentum in the near future.