Post-Christmas, the cryptocurrency market turned red, with Tron (TRX) suffering significant losses. However, data suggests an imminent local bottom.
Current State of TRX
TRX has decreased by over 43% from its peak of $0.43 to the current price of $0.25. Yet, data indicates a potential turnaround soon.
Technical Level Analysis
CryptoQuant's analysis showed that the green trend line could act as support during the current correction. Current levels for green, purple, and blue trends are $0.23, $0.40, and $0.49, respectively.
Should We Expect Growth?
TRX's recent rally was driven by speculation about Grayscale listing and Justin Sun's initiatives. Despite recent setbacks, forecasts for the coming year remain moderately optimistic, with TRX expected to reach $0.264 by January 2025.
While TRX faces tough times, indicators point to potential recovery. Keeping an eye on technical levels will help investors decide their next moves.
