Analysts Predict Tron Local Bottom as TRX Tests Major Support Level

Rapid Price Growth: TRON ($TRX) has experienced significant growth, with a 145% increase over the past year.
Technical Analysis: $TRX has found support at $0.225 after a recent pullback. The next resistance level is at $0.30, which could determine the direction of future price movements.
Strong Market Sentiment and Developments: Market sentiment is positive, driven by factors such as the increasing number of accounts, partnerships like the one with Bitget, and continued innovation within the TRON ecosystem.

TRON

TRON ($TRX) is an open-source blockchain platform for smart contracts and dApps. Initially focused on decentralized content distribution, it has expanded to support various dApps and digital assets, with the goal of building a global decentralized digital entertainment network.

Price Movements

Currently priced at around $0.26, $TRX holds a market cap of approximately $22.4 billion. Over the past year, it has gained 145%, driven by increased investor interest and strong trading activity. Additionally, high-profile investments have further solidified its position in the blockchain space.

Credit: CoinGecko

Technical Analysis

From a technical perspective, $TRX has found support at $0.225 after its pullback from the all-time high. Recent price action indicates a slight recovery, with the Tron price heatmap suggesting a potential local bottom. This has fueled optimism for a possible trend reversal, with the next resistance level at $0.30. However, in the short term, if the current trend persists, $TRX may test the $0.225 level again before any further upside momentum can materialize.

Market Sentiment and Developments

Market sentiment around TRON is currently trending positively, fueled by its rapid growth and commitment to decentralizing the web. Notably, TRON’s total accounts have now surpassed 280 million, showcasing the expanding reach of its ecosystem.

A key development supporting this positive outlook is Bitget’s recent partnership with TRON. As part of this partnership, Bitget acquired $10 million in $TRX tokens, reinforcing TRON’s role in blockchain and global on-chain payments. Overall, this collaboration boosts market confidence and optimism for the ecosystem’s future.