After hitting a high earlier this month, Tron (TRX) has dropped 43%, falling from $0.43 to $0.25 as the crypto market faces a downturn. However, analysis suggests TRX may soon hit a local bottom.
Key Support Levels
CryptoQuant identifies $0.23 as a critical support zone. Historically, this level has helped during corrections, with resistance zones at $0.40 and $0.49. Staying above $0.23 could signal a rebound, while dropping below it may weaken the bullish trend.
What’s Driving TRX?
Recent rallies were fueled by speculation about Grayscale listings and initiatives by Tron’s founder, Justin Sun. Despite the pullback, experts predict a slight price increase to $0.264 by January 2025.
With strong market participation and optimism in the community, analysts expect TRX to test $0.268 by December 30, 2024. Key levels to watch:
Support: $0.23
Resistance: $0.40 and $0.49
Traders should keep an eye on these levels for signs of a recovery.