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Tron (TRX) Price Heatmap: Is a Local Bottom on the Horizon?
The cryptocurrency market has been experiencing a downturn since post-Christmas, with most assets taking a hit. Unfortunately, Tron (TRX) is no exception to this rule, having dropped by more than 40% from its peak. While this recent decline may have caused some discomfort for TRX holders and traders alike, there are indications that a local bottom could be on the horizon.
The chart data provided by CryptoQuant highlights the potential formation of a local bottom in the making. It appears that the green trend, which represents the one-year moving average plus two sigma, might act as a strong support level during this current market correction. Historically, this green trend has played a vital role in supporting prices during bull runs and may potentially do so once again.
As can be seen from the provided chart, the present levels for the green, purple, and blue trends are $0.23, $0.40, and $0.49 respectively. It is essential to note that these levels are dynamic in nature and will likely adjust upward as interest and demand increase.
If TRX’s price manages to stay above the green trend, it could be an indication of a new uptrend being initiated. On the other hand, if prices fall below this level, it may signal the weakening of the bullish momentum.
Source: cryptopotato.com
