Tron Market Analysis: TRX Regains Bullish Traction Amid Market Bias Adjustment

Tron (TRX) has regained some decent bullish traction over the past 24 hours amid an upbeat tone in the broader market. TRX successfully broke free of the bearish trend set mid this week. At press time, the cryptocurrency trades at $0.0634 or 7.7% over the past 24 hours.

On the larger time frame, the twenty-fifth-largest crypto has maintained a steep bearish trend since the Q3 of 2021 to date. The token also holds up by over 33% from the beginning of last year’s top, making it one of the few cryptocurrencies holding above the highs recorded at the beginning of 2021.

The current uptrend comes amid a combination of favorable factors, one of them being the goodish pickup in Bitcoin and Ethereum, with BTC trading near $38,000 and ETH at $2,840 (press time data). The upwards momentum in the large-cap tokens attracted some short-term traders looking to book quick bucks on TRX, which contributed significantly to the prevailing uptrend.

Tron has been in a downward cycle since mid-November and has shown signs of a slowdown, causing many to believe that the bearish cycle just might be over. Pundits predict that the price could fall into consolidation in the medium term, creating a decent opportunity for whale purchases, which could spark a fresh bull cycle.

Key Tron Levels to Watch — February 4

After breaking out of the long-sustained bearish channel, TRX has surfaced above the eleven-day ascending trendline as the cryptocurrency inches closer to the $0.0650 resistance. A break above the 4-hour 200 SMA, which coincides with the $0.0650 resistance, should help TRX regain a solid bullish trajectory as we approach “Valentine’s rally.”

The twenty-fifth-largest cryptocurrency briefly slipped back into the ascending channel earlier today following the US NFP reports, although bulls seized control again and pushed the price above $0.0640. It would be interesting to see what the weekend and next week hold for TRX.

Meanwhile, my resistance levels are $0.0650, $0.0680, and $0.0700, and my support levels are $0.0620, $0.0600, and $0.0580.

Total Market Capitalization: $1.66 trillion

Tron Market Capitalization: $6.44 billion

Tron Dominance: 0.35%

Market Rank: #25