TRON seems to be in an advantageous position for controlled upside movement with support from both technical structure and the overall bullish sentiment surrounding it currently.
TRON is a public, open-source blockchain platform that allows users to create their own decentralized applications, as well as enabling other users to make high-volume transactions at lightning speeds using its native currency – TRX. At press time, the coin is trading at $0.3186 with an increase of 0.19% over the past 24 hours.
Chart Shows Resistance Pressure Near Breakout Zone
According to the data from TradingView, TRON is currently in an established uptrend where it has made a series of higher highs and has recently consolidated on a short-term ceiling at a resistance point around $0.32.
This area has proven to be the ceiling (along with previous areas shown by the failure to break above) due to the repeated rejections of price to break above; however, the overall trend is still bullish as price remains elevated above the significant moving average lines.
The RSI is currently at approximately 62, which indicates that there is still some potential for TRX to continue upward in momentum.
But would suggest that upside potential will be moderated by resistance until there is an adequate amount of time to consolidate, should there be an adequately decisive break of previous resistance.
A rise or fall toward the nearest resistance level would likely take on added momentum upon breakage or change in direction; otherwise, expect a minor pullback prior to a continuation of the trend.
Also Read: TRON (TRX) Gains Strength: Will Price Break Above $0.366 Soon?
April Forecast Indicates Gradual and Stable Upside Potential
The price range for the month of April is projected at $0.3172 minimum, $0.3616 average, and $0.3855 maximum, reflecting a projected gain of 20.89%. This places TRX near a mid-$0.36 target, with potential to reach the upper $0.38 range if resistance is broken.
The Overall Market Sentiment is Favorable to a Continued Uptrend
The participants in the market appear to overwhelmingly favor a bullish sentiment in the market due to the fact that roughly 80% of those trading through the platform are exhibiting bullish sentiment.
As such, as the market remains primarily long, the market should have a slow and steady advance rather than a rapid rally with minimum retracement or a maximum spike.
In conclusion, TRON’s April trend still remains very bullish, with prices expected to stay primarily between $0.32 and $0.38 throughout April, favoured more towards gradual gains rather than dramatic price increases.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Tron Price (TRX) Eyes 10% Surge as Bullish Signals Dominate
