Insights Analysis TRON to Cool Down before Firing Up?

TRON to Cool Down before Firing Up?

December 28, 2023 Analysis
BITmarkets | TRON to Cool Down before Firing Up?

The price of TRON has nearly doubled throughout the course of 2023. Despite the ongoing bullish momentum, the TRX may undergo a price slash before climbing once more.


TRXUSD - 1 Week Time Frame

TRX is currently moving in a range of indecision, and a drop is not out of the question amid the circulating news that the CFA has renewed its accusations against stablecoin issuer Circle regarding illicit finance and its ties with TRON.

A small retracement to the green trend line may hence occur - also confirming the breakage of the daily trend presented in orange - to then potentially rise strongly towards the 61.8% Fibonacci Retracement level.

Given the high bullish momentum within the cryptocurrency market towards the end of the year, it is expected that TRON could surge to the $0.14 level with the rise of other altcoins in the crypto space.


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