Tron Price Correction May Extend 12% this Week, But There’s a Twist

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During the ongoing market consolidation, the price of TRON coin was unable to stay above the $0.123 mark. The increased supply pushing against this resistance formed a new high point, indicating a potential shift from “buy on dips” to “sell on rallies” mentality among traders. Consequently, the TRX price experienced a 1.8% decrease and approached its nearby support at $0.11. The question remains if this support will remain strong during the pre-halving market consolidation.

Is TRX Price Correction heading to $0.1?

Tron Price Correction May Extend 12% this Week, But There’s a Twist

Starting around late February, the price of TRON’s coin began correcting and dropped significantly from $0.143. As a result, over the following seven weeks, the coin’s value decreased by approximately 22%, now trading at $0.112.

If the price continues to drop, it could reach the $0.11 mark and potentially break through it, leading to a more pronounced sell-off and a possible fall of around 12% for TRX, taking it down to the anticipated support line at $0.01.

For over 17 months, this upward trendline has been a reliable source of support for buyers during market corrections. When the coin dipped, it bounced back several times off this dynamic support, demonstrating the broader market’s tendency to buy at lower prices. As a result, there is likely to be increased demand for TRX at this level, providing buyers with an excellent opportunity to launch a counteroffensive.

Until this support trendline is intact, the Tron coin price continues on its upward trajectory.

According to crypto analytics firm IntoTheBlock, an impressive feat for the TRON network has been reached – surpassing 100 million unique addresses holding a balance. This figure underscores substantial user adoption and network expansion for TRON, implying a growing ecosystem for the cryptocurrency. As mentioned by IntoTheBlock, this progress might indicate heightened trust and application of TRON’s blockchain technology.

Reaching over 100 million registered addresses holding a balance on the TRON network is an impressive accomplishment for @trondao.

— IntoTheBlock (@intotheblock) April 13, 2024

Technical Indicator:

    Exponential Moving Average: The 200-day EMA slope wavering around the $0.11 mark creates a high-demand zone for buyers.
    Moving Average Convergence Divergence: a bearish crossover between the MACD and the signal slope below the Midline reflects an active correction trend in TRX.

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2024-04-13 21:37