Can Tron (TRX) Be A Good Asset To Invest In July 2024?Can Tron (TRX) Be A Good Asset To Invest In July 2024?
Tron crypto took rebound from the 200 day Exponential moving average and surged higher.
Tron crypto has reached an important supply the breakout of which could unlock another 15 to 20% surge in the crypto.
The RSI line and SMA line shows a divergence indicating a trend continuation.
Tron crypto has been gaining traction in the recent sessions despite the weakness in the broader markets. While Bitcoin or Ethereum are at the risk of falling near the annual lows. On the other side, TRON crypto has bounced back from the 50 day EMA and was awaiting a breakout soon.
However, the crypto is yet to surpass the recent hurdle of $0.126 above which a breakout would be confirmed. At the time of writing, the TRX price was hovering close to $0.0019 USD marking an intraday rise of 1.54%. It has a live market capitalization of $10.89 Billion and ranks 12th in the overall market.
Heightened Social Metrics Reflects An Surge In Demand
The Tron price has made an impressive rally this week adding nearly 6% gains to the portfolio of their investors. Along with the surge in the price, there has been a significant development in the social metrics i.e. Social dominance and social volume.
As per the data obtained by a financial website app.santiment.net the social dominance as well as social volume have surged to a three month high. The rise in the social metrics indicates the increasing participation of the users towards the crypto.
An increased number of users generally results in a heightened demand which ultimately leads to a bullish imbalance in the price. The intraday volume inflow has surged by 17.3% to $263.2 Million a day.
Can Tron Crypto Register A Breakout Or Suffer Rejection?
Tron crypto has been maintaining a bullish bias and has inched closer to a supply zone which has been traced earlier. The crypto has been in an accumulation phase since April 2024 hovering in the range with $0.126 and $0.109 as the resistance and support respectively.
Now, if the price manages to surpass the recent hurdle of $0.126, a bullish expansion phase will initiate which may lead the price towards the annual highs and beyond. However, if the bears establish their presence and the price looms down, it could continue to hover in the range maintaining an accumulation phase.
At the time of writing, the RSI line as well as the 14 day SMA line both were placed above the mean line indicating a positive outlook. Moreover, a divergence in both the lines indicate the continuation of a bullish trend.
What’s Next For Tron?
Tron price has rallied, adding 6% gains this week indicating optimism despite weakness in the broader market. The social metrics like social dominance and volume have surged to a three-month peak, signaling growing users interest.
Moreover, the price action analysis shows that the cryptocurrency has been bullish, approaching a supply zone near $0.126. A break above $0.126 could trigger a rise towards the annual highs, while rejection from the supply may result in continued range-bound accumulation. Currently, the RSI and 14-day SMA were placed above the mean line, suggesting a positive trend and potential continuation of the bullish momentum.
